Happy New Year!
Your 2023 AAFMAA Annual Policy Statements will be on their way to you soon. Your AAFMAA life insurance is a critical part of securing your loved ones’ financial future. Take a few minutes to review your 2023 AAFMAA statements and make sure the following information is still accurate:
- Your Personal Information. Please verify that we have your correct name, address, phone number, and email address. That way, if there is ever a problem with your policy, we will be able to contact you immediately and avoid any lapse in coverage. Updating this information is easy in the AAFMAA Member Center.
- Your Policy Information. On the front page of your statement, you will notice two sections that summarize your AAFMAA policy and its activity. For Term policies, your statement provides your face amount and period of coverage, including the expiration date. For Value-Added Whole Life and ANNUITYLife/Wealth Builder Life Insurance policies, you will find the cash value of each and our crediting rate — beginning at an impressive 4.5% in 2024!
Please take a few moments to review your policy summary of premiums, costs, and loan activity. A question you might ask yourself is, "Do I have enough insurance?" Also, it's important to remember that AAFMAA's industry-leading coverage is available for your spouse, children, and grandchildren at the always affordable rates you expect from AAFMAA. Now is a great time to secure coverage fir every member of your family.
- Your Beneficiary Information. The primary purpose of life insurance is to financially protect your loved ones when you die. Ensure that the named beneficiaries are accurate. Have you had a life event in 2023 such as a death or birth of a loved one? Marriage or divorce? If you have divorced and remarried, take a close look at the relationship of your beneficiaries to ensure the intended beneficiary is named. Some states will not recognize a former spouse as your beneficiary if your beneficiary designation relationship still says “spouse.”
If you have experienced any of these life events and need assistance updating your beneficiary designation, please contact our Policy Services Team by phone at 800-336-4538 or by email at [email protected]. Additionally, you can download our Beneficiary Designation Form and follow the submission instructions at the bottom of the form.
This article was originally published January 17, 2019.