USAA began in the 1920s. It was founded by a group of twenty-five army officers who were looking for insurance. Most companies would not insure members of the military because they were considered a high-risk group. The company expanded its services to include not only insurance products, but also banking and investment services.
From its early beginnings, USAA has grown to over 8 million members and is worth of $19 billion. The company is headquartered in San Antonio, Texas. USAA has consistently received the highest rankings from insurance rating companies such as A.M. Best, Moody's and Standard & Poor's. It has also won numerous customer service and other awards from organizations such as Forrester Research, Inc., Fortune 500, Javelin Strategy & Research, InformationWeek 500, Council of Better Business Bureaus and Insure.com among others.
Because USAA targets its services only to members of the military, it concentrates on offering the best service and products to only service members and their families. All members of the U.S. Military are eligible for USAA membership along with National Guard and Reserve members and children of USAA members. Service members may determine their eligibility from the company website. Former members can resume their membership at anytime. There is no age limit. Anyone who has ever served honorably in the U.S. Armed Forces is eligible for USAA membership.
USAA has received the highest rating available from A.M. Best of “A++” Superior. Moody's and Standard & Poor's also give USAA their highest financial strength ratings. The company has also been ranked in the top 200 companies by Fortune 500. J.D. Power and Associates gave two awards to USAA in 2011, Customer Service Champion and the top Self-Director Investor Study. Members of the military can trust in the financial stability of USAA.
Products and Services
Service men and women who join USAA will find a wide range of insurance and financial products available to them. Some of the products and services available include:
- Auto Insurance
- Homeowners Insurance
- Renters Insurance
- Health Insurance
- Life Insurance
- Small Business Insurance
- Long term Care Insurance
- Banking Services
- Investment Services
- Real Estate Search Assistance
- Retirement Planning
- Competitive insurance rates for members of the U.S. Military
- Financially sound
- Financial planning and money management advice
- Broad range of insurance and financial services including insurance, banking and investment products and services
- USAA returns a portion of its profits back to members each year
- USAA mobile services offer deposits and other banking services 24/7
- Only available to members of the U.S. Military
- No deposit or withdrawal services available at banking locations
- To deposit into a checking account, members must use Internet, phone or mail services
- Withdrawals are available only from ATMs