Recent discovery of wide spread failure to pay proper beneificiaries of in-force life policies and instead simply steal the death benefit and cash value is beyond belief. The is a clear example of corperate greed. Additionally, it reflects the importance of knowing your company. USAA shoulders great responsibility in fully keeping commitments to members. I hope this fraud rings loudly in the corperate headquarters at USAA. Addionallly, USAA should report this situation to it's great members. Keep all hand off the corperate purse--this money belongs to the members.
I continue to believe USAA is a great company. However--suggest all members understand the risk involved and make sure you don't simply accept---what's a company says to sell you something. There is risk--always.
Thank you for your post in Community. At USAA we understand the importance of having a life insurance policy to protect your loved ones and possessions, which is why we make it a priority to ensure beneficiaries receive life insurance benefits to which they are entitled. Paying life insurance proceeds fulfills our promise to our members, so we consult the Social Security Administration’s Death Master File and validate our findings with family members.
TY. Suggest this topic be covered in the USAA monthly member publication. Policy holder benefits should always be placed ahead of every obligation. Of course this includes employee benefits at every level.