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Children & Grandchildren

AAFMAA understands how important your children and grandchildren are to you and we want to insure their future. Children and grandchildren do not become members of AAFMAA, unless they qualify for eligibility in their own right. Getting started with their Life Insurance early allows for lower premiums (due to their young age) and more time for whole life policies to grow in value. The following policies are available to children and grandchildren of members.

Policy	Age	Description
Generations Plus	15 days - 12 years	Permanent, Whole Life coverage from $10,000 - $30,000 At age 21, the initial coverage amount doubles automatically with no increase in premium Three guaranteed purchase options at ages 21, 25, and 28, where you can get up to four times the initial face amount each time with no medical underwriting or physical exams
Value-Added Whole Life	6 months - 23 years	The younger the participant, the better the growth due to lower insurance costs and a longer compounding period Once purchased, the coverage can be retained for their lifetime and will continue to accrue a death benefit and cash value The policy earns interest monthly based on AAFMAA’s crediting rate, 6.8% for 2012 (not guaranteed and subject to change) $10,000 minimum coverage amount Because the Value-Added Whole Life premiums are lower at the younger ages, you may want to select a Single Payment plan or accelerated payment plan to help the policy grow at a faster rate You can pay for 7, 20, 30 years, or to age 100. (Certain tax implications may arise from accelerated and/or Single Payment options. Please consult a tax advisor for more information on how this may impact you or the insured) Purchase policies in $5,000 increments up to $800,000
Level Term I	18 years - 23 years	Remains level in premium and coverage amount until age 50* A great, low-cost way to get your older children started with some term insurance. Convert, without medical underwriting, to 5 Year Renewable Term before age 48* Convert to Value-Added Whole Life at any time Coverage amount from $50,000 to $800,000

Policy

Age

Description

Generations Plus

15 days -

12 years

Permanent, Whole Life coverage from $10,000 - $30,000
At age 21, the initial coverage amount doubles automatically with no increase in premium
Three guaranteed purchase options at ages 21, 25, and 28, where you can get up to four times the initial face amount each time with no medical underwriting or physical exams

Value-Added Whole Life

6 months -

23 years

The younger the participant, the better the growth due to lower insurance costs and a longer compounding period
Once purchased, the coverage can be retained for their lifetime and will continue to accrue a death benefit and cash value
The policy earns interest monthly based on AAFMAA’s crediting rate, 6.8% for 2012 (not guaranteed and subject to change)
$10,000 minimum coverage amount
Because the Value-Added Whole Life premiums are lower at the younger ages, you may want to select a Single Payment plan or accelerated payment plan to help the policy grow at a faster rate
You can pay for 7, 20, 30 years, or to age 100. (Certain tax implications may arise from accelerated and/or Single Payment options. Please consult a tax advisor for more information on how this may impact you or the insured)
Purchase policies in $5,000 increments up to $800,000

Level Term I

18 years -

23 years

Remains level in premium and coverage amount until age 50*
A great, low-cost way to get your older children started with some term insurance.
Convert, without medical underwriting, to 5 Year Renewable Term before age 48*
Convert to Value-Added Whole Life at any time
Coverage amount from $50,000 to $800,000

*subtract 10 years for nicotine users.