ALEXANDRIA, Va.--(BUSINESS WIRE)--The Armed Forces Benefit Association (AFBA) and its affiliate, 5Star Life Insurance Company, announced today it has been selected by the National Guard Association of California (NGAC) as the provider of its State Sponsored Life Insurance program effective May 1, 2017.
General Ralph E. “Ed” Eberhart, USAF (Ret.). AFBA Chairman and President stated, “This affiliation with NGAC underscores our unwavering commitment to serve the men and women serving this great nation. It is a great honor and responsibility we do not take lightly. AFBA and 5Star Life are governed by boards of directors comprised of retired senior officers and non-commissioned officers, including those from the National Guard, so we understand the needs of the military member and family.”
Mark Singleton, President, 5Star Life, concurred, adding, “We are extremely pleased to be selected by the National Guard Association of California. As the leading provider of life insurance benefits in the National Guard market in 38 states and territories, we are glad to be able to offer NGAC members our outstanding combination of benefits, rates, briefing capability, and service expertise.”
In the National Guard market, AFBA and 5Star Life currently have more than 140,000 active insureds representing $14B of life insurance in force in 38 states and territories. Products designed with our target market in mind, they feature no exclusions for combat, terrorism, occupation or geography; emergency death benefit within 24 hours of notification; and a scholarship up to $40,000 for the families of those killed in combat. These unique features, along with our philosophy to always do right by the member, set AFBA / 5Star Life apart in the market.
NGAC President John N. Haramalis stated, “Both AFBA and NGAC share a common legacy and mission of promoting the welfare of their members, and they recognize that the soldiers and airmen of the National Guard deserve the best life insurance program available. Their product is the strongest and most beneficial to Guard members and their families. We look forward to this partnership and continued growth.”
The Armed Forces Benefit Association (AFBA) was established in 1947 in the basement of the Pentagon with the support of the General of the Army, Dwight D. Eisenhower to ease the strain on military members and their families who, at the time, could not purchase life insurance that would pay a death benefit if the member was killed in combat. Today, headquartered in Alexandria, VA., AFBA continues to honor its mission, in war and peace, promoting the welfare of its members as a market leader providing high-quality, affordable life insurance and other benefits to those who serve this great nation, including members of the uniformed services, first responders, government employees, and their families. AFBA has more than 450,000 members with $36 billion of life insurance in force and has paid nearly $2 billion of claims paid since inception.
About 5Star Life Insurance Company
5Star Life Insurance Company (5Star Life) is the underwriter of AFBA member policies. In addition, it is also a thriving provider in the worksite voluntary and group benefits markets with a robust portfolio of insurance products and benefits solutions. Headquartered in Alexandria, VA, 5Star Life is a Louisiana-domiciled company licensed in 49 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands. It is rated A- Excellent by A.M. Best (4th highest out of 13 rating categories).