SAN ANTONIO – USAA Life Insurance Company announced today that its Single Premium Immediate Annuity (SPIA) is now available through the Charles Schwab & Co., Inc’s platform.This is the first offering of a USAA annuity product through Schwab—one of the largest and best known providers of retirement income solutions in the country.
“Schwab is one of those iconic brands that is recognized and respected by consumers around the world. Offering our annuity products on their platform is beneficial for investors and our members,” said Bill White, vice president and general manager, retirement products at USAA. “We continue to seek out institutional distribution relationships so that we can build scale and provide convenience for our members—we want to be where they choose to be. We are pleased that we could further deepen our relationship with Schwab and look forward to many years of success.”
In May 2020, The Charles Schwab Corporation acquired USAA’s brokerage and USAA Managed Portfolios® - UMP (“UMP”) accounts. At that time, more than one million brokerage and managed portfolio accounts transitioned to Schwab.The companies also entered into a long-term referral agreement that makes Schwab the exclusive provider of wealth management and investment brokerage services for USAA members.
The expansion of annuity products onto the Schwab platform follows the inaugural launch of USAA’s Protected Retirement Income Annuity (PRIA) and Protected Deferred Annuities on third party platforms announced in November 2019.
Life insurance and annuity products offered by USAA Life Insurance Company and USAA Life Insurance Company of New York are open to the public and do not have a membership requirement. USAA Life Insurance Company’s suite of annuity products are designed to support investors who are planning for—and living in—retirement.
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and investment and retirement solutions to nearly 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, Tex., USAA has offices in seven U.S. cities and three overseas locations and employs more than 35,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.
Annuities are generally suitable for long-term investing, particularly retirement savings.
An annuity is a long-term insurance contract sold by an insurance company and designed to provide an income, usually after retirement, that cannot be outlived. There are fees, expenses and surrender charges that may apply.
USAA means United Services Automobile Association and its affiliates.
USAA Investment Services Company (ISCO), a registered broker-dealer and a registered investment adviser, provides referral and marketing services on behalf of Charles Schwab & Co., Inc. (Schwab), a dually registered investment adviser and broker-dealer. Schwab compensates ISCO for these services.
Single Premium Immediate Annuity (SPIA): Forms IC18992233P 08-19, 3P99324CA 08-19, 3P99326ST 08-19, 3P99325FL 08-19, 3P99326ST 08-19, 3P99326ST 08-19, 3PD99340NY 08-19.
Use of the term "member" or "membership" refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA. Restrictions apply and are subject to change.
Life insurance and annuities provided by USAA Life Insurance Co., San Antonio, TX, and in NY by USAA Life Insurance Co of New York, Highland Falls, NY. Other life and health insurance from select companies offered through USAA Life General Agency, Inc. (known in CA (license #0782231) and in NY as USAA Health and Life Insurance Agency).