Aetna vs. USAA Life Insurance [2024]
In this comprehensive exploration of Aetna and USAA Life Insurance, we delve into the distinctive offerings of these stalwart companies, meticulously analyzing their strengths and limitations to equip prospective policyholders with the insights needed for informed insurance decisions.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
UPDATED: Feb 7, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Feb 7, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Choosing the right life insurance provider involves a careful consideration of coverage, rates, options, and customer satisfaction. In the showdown between Aetna and USAA Life Insurance, distinct differences emerge, with one company standing out as the top choice. USAA, renowned for its dedicated service to military members and families, not only offers competitive rates but also provides a tailored approach, ensuring significant discounts for eligible members. In this comprehensive comparison, we delve into the factors that set USAA apart, shedding light on how coverage rates and options vary, ultimately guiding readers toward the most advantageous choice for their unique needs.
Aetna
Pros:
- Comprehensive health insurance coverage
- Diverse range of insurance products including life, health, and business insurance
- Extensive network of healthcare providers
- Strong financial stability and ratings
Cons:
- Limited life insurance options compared to other offerings
- Some complaints about risk tolerance for experimental treatments
- Varying customer service experiences reported
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USAA
Pros:
- Dedicated service for military members and families
- Competitive rates and significant discounts for eligible members
- Broad array of insurance and financial products
- Exceptional customer service and loyalty
Cons:
- Restricted market access only for military personnel and their families
- Limited eligibility, excluding non-military individuals
- Some policy limitations based on military affiliation
This summary encapsulates the key strengths and limitations of both Aetna and USAA, aiding in a quick comparison for potential customers.
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What should you know about Aetna?
Known as one of the corporate leaders in the insurance industry on a U.S. nationwide basis, Aetna has been in business for 154 years providing insurance products to clients big and small. Mainly known for its offerings in the health care insurance industry, Aetna also operates a life insurance division which has been in operation almost as long as the general company.
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Company Background
Headquartered in Hartford, Connecticut, the company boasts 34,000 employees and 16.6 million members with most of the enrolled in health insurance side rather than life insurance policies.
Company Products
Aetna’s insurance operations and sales are licensed to work in all 50 states of the U.S., and the company offers life insurance products in five different product categories. These include:
- Standard term life insurance policies
- Whole life insurance coverage
- Businesses insurance packages that can be offered as employee benefits, including group term life insurance and group universal life insurance.
The company even offers a plan for highly risk occupations known as the AD&D ultra. This package addresses dismemberment and accidental death issues specifically.
What are Aetna’s performance and ratings?
The company prides itself on a customer service, especially when rated by external agencies. Aetna won the title of Best Business in 2004 from the American Business Awards for companies with 2,500 or more employees.
To continue this award-winning approach, Aetna commits itself regularly to individual customer attention and response, placing importance on individual service over bulk production. However, Aetna has not realized any notable awards recently. They still rank high on overall customer satisfaction.
The results are as follows:
- A.M. BEST – A
- Fitch – A+
- Moody’s – A1
- Standard & Poor’s – A
One complaint some have Aetna is about their risk tolerance with experimental treatments. Aetna is one of the more conservative health insurers when it comes to approving payment for experimental treatments. However, their annual premium is generally low.
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Claims Process Comparison: Aetna vs. USAA Life Insurance – Uncover the Differences
Ease of Filing a Claim
When it comes to filing a claim with Aetna and USAA Life Insurance, both companies offer convenient options for policyholders. They provide multiple channels for claim submission, including online portals, over the phone, and mobile apps. This flexibility allows customers to choose the method that suits their preferences and needs.
Average Claim Processing Time
The speed at which insurance companies process claims is a crucial factor for policyholders. While specific processing times may vary depending on the nature of the claim and other factors, both Aetna and USAA Life Insurance strive to expedite the process and provide timely responses to claimants.
It’s essential to reach out to their respective customer service representatives for more detailed information on claim processing times.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is a valuable source of insight into the claims experience with insurance providers. Policyholders often share their experiences regarding the ease of filing claims, the efficiency of claim processing, and the satisfaction with claim resolutions and payouts.
It’s advisable to explore customer reviews and ratings to gauge the overall satisfaction levels with Aetna and USAA Life Insurance’s claims handling. (For more information, read our “Aetna Life Insurance Company: Customer Ratings & Reviews“).
Digital and Technological Features Analysis: Aetna vs. USAA Life Insurance – Your Comprehensive Guide
Mobile App Features and Functionality
Both Aetna and USAA Life Insurance offer mobile apps that provide policyholders with convenient access to their insurance accounts and essential features. These apps typically allow users to view policy details, track claims, make payments, and contact customer support. Evaluating the functionality and user-friendliness of these mobile apps can help customers make informed decisions.
Online Account Management Capabilities
Online account management is a key feature for policyholders seeking easy access to their insurance information. Aetna and USAA Life Insurance offer online portals where customers can log in to manage their policies, review coverage details, update personal information, and perform various self-service tasks.
Comparing the user interfaces and capabilities of these online account management systems can help customers choose the most suitable option.
Digital Tools and Resources
In addition to mobile apps and online account management, insurance providers often offer digital tools and resources to assist policyholders in understanding their coverage, making informed decisions, and accessing valuable information. These tools may include insurance calculators, educational materials, and FAQs.
Exploring the availability and usefulness of these digital resources can enhance the overall insurance experience.
Summary
Given the size of the company and employee base, Aetna is a traditional large scale corporation. In this respect, the company can leverage considerable assets to compete. Very often the company wins group insurance plans as result of its operational reach and ability to price competitively due to economies of scale.
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What should you know about USAA?
