In our continuing effort to keep our products relevant and respond to what our members are asking for, AAFMAA developed the Generations Plus policy. Generations Plus is a whole life insurance policy for children age 15 days through 12 years. The initial coverage amounts available to purchase are $10,000, $15,000, $20,000, $25,000 and $30,000. The premiums are very low and at age 21, the initial coverage amount doubles automatically with no increase in premium. See below for monthly premiums.
So, a $10,000 policy issued at age 5 for $6.70 per month, would automatically double to $20,000 when the insured turns 21 without an increase in premium. You would now have double the coverage for the same premium you've been paying.
Additionally, the policy offers three guaranteed increase options at ages 21, 25 and 28, where you can purchase up to four times the initial face amount each time. Premiums are determined at the time of application. These options are guaranteed issue, with no medical underwriting or physical exams. That means that with an initial $10,000 policy, you could end up with $140,000 of coverage at age 28 without additional medical underwriting. See the example below.
So, if you're looking for a way to give your children or grandchildren some financial security, Generations Plus is worth a look. Contact a Membership Coordinator today toll-free at 1-877-398-2263 for more information or see the enclosed brochure and application. Get started today.
You know, we financial folks are always going on about why people need an emergency fund and a little extra room in their budget. This week has been yet another reminder for me. One of my children has some health issues, and we spend a lot of time at the offices of various doctors. Thankfully, […]