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New Policy for Children and Grandchildren!
We’re excited to announce that the
AAFMAA Membership Committee has approved a new product for children and grandchildren
of AAFMAA members. In our continuing
effort to keep our products relevant and respond to what our members are asking
for, AAFMAA has developed the Generations Plus
policy.
Generations Plus is a whole life insurance policy for children age 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.
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ISSUE
AGE
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INITIAL
COVERAGE AMOUNT
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$10,000
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$15,000
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$20,000
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$25,000
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$30,000
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under 1**
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$6.40
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$9.60
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$12.80
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$16.00
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$19.20
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1
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$6.40
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$9.60
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$12.80
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$16.00
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$19.20
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2
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$6.40
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$9.60
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$12.80
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$16.00
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$19.20
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3
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$6.40
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$9.60
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$12.80
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$16.00
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$19.20
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4
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$6.50
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$9.75
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$13.00
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$16.25
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$19.50
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5
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$6.70
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$10.05
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$13.40
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$16.75
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$20.10
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6
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$6.90
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$10.35
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$13.80
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$17.25
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$20.70
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7
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$7.10
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$10.65
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$14.20
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$17.75
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$21.30
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8
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$7.40
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$11.10
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$14.80
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$18.50
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$22.20
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9
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$7.60
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$11.40
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$15.20
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$19.00
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$22.80
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10
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$7.90
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$11.85
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$15.80
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$19.75
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$23.70
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11
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$8.20
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$12.30
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$16.40
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$20.50
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$24.60
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12
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$8.50
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$12.75
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$17.00
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$21.25
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$25.50
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**minimum
age of 15 days
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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 increase 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.
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AGE
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COVERAGE AMOUNT
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At issue age
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$10,000
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$15,000
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$20,000
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$25,000
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$30,000
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At Age 21
(initial coverage automatically doubles
with no premium increase)
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$20,000
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$30,000
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$40,000
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$50,000
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$60,000
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At Age 28
(exercising all
guaranteed options – premiums increase)
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$140,000
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$210,000
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$280,000
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$350,000
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$420,000
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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!
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