Thanks for your question and I applaud you for already having coverage to protect your family. Obtaining additional coverage is a pretty simple process; below are some steps that I encourage you to follow to get answers to your needs for life insurance and getting coverage in place that is adequate for your financial situation:
Use USAA’s Life Needs Calculator to review your existing coverage and find out how much coverage is ideal for your needs.
Quote and Apply for your new coverage – Assuming you have term insurance, you have a few choices here: you can apply for a new policy that is for your total needed insurance amount or you can apply for the extra amount needed in a separate policy.
There are pro’s and con’s to each scenario, for example, it may make sense to retain your current coverage and add an additional policy for the extra amount needed if your health is not as good as it was when you applied for your current policy. The health rating on your current coverage cannot change and if you wanted to convert some of your coverage to a permanent type of insurance in the future, you would be able to do so using your better health rating.
However, let’s say you’re in the same health as you were with your current policy, having a higher amount of coverage in a new policy could promote different discounts that could make your total coverage more affordable.
It may be beneficial to work with one of our financial advisors to help you do a quick comparison of your options. You can call them at 1-800-531-USAA(8722).
Applying for more coverage will require underwriting. You can expect to answer some questions about your current health and have a brief medical exam. We try to make this as convenient as possible in that you can complete the health question portion online and we can have a medical professional come to your home or workplace for the medical exam.
Lastly, if you are planning to replace your current policy with a new one, do not cancel or replace it until your new coverage is fully approved.
I hope this helps and that we hear from you soon. Thank you for your membership and being a protector of your family!
Director of Life and Health Advice