REWahoo
Give me a museum and I'll fill it. (Picasso) Give
Some of you posting here have insurance through USAA. If so, you know that as a reciprocal insurer they establish a Subscriber Savings Account (SSA) for each policyholder and allocate a portion of their capital reserves into each account, based on a formula which includes the amount you paid in premiums. You also know they usually, but not always, pay each insured a SSA distribution each year based on their loss history and capital requirements. I think the distribution has been running around 3-6% per year and was 4% last year.
I learned today that once you’ve been with them 40 years they pay a “Senior Bonus” equal to 10% of your SSA each year. I’ve been insured with them for 37 years (yes, I’m well seasoned), and this could amount to roughly $1,000 per year in ‘found’ money for us starting in 2010. By the way, these distributions are not taxable since they are technically classified as refund of premiums.
It might also be something for those of you currently insured by USAA who are shopping around for lower insurance rates to consider.
I learned today that once you’ve been with them 40 years they pay a “Senior Bonus” equal to 10% of your SSA each year. I’ve been insured with them for 37 years (yes, I’m well seasoned), and this could amount to roughly $1,000 per year in ‘found’ money for us starting in 2010. By the way, these distributions are not taxable since they are technically classified as refund of premiums.
It might also be something for those of you currently insured by USAA who are shopping around for lower insurance rates to consider.