AFBA Insurance – A Comprehensive Guide

AFBA Insurance stands for Armed Forces Benefit Association Insurance. It is a non-profit organization founded in 1947 with the mission of providing affordable life insurance to military personnel, their families, and federal government employees. Over the years, AFBA Insurance has expanded its offerings to include various types of insurance policies and financial services.

History of AFBA Insurance

AFBA Insurance was established by a group of military leaders who recognized the need for affordable life insurance for military personnel. The organization was initially named American Armed Forces Mutual Aid Association (AAFMAA) and was later renamed to AFBA Insurance.

Initially, the policies were only available to officers in the military. However, over the years, the eligibility criteria has been expanded to include enlisted personnel and their families as well. Today, AFBA Insurance serves over 400,000 members and has nearly $2 billion in assets.

Types of AFBA Insurance Policies

AFBA Insurance offers several types of insurance policies to its members. Some of the policies include:

Term Life Insurance

Term life insurance is a popular type of insurance policy that provides coverage for a specific period of time, typically 10, 15, or 20 years. The premiums for these policies are typically lower than permanent life insurance policies.

AFBA Insurance offers term life insurance policies to its members. The policy provides coverage for the selected term and pays out a death benefit to the beneficiary in the event of the insured’s death during the term.

The policy can be converted to a permanent life insurance policy at the end of the term without the need for a medical exam.

AFBA Insurance offers several options for term life insurance policies, including level term, decreasing term, and renewable term.

Permanent Life Insurance

Permanent life insurance is a type of insurance policy that provides coverage for the lifetime of the insured. The premiums for these policies are typically higher than term life insurance policies but provide coverage for a longer period of time.

AFBA Insurance offers permanent life insurance policies to its members. The policy provides coverage for the lifetime of the insured and pays out a death benefit to the beneficiary in the event of the insured’s death.

The policy also has a cash value component, which grows over time and can be used for various purposes, such as borrowing against the policy or surrendering the policy for its cash value.

Group Term Life Insurance

Group term life insurance is a type of insurance policy that provides coverage to a group of individuals, typically employees of an organization. The premiums for these policies are typically lower than individual life insurance policies.

AFBA Insurance offers group term life insurance policies to its members. The policy provides coverage to the group and pays out a death benefit to the beneficiary in the event of the insured’s death.

The policy can be customized to meet the needs of the group, such as providing coverage for a specific period of time or providing coverage for a specific amount.

Accidental Death and Dismemberment Insurance

Accidental death and dismemberment insurance is a type of insurance policy that provides coverage in the event of an accidental death or dismemberment. The policy pays out a benefit to the beneficiary in the event of the insured’s accidental death or dismemberment.

AFBA Insurance offers accidental death and dismemberment insurance policies to its members. The policy provides coverage in the event of an accidental death or dismemberment and pays out a benefit to the beneficiary.

The policy can be customized to meet the needs of the insured, such as providing coverage for specific types of accidents or providing coverage for a specific amount.

Long-Term Care Insurance

Long-term care insurance is a type of insurance policy that provides coverage for long-term care services, such as nursing home care, home health care, or assisted living facilities.

AFBA Insurance offers long-term care insurance policies to its members. The policy provides coverage for long-term care services and pays out a benefit to the insured to help cover the cost of the services.

The policy can be customized to meet the needs of the insured, such as providing coverage for specific types of long-term care services or providing coverage for a specific amount.

FAQ

Who is eligible for AFBA Insurance?

AFBA Insurance is available to military personnel, their families, and federal government employees.

What types of insurance policies does AFBA Insurance offer?

AFBA Insurance offers several types of insurance policies, including term life insurance, permanent life insurance, group term life insurance, accidental death and dismemberment insurance, and long-term care insurance.

Can I convert my term life insurance policy to a permanent life insurance policy?

Yes, AFBA Insurance allows you to convert your term life insurance policy to a permanent life insurance policy at the end of the term without the need for a medical exam.

Does AFBA Insurance offer discounts?

Yes, AFBA Insurance offers discounts on premiums for certain types of policies, such as term life insurance policies for military personnel.

Can I customize my insurance policy to meet my needs?

Yes, AFBA Insurance allows you to customize your insurance policy to meet your specific needs, such as providing coverage for a specific period of time or providing coverage for a specific amount.

How do I apply for an AFBA Insurance policy?

You can apply for an AFBA Insurance policy online or by contacting a representative.

Conclusion

AFBA Insurance is a non-profit organization that provides affordable life insurance and financial services to military personnel, their families, and federal government employees. The organization offers several types of insurance policies, including term life insurance, permanent life insurance, group term life insurance, accidental death and dismemberment insurance, and long-term care insurance. AFBA Insurance allows its members to customize their policies to meet their specific needs and offers discounts on premiums for certain types of policies. If you are interested in obtaining an insurance policy from AFBA Insurance, you can apply online or by contacting a representative.