As a life insurance company, USAA is not as old as some of its competition, but the company has definitely made up for that deficit with performance. A unique aspect of USAA as an insurance company in general is that it the company intentionally limits its market.
USAA only offers services and products to active and military families and single military members. They offer extremely low prices, and the risk is offset to a certain degree by having such a specialized group. Depending on which area you’re looking at, the benefits of military service might offset the risk for USAA.
By extension, the service can extend access to relatives’ spouses and children, but somewhere in the mix there needed to be a U.S. military service member enrolled with company. USAA auto insurance is extremely popular among eligible clients. USAA health plans are also extremely popular. When combined with auto policies and other coverage options, insured parties can save even more.
Where did USAA come from?
Established in the early 1960s, USAA Life Insurance has grown over the last almost 50 years to now holding a position of the 23rd largest life insurance company today. Sitting on $19.3 billion in net assets, the company can easily address member life insurance coverage without concerns of solvency.
The life insurance side of USAA is actually operated as two separate branches of the main company. There is USAA Life Insurance Company and then there is USAA Life Insurance Company of New York. Both operate in tandem offering their coverage products.
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What insurance products does USAA offer?
USAA provides life insurance as well as products for automobile insurance, health insurance, long-term care, Medicare coverage, property and homeowner’s insurance, and even banking and investment services.
If you’re looking at their collision coverage or other auto insurance products, USAA Auto Insurance still accounts for things like driving history, any at fault accident history, etc. But eligible military members and their families automatically receive a significant discount on rates compared to what they would pay for even minimal liability insurance somewhere else.
Within the life insurance realm, USAA provides members five different life insurance categories. These include:
- Term life
- Survivorship life
- Permanent life
- Long-term care life
- Annuities
A unique aspect of the life insurance program comes with the USAA survivor relations team. Rather than wait for the member’s spouse to make contact, USAA sends out a company team to help a member’s family deal with a loss or a terminal illness status. This approach provides financial planning and guidance on steps families need to take next with the loss of a covered member.
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Performance and Ratings
Because of its dedication to U.S. military members and their families, the company is highly committed to customer service and response. This in turn has won USAA significant customer loyalty as well as return business, even when other competitors may be offering cheaper prices for the same products.
In terms of performance and financial strength, USAA sits almost in the middle of the top 100 companies in the Fortune 500 rankings. Operating without any assistance from the federal government during the 2008 Recession, USAA sits today with almost $20 billion in operational assets and an enviable performance scoring as follows:
- A.M Best – A++
- Moody’s – Aa1
- Standard & Poor’s – AA+
Additionally, USAA was ranked within Ward’s 50 for its 18th annual time, continuing to be included in the 50 top-ranked insurance companies nationwide.
Summary
Given the above information, USAA stands out as the stronger company to work with when it comes to insurance products and services. While Aetna has obviously been operating longer and with bigger size, USAA has consistently delivered a better service to its members as reflects by its continued growth as well as industry scoring.
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Read more: Amalgamated Life vs. USAA Life Insurance
Frequently Asked Questions
What is the difference between Aetna and USAA Life Insurance?
Aetna and USAA Life Insurance are insurance providers that offer different types of coverage. Aetna primarily focuses on health insurance, providing individual and group health plans, Medicare plans, dental and vision coverage, and more. USAA Life Insurance, on the other hand, specializes in life insurance and related financial products for military members, veterans, and their families.
What types of life insurance does USAA Life Insurance offer?
USAA Life Insurance offers a range of life insurance options to its members. These include term life insurance, whole life insurance, universal life insurance, and survivorship life insurance. They also provide additional benefits and features such as accelerated death benefits and flexible premium payments.
Does Aetna offer life insurance coverage?
Aetna primarily focuses on health insurance coverage and does not offer life insurance directly. However, Aetna is part of CVS Health, which owns other insurance companies that provide life insurance. It’s recommended to check with Aetna or their affiliated companies for any life insurance options available.
Can I have health insurance from Aetna and life insurance from USAA Life Insurance?
Yes, it is possible to have health insurance from Aetna and life insurance from USAA Life Insurance. Aetna specializes in health insurance coverage, while USAA Life Insurance specializes in life insurance for military personnel and their families. Many individuals choose to have different types of insurance coverage from multiple providers to address their specific needs.
How can I compare Aetna health insurance and USAA Life Insurance policies?
To compare Aetna health insurance and USAA Life Insurance policies, consider factors such as the specific coverage offered, premium costs, policy terms, customer reviews, and any additional services or benefits provided. Assess your insurance needs and preferences to determine which provider and policy best align with your requirements. You can obtain quotes and review plan details directly from each company’s website or contact their customer service for more information.
Are Aetna and USAA Life Insurance widely accepted by providers?
Aetna has an extensive network of healthcare providers, including doctors, hospitals, and specialists, that accept Aetna health insurance. USAA Life Insurance works with a network of providers specifically tailored to military members and their families. It’s important to check with each insurer or consult their provider directories to determine the network of providers available for the respective insurance coverage.
Can I purchase insurance directly from Aetna and USAA Life Insurance?
Both Aetna and USAA Life Insurance allow individuals to purchase insurance directly from them. You can explore their websites or contact their customer service to inquire about the insurance products they offer and initiate the purchasing process.
Can I get personalized insurance advice from Aetna or USAA Life Insurance?
Aetna and USAA Life Insurance have customer service representatives who can provide general information about their insurance products. However, for personalized insurance advice, it’s recommended to consult with a licensed insurance agent or financial advisor. They can assess your specific needs, consider your budget, and provide tailored recommendations to help you make informed decisions about your insurance coverage.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.