Insurance from a name you can trust |
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| Industry | Financial services Life insurance |
|---|---|
| Founded | 1879 |
| Headquarters | Fort Myer, Virginia, U.S. |
| Key people | MAJ Walt Lincoln USA, Ret., CFP, President and Treasurer Tiana Fallavollita Assistant to the President Lisa Milman Vice President for Marketing and Sales CMSgt Brady Gruler, USAF, Ret. Vice President for Insurance Florence B. (Maggie) Wilson Chief Financial Advisor LTC Tom Hargis, USA, Ret. Secretary and Controller Jim Malley Executive Vice President and Chief Operating Officer |
| Products | Insurance, Government Benefits counseling |
| Total assets | USD 955 million |
| Employees | 54 |
| Website | www.aafmaa.com |
The Army and Air Force Mutual Aid Association (AAFMAA) is a non-profit, tax-exempt, member-owned association that provides life insurance and survivor services to the U.S. Armed Forces communities. [1] In 2009, membership exceeded 84,000.[2] Membership includes life insurance benefits and Survivor Assistance Services with[3] no war clause, no terrorist clauses, and no aviation clauses or exclusions.[4]
Contents |
AAFMAA was founded in 1879 by a group of Army Officers in response to the 1876 Battle of the Little Big Horn, or "Custer's Last Stand." During frontier times when an officer died, the remaining soldiers would literally "pass the hat" to raise money for the surviving family. This system collapsed, however, with the Battle of the Little Big Horn. There were too few survivors to pass the hat, thus leaving the deceased soldiers' families in need. To remedy this situation, Army officers established the association.[5] In 1987, the name was officially changed to the Army and Air Force Mutual Aid Association (AAFMAA) as it is known today. AAFMAA is headquartered at Fort Myer, VA with additional offices in Reston, VA.[6]
In 2009, AAFMAA formed AAFMAA Financial Advisors LLC to provide financial advisory services. As of July 2010, AAFMAA Financial Advisors provides Living Services to AAFMAA’s Grandfathered members and Survivor Assistance Services to the surviving widows and widowers of deceases AAFMAA members.[7].
Life Insurance: AAFMAA offers a range of life insurance products, including whole life and term insurance.
Living Services: AAFMAA offers services to members through its wholly owned subsidiary, AAFMAA Financial Advisors LLC. These services include document storage in AAFMAA’s secure vault, annual Family Information Report which includes personal affairs planning information, including estimates of Social Security, survivor benefits, insurance coverage, and projected college costs, insurance counseling, Financial Awareness Service, pre-retirement/separation from service briefings, representation with the Veterans Administration (VA) for claims.
Survivor Assistance Services: These services are included with each member’s membership, including payment of AAFMAA death benefit, claims initiation plus follow-up, claims representation, lifetime individualized benefit notification, Social Security notification, Financial Awareness Service and an annual statement of spouse entitlements. [8]
Applicants become AAFMAA members when they meet medical requirements and are issued a life insurance policy on their own life. Members can then purchase additional policies for themselves, their spouse, children and grandchildren. AAFMAA policies have no war, no aviation and no terrorism clauses.
Membership Eligibility All ranks of Army, Air Force, Navy, Marine Corps and Coast Guard who are:
Life Insurance Eligibility
Introductory Membership Program AAFMAA offers cadets a free introductory membership program. Cadets must be a West Point, USAFA , or ROTC cadet under contract, or attending Officer Training School (OTS), Officer Candidate School (OCS) or Warrant Officer Candidate School (WOCS). This free Introductory Membership includes a $5,000 term life insurance policy at no charge and Survivor Assistance Services. The policy covers cadets until their date of commission. Those desiring continuing coverage may purchase any of AAFMAA’s life insurance policies by completing a life insurance application and qualifying for coverage. Upon commissioning, cadets are eligible to apply for AAFMAA’s Career Assistance Program (CAP). [9]
AAFMAA shares a unique, niche market with few other companies. AAFMAA’s target market includes all ranks of Army and Air Force service members, active duty, retired, National Guard and Reserve, USMA cadets, USAFA cadets, and ROTC scholarship cadets. Additionally, all honorably discharged service members of the Armed Forces under the age of 66 who reside in the states of Maryland, North Carolina, South Carolina, or Virginia are also eligible for membership. AAFMAA also offers its insurance products to spouses, children and grandchildren of members. [2]
AAFMAA is a non-profit, member owned association. A Board of Directors governs policy at AAFMAA. All Board members serve without compensation and must be association members themselves. Additionally, officers of the Association must also be members. As a wholly owned subsidiary of AAFMAA, AAFMAA Financial Advisors LLC performs the Living Services and Survivor Assistance Services to members and surviving families. [2]
As a non-profit, membership association, all “profits” made by the company are returned to the members, policy owners or the association through cash-value additions to interest-sensitive whole life policies, term refunds for eligible term policies, increased services, and increases to the insurance reserves.