Today we feature a Q&A with COL Jerry Quinn (USAR), AAFMAA Chief Operating Officer and Secretary regarding a few new products from AAFMAA and the importance of financial planning at different ages and points in your career. We discuss the importance of insurance in other articles and realize that every family may have different needs — but would like to highlight this opportunity as a new option.
1. How does AAFMAA help members of the military? What is the company’s mission?
- Our Mission is to help ensure the financial security and independence of the American Armed Forces Community by providing insurance and other benefits. As America’s longest-standing non-profit association exclusively serving the US military community, AAFMAA empowers the military community with affordable financial solutions. We offer free financial and benefits education and help ensure family financial legacies are secure. Talking about what will happen after you’re gone can be uncomfortable, but it’s so important to make sure your survivors are left with financial security. AAFMAA is here as a dependable expert to provide individuals and their families tools and resources to achieve their financial goals.
2. Can you go into detail about some of the new products that AAFMAA is offering?
- Guaranteed Acceptance+ and Final Expense+ are smart, affordable choices for those looking for permanent coverage with fast, guaranteed approval, no medical questions, and premiums locked in for life. Both products recognize the importance of navigating policy options with affordability and ease.
- Features for both product offerings include:
- Eligibility: Military, Veterans, Spouses and Adult Children of those
- Permanent, whole-life coverage
- Competitive, always-affordable rates locked in for life
- Guaranteed, fast approval with no medical exams or health questions asked
- Exclusive Survivor Assistance Services to care for your loved ones when you’re gone
- Coverage for those as young as age 35
- Cannot be canceled due to any future health changes
- Qualified Accidental Death in the first 2 years covered at 100%
- Lifetime AAFMAA Membership and benefits
- Secure, 24/7 Digital Vault for essential documents storage
3. Who are these products intended for?
- Guaranteed Acceptance+ is intended for Military, Veterans, spouses and children of those ages 35-64 and for Final Expense+, Veterans, spouse and children of those ages 65-85 can qualify. Spouses, military widows/widowers, and children of AAFMAA Members can also receive these benefits.
4. If you were to break down financial planning by age and focus, how would you do so? (i.e. what should people be doing in their 20s, 30s, 40s etc)
- As soon as possible, be sure to establish a budget and build good spending habits including saving. With your saving, prioritize:
- Building an emergency fund
- Making a habit of saving
- Beginning to invest
- Having life insurance to protect all that you are working toward.
- Make the maximum contribution to your BRS/TSP
- Once financial foundation is established, it’s important to:
- Evaluate your use of debt
- Increase saving and investing designed to meet short term and long term goals
- Max contributions to employer TSP/401(k)
- Any life event (new home, promotion, marriage, children) should prompt a life insurance review
- Evaluate the need for a financial advisor (by now your investments may be at a threshold where professional management is worth looking into)
5. How does AAFMAA intend to help those of different ages? How are these new products intended to further help people depending on age and financial situation?
- AAFMAA’s mission is to help ensure the financial security and independence of the American Armed Forces community. To us, that is our mandate to ensure our newest service members to our oldest veterans and their families, at every stage of life, have the protection they need and the resources to be well educated about finances and benefits to enable their financial security and protection. With our quick and easy insurance to supplement your SGLI or guaranteed life insurance coverage to make the process of securing future financial protection seamless.
6. Was there anything else you would like to add?
- Every policy comes with AAFMAA’s FREE exclusive Survivor Assistance Services ensuring that your loved ones will have the care and support of our expert staff who will help them secure all the benefits you earned through your service, for the rest of their lives. Additionally, individuals will get 24/7 secure access to their own online Digital Vault in the AAFMAA Member Center to easily and securely store essential documents.
- To learn more, visit www.aafmaa.com.
Enjoy the content of this post? Subscribe below to get the latest delivered to your inbox!
Military Money Matters 