AFA members who have reached age 50 and need term life insurance can now buy up to $100,000 in coverage from New York Life. Apply today with no medical exam; simply answer a few health questions to determine your eligibility. You can renew your full coverage each year until age 75, after which you can renew a portion of your original coverage all the way to age 95.
Get life insurance exclusively for afa members 50 to 75
- No medical exam required! Simply answer a few health questions to determine your eligibility.
- No military exclusions
- Coverage options from $10,000 to $100,000 in $5,000 increments
- Coverage renewable to age 95
- Spousal coverage also available, though the amount of coverage for a spouse cannot exceed the coverage amount of the member insured
- No application fees, annual service fees, or administrative fees
- Flexible payment options
- Pay no money until you’re approved
- When the insured reaches age 75, the amount of insurance for an insured member will be reduced to the lesser of 50 percent of the previous amount of insurance coverage or $20,000
Air & Space Forces Association (AFA) members who are between the ages of 50 - 75 and who live in an approved state, are eligible to apply for coverage. Spouses of AFA members are also eligible to apply for coverage. Spouse coverage amount cannot exceed the member amount.
The total amount of coverage an individual may have under all group life insurance policies underwritten by New York Life Insurance Company may not exceed $2,000,000. In addition, the total amount of coverage an individual may have under all policies issued by New York Life Insurance Company to the Trustees of the AFA may not exceed the maximum benefit option for any insured person.
Premiums are based on your age when coverage becomes effective. Premiums increase when a member enters a new age band and are adjusted on the premium due date coinciding with or next following this change. At age 75, the amount of coverage automatically reduces to either 50% of the amount then in force, or $20,000, whichever is less.
Unlike with many insurance policies, and in order to help protect veterans and their dependents, this coverage has no limitation or restriction on the payment of full benefits should the insured be killed in a war or act of war. There are no exclusions for acts of terrorism. Personnel flying military aircraft are covered 100%.
If you or your spouse has been diagnosed with a terminal condition that results in an expected life span of 12 months or less, the accelerated death benefit will pay 50% of the insured’s term life amount. Diagnosis and evaluation of limited life expectancy must be provided to New York Life Insurance Company. The benefit will be paid to the insured member in one lump sum upon acceptance of the claim. Upon the death of the insured, the amount of insurance then payable will be reduced by the amount paid under the accelerated death benefit. Full premiums continue to be payable.
Receipt of an accelerated death benefit may affect eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility.
Coverage becomes effective on the first of the month following approval of your application by New York Life Insurance Company, provided your first premium payment is paid within 31 days and you (and your spouse, if also approved) are performing the normal daily activities of a person in good health of like age on that day (does not apply to dependent child). Otherwise, insurance will take effect on the day you are performing such normal activities as long as you are still eligible. 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.
Coverage may be continuously renewed until you reach age 95, as long as:
- You pay your premiums when due;
- Coverage remains in force for your class; and
- The group policy remains in force.
Spouse coverage will end when your coverage ends, or the termination age is reached. Upon your death, coverage for your spouse may continue as described in the Certificate of Insurance.
Benefits are paid to the beneficiary(s) of the member’s choice for death by any cause, except suicide during the first 24 months of coverage. The member automatically is the beneficiary of a spouse covered by this policy; however, after coverage is approved, the beneficiary can be changed by contacting the program administrator in writing.
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 Insurance Company, to the surviving relatives in the following order of survival: spouse; children equally; parents equally; or brothers and sisters equal.
You’ll have 30 days after you receive your Certificate of Insurance to make sure you’re completely satisfied. If you change your mind, you can return your certificate within that 30-day period, without claim, and get a full refund of any premium paid.
Benefits for suicide due to or related to and/or occurs during suicide, an attempt at suicide or intentional injury (while sane or insane), will not be available until the amount of coverage has been in force for 24 months. Applicable premiums that have been paid will be refunded to the beneficiary designated.
This summary is a brief description of principal provisions and features only and is subject to the terms, conditions, exclusions and limitations of Group Policy G-31220-0/GMR-FACE. Coverage may vary or may not be available in all states.
Once your insurance coverage has been approved, there are three methods of payment from which you may choose:
- Credit or debit card. You can choose monthly, quarterly, semi-annual or annual payment when you pay by credit or debit card.
- Automated checking withdrawal. Payment options for automated checking withdrawal are the same as by credit card.
- Direct bill. You can pay quarterly, semi-annually or annually when we mail you a premium notice
Underwritten by:
New York Life Insurance Company
51 Madison Avenue
New York, NY 10010
Policy Form GMR-FACE-G-31220-0
New York Life Insurance Company (NAIC# 66915) is licensed to transact business in all 50 United States and the District of Columbia and is domiciled in the state of New York at 51 Madison Avenue, New York, NY 10010.
Administered by:
Forrest T. Jones & Company, Inc.*
P.O. Box 418131
Kansas City, MO 64141-8131
www.ftj.com
Arkansas Insurance License #100107380, California Insurance License #0592939, Minnesota Insurance License #4896, Oklahoma Insurance License #100103424, Texas Insurance License #13916
*For Arizona residents, administrator is Forrest T. Jones Consulting Company.
ID# 6846506