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Decreasing Term Life Insurance

rates that never change during the life of your policy

Choosing life insurance for your or your family is easy with AFA's Decreasing Term Life Insurance, underwritten by New York Life Insurance Company.

With only four plan options and starting benefits that range from $150,000 to $400,000, this policy's simple pricing and benefit structure is easy for an insurance novice to comprehend.

Because premiums never change throughout the life of the policy, members know year-in and year-out exactly what their insurance will cost.

Decreasing Term Life Insurance is a type of term coverage in which the death benefit decreases as an insured person ages. It is a good option for people who may have less need for life insurance later in life as children get older and other financial obligations, such as a mortgage or school loans, decline.

No Military, Terrorism, or War Exclusions

Unlike many forms of life insurance, this policy does NOT exclude active military service from being covered.  It has no limitation or restriction on the payment of full benefits should the insured be killed in a war, act of war, or acts of terrorism. This includes personnel who are actively flying military aircraft. AFA’s insurance provides full coverage for all Veterans ... all the time ... at the same cost!

Choose from Four Plans

Depending on your age and family’s needs, you can choose among four plan options:

  • $10 per month for the Standard Plan
  • $15 per month for the High Option Plan
  • $20 per month for the High Option Plus Plan
  • $30 per month for the Selective Plan, which is only available to members ages 40 and older

Add Family Coverage

For an additional $2.50 per month added to any plan, a member can add coverage for his or her spouse and all dependent children. The spouse benefit of up to $50,000 declines as the member ages. The benefit for each dependent child ages 6 months to 21 years (23 if a full-time student) is $5,000; for each dependent child from birth to age 6 months, the benefit is $250.

30-Day Free Look

When you receive your Certificate of Insurance, read it carefully. If you’re not completely satisfied with the terms of your insurance policy, return the Certificate, without claim, within 30 days and your premium will be refunded. The insurance will then be invalidated.

AFA members under age 65 can apply for coverage for themselves, as well as:

  • Lawful spouse under age 65
  • Unmarried dependent children 15 days through 21 years (23 if a full-time student)

 

Additional eligibility requirements

  • Covered individuals must provide satisfactory evidence of insurability
  • Dependents who are also AFA members can apply as either a member or dependent, but not both
  • If both spouses are members, neither may insure the other as a spouse. Both must apply as members. Only one spouse can insure a dependent child.
  • Coverage is only available for U.S. residents (except territories)

Selects a monthly premium that you prefer from the table. The death benefit that this premium provides at each age is shown in the column below the premium. The Selective Plan is not available to members under age 40.

Rates and benefits shown are current as of 2022.

 

 

Selective Plan

High Option Plus Plan

High Option Plan

Standard Plan

Monthly Premium:

$30.00

$20.00

$15.00

$10.00

Member’s Attained Age

Benefit Amount

Under 25

n/a

$400,000

$300,000

$200,000

25-29

n/a

$350,000

$262,500

$175,000

30-24

n/a

$250,000

$187,500

$125,000

35-39

n/a

$180,000

$135,000

$90,000

40-44

$150,000

$100,000

$75,000

$50,000

45-49

$90,000

$60,000

$45,000

$30,000

50-54

$60,000

$40,000

$30,000

$20,000

55-59

$42,000

$28,000

$21,000

$14,000

60-64

$27,000

$18,000

$13,500

$9,000

65-69

$12,000

$8,000

$6,000

$4,000

70-74

$7,500

$5,000

$3,750

$2,500

75-79

$6,000

$4,000

$3,000

$2,000

80-84

$4,500

$3,000

$2,250

$1,500

85-89

$3,750

$2,500

$1,825

$1,250

90-94

$3,000

$2,000

$1,500

$1,000

95 and older

$1,000

$1,000

$1,000

$1,000

n/a = not available

Family Coverage

For an additional $2.50 per month added to any plan, the plan provides the following benefit amounts for an eligible spouse or child(ren).

Member’s Attainted Age

Spouse Benefit Amount

Under 30

$50,000

30-34

$40,000

35-39

$30,000

40-44

$20,000

45-49

$10,000

50-54

$7,500

55-59

$5,000

60-64

$3,000

65-69

$2,000

70 and older

$1,000

 

Insured Child’s Attainted Age

Child(ren) Benefit Amount

15 days to 6 months

$250

6 months to termination age

$5,000

 

The premium contributions shown reflect the current rate and benefit structure. Premium contributions may be changed by New York Life Insurance Company on any premium due date (but not more than once in any 12-month period) and any date on which benefits are changed. However, your rates may change only if they are changed for all others in the same class of insurance under this group policy. For example, a class of insureds is a group of people all with the same issue age. Benefit option amounts are not guaranteed and are subject to change by agreement between New York Life Insurance Company and the Air Force Association.

