Armed Forces Benefit Association (AFBA) Appoints Larry O. Spencer Chair of the Board

Current AFBA president to take the helm of the 915,000 member-strong association

ALEXANDRIA, Va.--(BUSINESS WIRE)--Armed Forces Benefit Association (AFBA) announced today the appointment of General Larry O. Spencer, USAF (Ret.), as Chair of its board of directors, effective January 1, 2026.

“On behalf of the Armed Forces Benefit Association, I want to extend our deepest gratitude to General Craig R. McKinley for his exemplary leadership and unwavering commitment as Chair of the Board for the past 3 years. His dedication has strengthened our mission and inspired all of us to serve those who protect and defend our nation. As I look ahead, I remain committed to building on our legacy—guiding AFBA with integrity, vision, and a steadfast focus on the welfare of our members and their families. We will continue to honor our promise and advance the values that have defined AFBA since its founding,” said General Larry O. Spencer, USAF (Ret.), Chairman and President of AFBA and President of 5Star Life Insurance Company.

General Larry O. Spencer spent more than 40 years in the Air Force, beginning his career in the enlisted ranks and rising to become a four-star general. His last assignment was as the Vice Chief of Staff of the US Air Force where he assisted the Chief of Staff in organizing, training and equipping 690,000 active-duty, Guard, Reserve and civilian forces. After retiring from the Air Force in 2015, General Spencer served as President of the Air Force Association until 2019. General Spencer received his Bachelor of Science Degree in industrial engineering technology from Southern Illinois University at Carbondale and has two Master of Science degrees. He currently serves on the boards of Whirlpool Corporation, Triumph Group, Inc., and Haynes International, Inc. General Spencer was named President of AFBA and 5Star Life Insurance Company in 2020.

About Armed Forces Benefit Association

With the support of the General of the Army, Dwight D. Eisenhower, the Armed Forces Benefit Association (AFBA) was established in 1947 in the basement of the Pentagon 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 by providing survivor 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 915,000 members with $57 billion of death benefits in force and has paid $2 billion of death benefits since inception. AFBA death benefits are primarily underwritten by its affiliate, 5Star Life Insurance Company (a Lincoln, Nebraska domiciled company). AFBA is not affiliated with any government agency.