SGLI Not Enough? Additional Insurance Options for your Family through AAFMAA

Today we have the pleasure of hosting a Q&A with COL Jerry Quinn (USAR), AAFMAA’s Chief Operating Officer and Secretary and we will be discussing life insurance options. Insurance is a key aspect of financial planning, and it is important that you choose the policy right for you and your family’s needs. There is certainly no one-size fits all policy, and his perspective includes a discussion of who may or may not need additional insurance options.

What is the mission of AAFMAA? How does it aim to help service members?
The American Armed Forces Mutual Aid Association (AAFMAA) is the longest-standing nonprofit financial solutions provider that empowers the military community with affordable financial solutions, including always-affordable life insurance, expert investment management, and customized residential mortgages. AAFMAA recognizes that navigating financial solutions can be stressful and complicated, which is why our team aims to help service members every step of the way.

Why is life insurance important for service members?
Life insurance is an essential part of having a secure financial plan, and can be considered one of the most important investments service members can make for themselves and their families. With military members often being the primary source of income for their families, we strongly recommend not to wait for the unexpected to arise and to plan for it. Life insurance makes it easy to protect the ones you love, now and in the future.

Who do you recommend to get insurance in addition to SGLI? Who do you recommend not get this insurance? As SGLI provides low-cost term coverage to eligible service members, it can be a great option for single military members, depending on their needs. However, additional insurance is needed for military members who begin hitting life milestones, such as marriage, children, mortgage, education costs and more. 

What are the key aspects that differentiate Beyond Basic and Simple Term life insurance from SGLI? From other insurance options?
The concept for BeyondBasic and Simple Term recognizes that the military’s SGLI and VGLI plans are not always enough. AAFMAA’s offerings can help fill in those coverage gaps and both policies stay with the servicemember after they leave the service. Having a reliable extra layer of protection is an important way for servicemembers and their loved ones to maintain peace of mind and confidence as they focus on serving our country. In addition to transparent and easy to navigate insurance, AAFMAA’s member benefits and survivor assistance services, which are free with every policy, are essential and a large differentiator compared to other plans.

What are the current options offered through these plans?
BeyondBasic life insurance is for active-duty military servicemembers who have recently joined the military or started certain qualifying schools and training to progress in their careers. Members of all five branches of military, National Guard and Reservists, ages 18-45, can access the benefits of AAFMAA Membership by enrolling in AAFMAA BeyondBasic. Benefits include the potential to supplement Servicemembers’ Group Life Insurance (SGLI), $100,000 coverage, guaranteed acceptance for those who qualify, quick approval, and no medical underwriting or questions. BeyondBasic policy holders are AAFMAA Members for life and can adapt their coverage to fit their needs as they change over time.

Simple Term is for current and former members of the Uniformed Services and the U.S. military, their spouses, children, and grandchildren aged 25-75, and provides customized, affordable coverage options with benefits including, access to AAFMAA’s Survivor Assistance Services, quick online application and easy approval, no physical exams or medical tests, potential supplement to SGLI, better value than Veterans’ Group Life Insurance (VGLI), up to $200,000 coverage, no medical exams, and only five basic medical questions to answer.

Anything else to add?
AAFMAA recognizes that military life is challenging, but protecting it isn’t. For more information or any questions, please don’t hesitate to reach out to us: $

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Categories Personal Finance, Transition

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