Certificate of Insurance

This information is only a brief description of provisions and features. The complete terms and conditions are set forth in the group policy issued by New York Life Insurance Company to the Air Force Association. When you become insured, you will be sent a Certificate of Insurance summarizing your coverage.

Waiver of Premium for Disability

If, prior to your attainment of age 60, you become totally disabled and the disability lasts for at least 6 months while your coverage is in force, you may apply for the Disability Waiver of Contribution Benefit.

Upon approval, your coverage will remain in force without further payment of premium on your part, for as long as you continue to be totally disabled and are otherwise eligible for coverage, at the lowest level of coverage. See the certificate of insurance for additional details.

Handicapped Child Benefit

Insurance in force will continue for an insured child who has reached the age termination date and a physical or mental disability renders the insured child incapable of self-sustaining employment and requires dependency on the insured member or other care providers for support. See certificate of insurance for additional details.

Survivor Dependent Benefit

Dependent insurance in force on the day an insured member dies will continue in force if the conversion right available upon the death of the insured member has not been exercised and all premiums have been paid. The amount of such insurance is subject to changes at the ages shown in the rate schedule.

Group Conversion Privilege

The plan provides conversion privileges under certain circumstances of involuntary termination, as described in the Certificate of Insurance.

You may select any person, persons, trust or other legal entity as your beneficiary. If, at the time of your death, there are no surviving beneficiaries, benefits will be paid to the executor or administrator of your estate, or at the option of New York Life, to the surviving relatives in the following order of survival: spouse; children equally; parents equally; or brothers and sisters equally. The member is the beneficiary for spouse's and children's coverage.

If you wish to designate a different beneficiary, simply contact the Administrator at 1-800291-8480 for a Change of Beneficiary Form or download one at SITE.

Insurance is effective on the first of the month after your application is approved by New York Life Insurance Company provided:

  • The first premium is paid.
  • Satisfactory evidence of insurability has been submitted.
  • You and your dependents are alive actively performing the normal activities of a person in good health of like age on that date.

 

Payment of a premium contribution for insurance does not mean there is any coverage in force before the effective date as specified by New York Life Insurance Company.

Your insurance can remain in force for you and your insured family members as long as they remain eligible. Insurance will terminate based on any of the following conditions:

  • You are no longer a member of AFA.
  • Premiums are not paid when due.
  • The Group Policy is terminated or modified by the policyholder or New York Life Insurance Company to end insurance for AFA members.
  • The insured requests termination of coverage.

 

Upon your death, coverage for your insured dependents may continue as described in the Certificate of Insurance.

Coverage is payable for death by any cause except death from suicide during the first two years of coverage, whether sane or insane, for which the only benefit payable is the return of applicable premium contributions.

The validity of any amount of your life insurance which has been in force for two years during an insured’s lifetime will not be contested except for insurance eligibility provisions and non-payment of premium contributions.

To download an enrollment form, click the Enroll Now button on this screen.

Payment Options

Once your insurance coverage has been approved, there are three methods of payment from which you may choose:

  • Automated bank withdrawal. Payment options for monthly automated withdrawal from a checking or savings account.
  • Credit or debit card. You can choose monthly, quarterly, semiannual or annual payment when you pay by credit card or debit card.
  • Direct bill. You can pay monthly, quarterly, semiannually or annually when you mail a premium notice

This wesite explains the general purpose of the insurance described, but in no way changes or affects the policy as actually issued. In the event of a discrepancy between the website and the policy (Master Policy G-29319-0), the terms of the policy apply.

All benefits are subject to the terms and conditions of the policy. Policies underwritten by New York Life Insurance Company detail exclusions, limitations, and terms under which the policies may be continued in full or discontinued.

New York Life Insurance Company is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. However, not all group policies it underwrites are available in all jurisdictions. Please check the benefit details sections for current availability. New York Life Insurance Company’s state of domicile is New York, and NAIC ID# is 66915.

Complete details are in the certificate of insurance issued to each insured individual and the Master Policy issued to the policyholder.

This program may vary and may not be available to residents of all states.


#8824/NYL/DT/0824

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Link to PDF form

Decreasing Term Life Insurance policy not available in AK, LA, and NY

 

 

Underwritten by:

New York Life Insurance Company
51 Madison Avenue
New York NY 10010
Policy Form GMR-FACE-G30291-0

 

 

Administrated by:

Forrest T. Jones & Company*
P.O. Box 418131
Kansas City, MO 64141-8131
www.ftj.com

 

* For Arizona residents, the administrator is Forrest T. Jones Consulting Company