If you haven't already, it's time to designate a successor owner to your AAFMAA insurance policy, if it covers your spouse or child. By naming a successor owner, AAFMAA is able to transfer ownership of a policy automatically over to that person upon your death.
But if you do not take this simple step now, your policy will become part of the property of your estate, which can lead to time-consuming and costly administrative steps for your spouse or other loved ones. Anyone seeking ownership at that time must then work with the estate — sometimes going to court — to secure the policy. Take time now to complete this simple step in your estate management. Complete the AAFMAA Owner Change form or contact a Policy Services representative at 1-800-336-4538 for assistance.
AAFMAA has seen many families struggle with this issue, and often must assist those family members in transferring the ownership of the policy to a survivor if one was not previously named. Rather than wait for that to happen, let us help you prepare for it now.
This article was originally published July 17, 2018.