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Military & Veteran Whole Life Insurance Policies

Ensure Your Loved Ones Are Protected

Life insurance is the primary way to care for those you love should the unthinkable occur. However, whole life insurance has the added benefit of building tax-deferred cash value that can be used later in life, such as for higher education, large purchases, or retirement.

Unlike term insurance, whole life is permanent coverage, meaning it does not run out after a specified amount of time. (Some whole life policies do have an age limit, but newer policies usually last at least until you reach age 100.) Additionally, whole life monthly premiums never go up, which is why it is smart to take out a whole life policy as early in life as possible. However, because of the many benefits of whole life insurance, the premium is higher than an equivalent term life policy. It costs more because you get more.

No matter your age or life situation, AAFMAA offers a variety of whole life insurance policies designed to meet your family’s needs. Plus, with an AAFMAA policy, you receive all the added benefits that come with AAFMAA Membership while you grow your policy cash value at industry-leading crediting rates.

Take a look at AAFMAA’s whole life insurance policies:

Value-Added Whole Life

AAFMAA’s Value-Added Whole Life insurance is a smart military whole life insurance policy for Veterans, servicemembers (active duty, National Guard, or reserve), their spouses , and their children or grandchildren under 26 years of age. Because it is a whole life policy, it provides permanent coverage that stays with you for life, builds cash value, and the monthly premiums never go up.


An annuity is a contract in which you agree to pay a specific amount of money now that creates a stream of payments back to you later, typically for retirement. ANNUITYLife® is a modified endowment contract (MEC), which refers to a life insurance policy that meets specific tax qualifications. With a MEC, you pay premiums into the life insurance policy faster than normal — typically in seven years or less. The tax-deferred policy cash value growth, plus the tax-free death benefit, and the fact that there are no upfront fees, commissions make this a smart alternative to traditional annuities.

ANNUITYLife gives you the benefits of an immediate annuity, however before you annuitize the policy it also provides whole life insurance coverage, a long-term care settlement option and, unlike a traditional annuity, you can get back all of your initial investment plus any earned interest with no surrender charges from AAFMAA. ANNUITYLife is a smart option for any Veteran, retiree, or military spouse approaching or in retirement who would like to convert savings to a stream of income.

Wealth Builder Life Insurance

AAFMAA Wealth Builder Life Insurance is designed to help servicemembers, spouses, and widows/widowers over age 55 feel confident preparing for retirement. This policy provides permanent coverage that can build your tax-deferred retirement savings at a high rate. Moreover, Wealth Builder Life Insurance is one plan with four solutions:

1. Permanent life insurance coverage that grows a cash value at AAFMAA’s industry-leading crediting rate;

2. Your own pension, provided by converting your cash value into a stream of income;

3. A long-term care settlement option should you need to access your death benefit to help cover long-term care expenses; and

4. A cash value that can be used as a policy loan or surrendered with no penalties from AAFMAA.

You can also choose to diversify your retirement mix and use your Wealth Builder Life Insurance cash value as your needs change. The plan also includes AAFMAA’s exclusive Survivor Assistance Services to personally assist family members when the time comes.

Guaranteed Acceptance+

Guaranteed Acceptance+ is a whole life insurance plan with coverage from $5,000 to $25,000 designed for Veterans, retirees, spouses and children ages 35 to 64. The plan is intended for those who do not have permanent life insurance and are aging out of expiring term policies. It is a good option for those who may not meet, or who do not want to endure, medical underwriting requirements. No medical exam is required.

Final Expense+

Final Expense+ is a guaranteed acceptance whole life insurance plan with coverage from $5,000 to $25,000 designed for Veterans, retirees, spouses and children ages 65 to 85. The policy is intended for those who are making end-of-life plans and want to protect their survivors from their final expenses, such as medical bills and funeral services. There is no medical exam required and no questions asked, allowing you to take out permanent insurance without concerns about your health conditions.

Generations Plus

Although it may not seem like children need life insurance, investing in a whole life policy while your children or grandchildren are young provides them with protection and a smart path to a solid financial future. Generations Plus policies are available in amounts from $10,000 to $50,000 at low premiums that will be locked in for life. That makes investing in a policy while they are young a smart choice because you will pay a much lower rate than they will be charged if they wait until they are older to purchase coverage. By purchasing this life insurance now, it can help them later on if they are  unable to qualify in the future due to unforeseen health issues.

Generations Plus  coverage automatically doubles when your kids turn 18, with no premium increase. The policy provides your child or grandchild with lifetime access to AAFMAA benefits and the ability to invest in future life policies, as well as mortgages, wealth management, and other AAFMAA services that are only available to members of the military community.

AAFMAA Can Help You Choose the Right Plan

AAFMAA offers affordable whole life insurance for Veterans, servicemembers, military spouses, and dependents with superlative personal service from an organization that understands military families’ unique needs. Work with AAFMAA’s Life Insurance experts to find the right policy for you. Call 1-888-973-8490 to speak with a Membership Coordinator or get a free quote online today!