FT. MYER, Va., Jan. 11, 2023 (GLOBE NEWSWIRE) -- The American Armed Forces Mutual Aid Association (AAFMAA) today announced the addition of two new life insurance products, BeyondBasic™ and Simple Term, offering Members enhanced and affordable coverage options.
BeyondBasic life insurance is for active-duty military servicemembers who have recently joined the military or who recently started certain qualifying schools and training to progress in their careers. Members of all five branches of military, National Guard and Reservists, ages 18-45, can access the benefits of AAFMAA Membership by enrolling in AAFMAA BeyondBasic. Benefits include the potential to supplement Servicemembers’ Group Life Insurance (SGLI), $100,000 coverage, guaranteed acceptance for those who qualify, quick approval, and no medical underwriting or questions. And as their military life progresses – whether that be in service or as a Veteran – BeyondBasic policy holders are AAFMAA Members for life and can adapt their coverage to fit their needs as they change over time.
Simple Term is for current and former members of the Uniformed Services and the U.S. military, their spouses, children, and grandchildren aged 25-75, and provides customized, affordable coverage options with ease. Benefits include access to AAFMAA’s unique Survivor Assistance Services, quick online application and easy approval, no physical exams or medical tests, potential supplement to SGLI, better value than Veterans’ Group Life Insurance (VGLI), up to $200,000 coverage, and limited underwriting, with only five basic medical questions to answer.
“At AAFMAA, we have offered servicemembers and their loved ones’ financial security and support through affordable life insurance and survivor assistance for more than 140 years,” said COL Jerry Quinn (USAR), Chief Operating Officer and Secretary of AAFMAA. “Launching BeyondBasic and Simple Term builds on this historic mission and will enable us to expand our dedication and service to more members of the military community. It’s important to equip servicemembers and their families with transparent and easy-to-navigate offerings for financial strength and readiness at all stages of their life and career. We’re thrilled to offer this group guaranteed coverage and, more importantly, access to resources and personalized support through the AAFMAA Member Benefits team.”
The concept for BeyondBasic and Simple Term recognizes that, for many, the military’s SGLI and VGLI plans aren’t enough. These new offerings can help fill in those coverage gaps and both policies stay with the servicemember after they leave the service. Having a reliable extra layer of protection is a crucial way for servicemembers and their loved ones to maintain peace of mind and confidence as they focus on serving our country — from a life insurance provider trusted by the military community for 144 years.
For any questions related to BeyondBasic or Simple Term, please contact AAFMAA at 800-522-5221 or visit www.aafmaa.com to learn more.