BS: US Veterans - USAA

Subject: BS: US Veterans - USAA
From: artbrooks
Date: 05 Nov 09 - 03:37 PM

FYI for all US military veterans: USAA insurance and banking is now wide open for all of you. More here.

For those of you who are not US military vets, and have no idea what I'n talking about, USAA is an insurance and banking company, sort of a co-op but not exactly, that is very highly regarded and less expensive that most others. Until today it had much more restricted membership requirements.

Subject: RE: BS: US Veterans - USAA
From: Q (Frank Staplin)
Date: 05 Nov 09 - 05:04 PM

As a U. S. WW2 vet, I suppose I qualify- but how does this outfit differ from AARP and all of the other purveyors of insurance, mutual funds and services that limit the customer base to a particular group?

Looks like just another gimmick variation. No thanks.

My insurance with Massachusetts Mutual has been with them so long that my dividend checks have been larger than the payments for many years. I still have my veterans insurance from Uncle Sam, also pays out dividends greater than the payments.
What with both U. S. and Canadian OAS, these are nice little additions to pension.

Subject: RE: BS: US Veterans - USAA
From: artbrooks
Date: 06 Nov 09 - 12:06 AM

r

Subject: RE: BS: US Veterans - USAA
From: Rapparee
Date: 06 Nov 09 - 09:43 AM

I'm going to look into it.

Subject: RE: BS: US Veterans - USAA
From: mg
Date: 06 Nov 09 - 01:03 PM

It's not a gimmick. It is a very good organization. I always get at least car insurance from them. mg

Subject: RE: BS: US Veterans - USAA
From: Q (Frank Staplin)
Date: 06 Nov 09 - 05:26 PM

Their investments portfolio (Virginia tax-exempt) is distributed among a fairly large number of small market capitalization companies, nearly all common stocks (pp. 17-29 of their annual report). Dunno how it was affected by the downturn, but it probably suffered no more than any other investment company.

Subject: RE: BS: US Veterans - USAA
From: kendall
Date: 07 Nov 09 - 07:10 AM

I have never heard of this outfit so I'm naturally suspicious.

Subject: RE: BS: US Veterans - USAA
From: artbrooks
Date: 07 Nov 09 - 08:26 AM

Kendall, USAA was founded in the earlt 20s by a group of former military officers who couldn't get affordable car insurance.   It has since both expanded its insurance products and widened into banking in general. It brought in retired senior enlisted a dozen years ago, and is now including all honorably-discharged vets.

I do just about everything with them...car and homeowners insurance, banking and investments. The last phone call I got from Allstate went something like this: "Sorry, but I have USAA". "I understand - so do I."

Subject: RE: BS: US Veterans - USAA
From: Skivee
Date: 07 Nov 09 - 12:42 PM

Kendall, I don't qualify, but my dad (USAF Lt. Col.)had all kinds of USAA insurance for about 40 years and was very happy with them.

Subject: RE: BS: US Veterans - USAA
From: Q (Frank Staplin)
Date: 07 Nov 09 - 03:32 PM

By limiting to a low-risk segment of the population- military, older people, etc., an insurance and investment company can offer services such as car insurance at a lower rate than the larger companies- but a good insurance agency sorts for the lowest price for its customers. Many of us have found that to be the best route.

In the case of a company offering insurance, banking and savings, investment and brokerage services, such as USAA, certain of their services may be low cost with part of the risk covered by their brokerage and other branches.

USAA is a Fortune 500 financial services corporation; if one invests with them, one must trust the ability of their investment personnel just as one does with AIG, Goldman Sachs, etc.
In 2005, they ranked 191 on the Fortune 500 list, with assets of 46,500 million and stockholders equity 10,144 million; I don't have access to later figures.

The company seems to have a good, conservative image. Apart from that, if just one service is sought, such as car insurance, there probably are competitors who will do the job just as well.

Subject: RE: BS: US Veterans - USAA
From: kendall
Date: 07 Nov 09 - 03:41 PM

Thanks. I'll look into it.

Subject: RE: BS: US Veterans - USAA
From: GUEST,Goose Gander
Date: 07 Nov 09 - 09:34 PM

We have insurance and car loans through USAA, couldn't be happier. Cheap, great service, and they send out dividend check in December.

Subject: RE: BS: US Veterans - USAA
From: kendall
Date: 10 Nov 09 - 07:17 AM

I sent them a request for info last week. No response.

Subject: RE: BS: US Veterans - USAA
From: GUEST,Paul S
Date: 14 Nov 09 - 02:02 PM

I have been a very satisfied customer of USAA since 1984. I am glad USAA has opened eligibility to all veterans. However, they really do not mean "all" veterans as they have excluded widow and widowers of fallen veterans. Their underwriters have excluded this greoup because they believe they represent a greater financial risk. They claim these veterans would be eligible if they purchased an insurance contract in the past. This is a catch-22. How can previously ineleibible veterans purchase insurance if they were ineligible. Please join with me letting USAA know that you are unhappy their executive board have sided with their underwriters and have excluded widows and widowers of honorably discharge veterans. Thank you.

Subject: RE: BS: US Veterans - USAA
From: artbrooks
Date: 14 Nov 09 - 04:34 PM

Paul S, please provide the citation for your contention that it was USAA's underwriters who made that decision. I have already asked that USAA consider expanding membership to include this group, but their exclusion is entirely consistent with existing policy. That is, membership eligibility comes from the military member, and that person must join USAA before the spouse (or survivor) can do so.   BTW, I have been a member since 1968.

Subject: RE: BS: US Veterans - USAA
From: kendall
Date: 15 Nov 09 - 06:02 AM

I finally heard from USAA. The companies that responded are all competetive but none of them can beat The Provident for house insurance, or AAA for car insurance.
I'll be sticking with them.

Subject: RE: BS: US Veterans - USAA
From: Nancy King
Date: 15 Nov 09 - 07:36 PM

I have USAA coverage (auto and homeowners) as a result of my ex-husband's veteran status, as do my kids. Rates are competitive, customer service is excellent -- no complaints.

Subject: RE: BS: US Veterans - USAA
From: GUEST,johnhancock61
Date: 16 Nov 09 - 10:21 AM

Skivee, if your father had insuarnce with us, then you do qualify. The great thing about USAA is that its legacy membership.

Subject: RE: BS: US Veterans - USAA
From: GUEST,johnhancock61
Date: 16 Nov 09 - 10:25 AM

BTW, if anyone has any questions about eligibility, you can email me at [e-mail] or go to http://www.usaa.com. - John

Subject: RE: BS: US Veterans - USAA
From: kendall
Date: 23 Nov 09 - 02:54 AM

Update. I heard from another agency and I now am insured with Met Life for boths vehicles and the home. Saved a bundle too.

Subject: RE: BS: US Veterans - USAA
From: Claymore
Date: 23 Nov 09 - 11:27 PM

I have been insured with USAA for most of my entire life, first as a dependent (Dad was a career Naval Officer) and then as a result of my career in the Marine Corps. They are superb! I have renters, a separate rider on all my instruments, auto and life and as a form of co-op, they send you dividend checks (mine average $200 or more after 40 years with them).

I also have a one of my only two credit cards with them which has the Marine Corps emblem on it (which makes sure I ALWAYS get my card back). Incidentally I voted no on allowing others to get in on it because as someone above has pointed out, the risk pool was first only officers for many years, then recently senior enlisted, now the gates are open to the unwashed.

Bet Met Life doesn't send dividend checks...