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Children & Grandchildren
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| Insure the future for your child or grandchild. |
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Members can purchase policies in $5,000 increments up to $800,000 for their children
and grandchildren ages six months through 23 years. Choose from our
(ages 18 – 23 only) and
(ages six months – 23) policies.
Please call a Membership
Coordinator for more details toll-free at 1-877-398-2263.
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Value-Added Whole Life – The younger, the better. |
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With Value-Added Whole Life, the younger the participant, the better the growth due to lower insurance costs and a longer compounding period. Once purchased, the coverage may 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, 7.2% for 2008 – NOT guaranteed and subject to change. Minimum coverage amount
is $10,000.
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| Pay faster, grow faster. |
| 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.)
Children and grandchildren do not become members of AAFMAA, unless they qualify for eligibility in their own right. |
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| Level Term I – term coverage to age 50* |
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Level Term I coverage is available to children age 18 – 23. This term coverage remains
level in premium and coverage amount until age 50* for non-nicotine users. Then
coverage begins to decrease to 27% of the initial face amount at age 50*, 20% at
age 55* and terminates at age 60*. A great, low-cost way to get your older children
started with some term insurance. This policy also offers the option to convert,
without medical underwriting to Five Year Renewable Term before age 48* or Value-Added
Whole Life at any time. Minimum coverage amount is $50,000. |
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| *subtract 10 years for nicotine users. |
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For information and an application, contact a Membership Coordinator: |
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