ALEXANDRIA, Va.--(BUSINESS WIRE)--Armed Forces Benefit Association (AFBA) and 5Star Life Insurance Company (5Star Life), an AFBA related enterprise, announce consolidation with The Shuey Agency (TSA), effective September 1, 2015. AFBA is the leading provider in the National Guard market with over 140k active certificates representing over $12B of life insurance in force in 36 states and territories.
TSA has been the third party administrator for the largest segment of AFBA’s National Guard business since 2002. The combined entity will create a new business structure that will provide high value life insurance protection with no military specialty or combat or war exclusions to its National Guard members and their families.
"The combination of AFBA and TSA creates an exciting opportunity for our Association and for our Guard members," said AFBA Chairman and Trustee, General Ralph “Ed” Eberhart, USAF (Ret.). “This realignment will facilitate the delivery of the highest value products, outstanding services, and a superior customer experience in concert with the principles and values of our Association."
“We have certainly benefited from working with these organizations and are very pleased that they are now joining forces even more closely. This consolidation will only add to the opportunities afforded to the National Guard State Associations and the Soldiers and Airmen we serve,” said Ed Gargas, Chairman of the State Sponsored Life Insurance Group of Pooling States (SSLIGPS) Board.
“I am excited to now serve as Advisor for Military Markets to General Eberhart and Mark Singleton, President, 5Star Life. In this new role, I look forward to facilitating the transition to this new structure, and to working with AFBA and the SSLI Pool Group of State Associations to ensure that our National Guard members continue to have the best coverage and service available,” said BG Theodore Shuey USA (Ret.).
The consolidation will generate significant opportunities to further support AFBA’s military markets. Additionally, the transaction will combine two strong organizations into one entity, with the overriding mission of supporting those who serve this great nation. As part of this move, Tad Shuey, formerly Vice President at TSA will join AFBA as Vice President, Military Markets, and the TSA administrative staff will remain at its current Staunton location as employees of AFBA.
About Armed Forces Benefit Association (AFBA) – Founded to Serve Our Great Nation
Headquartered in Alexandria, VA, AFBA was established in 1947 with the support of the General of the Army, Dwight D. Eisenhower to ease the strain on military members and their families. At that time, military members could not purchase life insurance that would pay a death benefit if the member was killed in combat. AFBA continues to honor the mission set forth by its founders—to promote the welfare of its members and their families by providing high quality, low cost life insurance products and other financial benefits and services in peace and in war.
From its first offices in the basement of the Pentagon and for almost 70 years, AFBA has stood by our country’s armed forces. Today, AFBA is a market leader in offering low cost life insurance to those who serve this great nation to include members of the uniformed services, first responders, government employees and their families. AFBA currently has over 435,000 members with over $42 billion of life insurance in force and in excess of $1.7 billion of claims paid since inception. These life insurance programs are underwritten by 5Star Life Insurance Company, a related enterprise of AFBA. Visit AFBA @ www.afba.com.
About 5Star Life Insurance Company (5Star Life)
5Star Life is the underwriter of AFBA member policies and is also a growing provider of supplemental and other voluntary life insurance products. Its flexible business model enables 5Star Life to serve the needs of a diverse clientele — as an insurance advisor to individuals and organizations, and as a trusted partner to brokers. Headquartered in Alexandria, VA, 5Star Life is currently licensed in 49 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands.
About The Shuey Agency (TSA)
Founded more than 30 years ago by Brigadier General Theodore Shuey USA (Ret.), TSA has operated from its headquarters in Staunton, Virginia to serve the insurance needs of the National Guard Soldiers and Airmen as a third party administrator. In this role, TSA has acted as liaison between insurance carriers like AFBA and the National Guard State Associations under whose auspices the SSLI insurance programs operate. Under the leadership of General Shuey and with the efforts of his staff, TSA has been instrumental in the growth of the SSLI program nationwide.