Everyone knows veterans receive great financial benefits.
But what you may not know is that children of veterans get perks too–even if they were never in the military.
Recently, this got my attention because neither my husband nor I have been in the military, but both of our fathers are veterans.
I was surprised to find out that a well-respected financial services company is a little-known treasure for saving money on a slew of products (auto insurance is just one of them).
Keep reading to find out how USAA helps veterans, their families, AND the non-military public save on insurance, mortgages, personal loans, banking, investments, retirement planning, and much more.
What is USAA?
USAA began in 1922 with 25 Army officers who offered to insure each other’s vehicles when no one else would.
That small organization grew into the United Services Automobile Association (USAA) and now offers a full range of financial products to over 8 million members.
What Makes USAA Different?
USAA is unique because they’re dedicated to the financial well-being of the military as well as their families; however, they also offer certain products to non-military individuals.
USAA is a combination of companies that provide home and auto insurance, banking, and investment products. Their banks are FDIC insured and their investments are sold by registered broker dealers.
Ratings companies–such as A.M. Best, Moody’s Investors Service, and Standard & Poor’s–give USAA the highest ratings for U.S. property and casualty.
Who Can Be a USAA Member?
USAA membership is open to:
- Active, retired, and honorably separated officers and enlisted personnel of the U.S. military
- Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS)
- Adult children of USAA members who have or had a USAA auto or property insurance policy
- Widows, widowers and former spouses of USAA members who have or had a USAA auto or property insurance policy
However, certain products–including credit cards, checking accounts, savings accounts, CDs, life insurance, investments, and financial planning–are available to the public with no military connection.
What Does USAA Offer?
Here’s just a sample of what’s on USAA’s menu of financial products and services:
- Auto Insurance
- Homeowners Insurance
- Renters Insurance
- Life Insurance
- Health Insurance
- Long-Term Care Insurance
- RV, Boat, and Motorcycle Insurance
- Bank Accounts with FDIC Insurance
- Credit Cards
- Auto Loans
- Personal Loans
- Individual Retirement Arrangement (IRAs)
- Brokerage Services
- Trust Services
- Financial Planning
- Mutual Funds
- College Savings Plans