Life insurance policy FAQ

It depends. You may be able to lower your coverage if you don't already have the minimum coverage amount available for your policy term.

When it comes to increasing your coverage amount, it depends on the type of policy you have. You may be able to increase your coverage with medical underwriting on a universal policy. But a new policy is required to increase coverage on your term or whole life insurance.

To review your options, contact us.

Most of our term life insurance policies let you continue your coverage beyond the initial term period. Depending on your policy, you'll see a premium increase, a decrease in coverage amount or both. To find out what happens after your term life insurance ends, review your policy in My Documents.

Yes. You can pay your bill at Pay Bills.

You can pay off your life insurance loan balance at Pay Bills.

Yes. Credit card payments are accepted as a one-time payment but not as a regular payment option. To discuss your payment options, contact us.

You'll find your life policy in the insurance folder in My Documents.

It depends. If your term policy allows a conversion option and isn't past what's called the conversion option period, yes, you can change it. Your conversion option period is found on your policy in My Documents.

Learn more about the conversion option on our Term policy conversion page.

Yes, you can. This is known as collateral assignment. If you want to add a collateral assignment, then download, complete and return this Collateral Assignment form (PDF, opens in a new window). If you can't repay the loan, the lender, who's considered the primary beneficiary, can cash in your insurance policy.

Yes, log on to usaa.com, go to your Account Summary, select Manage Your Automatic Payment Plan.

Or you can download, complete and return this Automatic Payment Plan form (PDF, opens in a new window).

You can update your beneficiary online. Or download, complete and return this Beneficiary Change form (PDF, opens in a new window).