USAA Expands Eligibility To Military Veterans

PAUL J. WEBER

SAN ANTONIO (AP) — USAA opened coverage to all honorably discharged veterans Thursday, more than doubling the number of eligible military members eligible for its insurance policies and financial services.

The move is the largest expansion of USAA in its 87-year history and widens its potential customer base by an estimated 35 million people, including 18 million veterans, and their spouses and children.

San Antonio-based USAA currently has about 7.3 million members. By expanding its eligibility guidelines to virtually all veterans regardless of rank or time of service, the firm expects to add an additional 100,000 customers annually.

USAA has gradually become more inclusive since starting in 1922 as an officer-only association and opening to enlisted personnel in 1996. Last year, older military retirees were welcomed to its policies and financial products, including home loans and credit cards.

"This announcement opens the final chapter in the history book," USAA chief executive officer Joe Robles said.

About 25 million former military members and their families were eligible to join USAA before the expansion, Robles said. The company now has a potential market of more than 60 million.