Permanent Insurance Offerings


AAFMAA offers three permanent insurance options for members, spouses, and children and grandchildren of members.  These policies allow for cash value accumulation and growth and eventual death benefit growth.  Each has its own guarantees and premium structure, but all are 100 percent satisfaction guaranteed.   

Value-Added Whole Life Protection that grows!

Enjoy level premiums PLUS INCREASING cash value and death benefit over the life of the policy! Coverage is available in $10,000 increments up to $800,000. After costs are deducted monthly, the remaining premium accumulates and earns interest, compounded monthly and tax-deferred.  

A history of above average crediting rate

AAFMAA is a non-profit, tax exempt organization with minimal operating expenses and no sales force working on commissions. Professional investment management and a conservative long-term perspective generate consistently high returns. Our 2009 crediting rate is 7.0 percent. This rate is established annually based on investment performance and is NOT guaranteed.


Payment plans to fit your life

You select a payment plan to fit your financial needs. Accelerated payment plans such as single premium, 7, 20 and 30 year plans provide faster policy pay-up and greater growth of cash value and death benefits. Monthly, quarterly and annual premium payment options are available. 


Long Term Care Settlement Option

Those who meet medical requirements may convert death benefits into regular periodic payments before death to defray long term health care costs.


Satisfaction Guaranteed

If you cancel a whole life policy, AAFMAA will refund the cash value or the total premiums paid, whichever is GREATER, with no surrender changes.


Generations Plus

Generations Plus is a whole life insurance policy for children ages 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 purchase 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 go to the Member Center and login to access the Generations Plus application.  Get started today!


ANNUITYLife is a specially designed Net Single Premium Value-Added Whole Life policy, generally for older members who may not meet AAFMAA's medical underwriting requirements, but wish to purchase a policy with the option to annuitize the cash value.  The Insured may choose to annuitize the cash value immediately upon approval, at a later time, or never.  The policy has a guaranteed crediting rate of 4 percent (4.5 percent less 0.5 percent charge for mortality and expenses, but enjoys AAFMAA?s current crediting rate for 2009 of 7 percent (NOT guaranteed and subject to change).  All ANNUITYLife policies are Modified Endowment Contracts (MECs) and subject to TAMRA rules.  You should consult a tax professional if this is a concern to you.

No medical records or physicals are required.  The Insured must not be in a hospital, confined to a bed, or have a known terminal illness expected to result in death within two years of issue.  The policy is subject to standard two year contestability and suicide clauses.

The Net Single Premium rate is $817 per $1,000 of coverage, so the minimum policy amount available of $10,000 would cost $8,170 in a one-time payment.  The life insurance policy remains in force until the owner cashes surrenders it, annuitizes the cash value or dies.  Once one of these events happens, the life insurance policy is terminated and paid out.  If it has been annuitized, then the payments are calculated and based upon payment until age 100.

Looking for low cost life insurance? Protect your family now

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