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3 Things to Consider When Purchasing Life Insurance


The life you lead is as unique as you are. Likewise, buying life insurance is not a one-size-fits-all process. The policy type and amount of coverage you need should be custom-fit to your family and situation — and regularly reassessed. To help you get started, here are the top 3 things to consider when purchasing life insurance.

1) Life insurance is essential for your family’s financial security

Beginning the conversation around life insurance can be difficult, as no one wants to plan for their own passing. Still, purchasing life insurance is one of the most important decisions you will make. It’s a dependable way to provide for your loved ones even after you’re gone. The right policy will help ensure that your family is taken care of financially in the event of the unexpected. This includes funds to coverage rent or mortgages, pay for utilities, finance your children’s education, continue to pay off existing debt, and more.

2) Having the right amount of coverage is important

Choosing the right coverage amount depends on several factors, such as your age as well as your current and future financial obligations. When purchasing a policy, you’ll want to consider what the death benefit will be used for. That will help you determine how much to buy. AAFMAA’s Life Insurance Calculator helps you determine the right amount of coverage for you based on your liabilities and assets. Additionally, AAFMAA’s expert Membership Coordinators are available at 866-709-1722 to talk you through your coverage needs.

3) You should regularly review your policy information

Keep in mind, the life insurance you purchase today might not be right for you in the future. Set a reminder to review your policy every year to ensure it remains adequate to cover your current expenses. You’ll also want to review your contact and beneficiary information regularly to ensure the quick and easy payout of your policy. You can easily update your contact in the AAFMAA Member Center or using our downloadable Beneficiary Designation Form.

Have any questions? AAFMAA Policy Services is available to assist you in updating your policy information. Just call 800-336-4538 or email policyservices@aafmaa.com. We appreciate the confidence you place in AAFMAA for your insurance protection.

Common Questions

Yes, your AAFMAA policy will cover a death related to COVID-19 if you are an existing AAFMAA Member with a policy issued more than two years ago or prior to a COVID-19 diagnosis, even within the first two years the policy is owned. The only exclusion on AAFMAA policies is death by suicide within the first two years.

However it is important to note that death claims made against an underwritten policy issued within the last two years are contestable, regardless of the cause of death. Contestable death claims are reviewed and subject to denial if we find undisclosed material information that would have changed the outcome of the policy issuance decision.

Yes, if you are applying for a policy that requires medical underwriting, you must disclose a positive COVID-19 diagnosis. Not doing so would be considered material misrepresentation and could result in your policy being voided.

As mentioned above, death claims made against an underwritten policy issued within the last two years are contestable, regardless of the cause of death. Additionally, you don’t have to die for a material misrepresentation to void your contract. The policy can be voided at any point within the first two years if AAFMAA finds that you provided incorrect information about your health history and that the correct information would have prevented us from issuing the policy.

If you were diagnosed with having contracted COVID-19 prior to applying for life insurance and you failed to disclose that diagnosis on your application, your death claim could be denied. This is because, if you had disclosed your COVID-19 diagnosis, we would have followed current industry guidelines and possibly postponed acceptance of your application. In this case, your policy would be voided and your survivors would only receive a refund of the premiums you had paid.

No, the COVID-19 vaccine is classified as a typical wellness check, for which we do not require disclosures and do not deny death claims. We strongly suggest that our Members follow CDC recommendations and receive the COVID-19 vaccination as soon as they are eligible.

Industry guidelines indicate that a COVID-19 diagnosis may postpone acceptance of your application for a period of three weeks to 1 year following recovery, depending on the severity of symptoms and treatment. This timeline is subject to change as new information becomes available and industry guidelines are adjusted accordingly. Those who experience a full recovery may be considered for issue before 12 months, while serious cases (such as those which required a ventilator) may be postponed for longer.

No. Receiving a COVID-19 vaccination will not affect the acceptance of your application.

No, AAFMAA cannot change your premiums or your health classification on a policy you currently hold. Your premiums and health classification will remain the same, even if you have been diagnosed with COVID-19 or you are at a higher risk of exposure due to your job, living situation, or recent travel, or if you get one of the COVID-19 vaccinations approved for emergency use by the USFDA.