American Armed Forces Mutual Aid Association is a not-for-profit, tax-exempt, member-owned association that provides life insurance and survivor services to the U.S. Armed Forces communities. It was formed on 13 January 1879, by the War Department. In 2012, membership exceeded 90,000. Membership includes life insurance benefits, Member/Survivor Assistance Benefits with no war clause, no terrorist clauses, and no aviation clauses or exclusions, Wealth Management and Trust Services.
History
AAFMAA was founded in 1879 by a group of Army Officers in response to the 1876 Battle of the Little Bighorn, or "Custer's Last Stand." During frontier times when an officer died, the remaining soldiers would literally "pass the hat" to raise money for the surviving family. This system collapsed, however, with the Battle of the Little Bighorn. There were too few survivors to pass the hat, thus leaving the deceased soldiers' families in need. To remedy this situation, Army officers established the association. For many years, it was known as Army and Air Force Mutual Aid Association. In 2013, the name was officially changed to the American Armed Forces Mutual Aid Association as it is known today, with the same acronym. AAFMAA is headquartered at Fort Myer, VA with additional offices in Reston, VA and Fayetteville, NC. In 2009, AAFMAA formed AAFMAA Member and Survivor Benefits LLC to provide living and survivor services. As of July 2010, AAFMAA Member and Survivor Benefits provides Living Services to AAFMAA's Grandfathered members and Survivor Assistance Services to the surviving widows and widowers of deceased AAFMAA members. In 2012, AAFMAA formed AAFMAA Wealth Management & Trust LLC to provide financial planning, investment management, and trust services. AAFMAA Wealth Management & Trust LLC is a North Carolina chartered trust company headquartered in Fayetteville, NC with a branch office in Reston, VA.
Lines of business
Life Insurance: AAFMAA offers a range of life insurance products, including whole life and term insurance. Living Services: AAFMAA offers services to members through its wholly owned subsidiary, AAFMAA Member and Survivor Benefits LLC. These services include document storage in AAFMAA's secure vault, annual Family Information Report which includes personal affairs planning information, including estimates of Social Security, survivor benefits, insurance coverage, and projected college costs, insurance counseling, Financial Awareness Service, pre-retirement/separation from service briefings, representation with the Veterans Administration for claims. Survivor Assistance Services: These services are included with each member's membership, including payment of AAFMAA death benefit, claims initiation plus follow-up, claims representation, lifetime individualized benefit notification, Social Security notification, Financial Awareness Service and an annual statement of spouse entitlements. Financial Planning: AAFMAA Wealth Management & Trust provides financial plans on six different areas: Net worth, cash flow, insurance analysis, education funding, retirement planning, and estate planning. Investment Management: AAFMAA Wealth Management & Trust offers development of an Investment Policy Statement for each client. Trust Services: AAFMAA Wealth Management & Trust is a state-chartered trust company, providing estate planning support and complete trust services, including acceptance of assignment as trustee, and trust asset management and administration.
Eligibility
Membership eligibility All ranks of Army, Air Force, Navy, Marine Corps and Coast Guard who are:
A Board of Directors governs policy at AAFMAA. All board members serve without compensation and must be association members themselves. Additionally, officers of the Association must also be members. As a wholly owned subsidiary of AAFMAA, the AAFMAA Member & Survivor Benefits LLC performs the Living Services and Survivor Assistance Services to members and surviving families.
Returning profits
As a not-for-profit, mutual, membership association, all "profits" made by the company are returned to the members, policy owners or the association through cash-value additions to interest-sensitive whole life policies, term refunds for eligible term policies, increased services, and increases to the insurance reserves.
Robert W. Sennewald is a retired U.S. Army four-star general who served as Chairman of the Board for AAFMAA from 2000 to 2006.
Clyde D. Eddleman was a United States Army four-star general who served as Chairman of the Board for AAFMAA from 1962 to 1982.
John R. Guthrie was a United States Army four-star general who served on the Board of Directors for AAFMAA.
Walter T. Kerwin, Jr. was a United States Army four-star general and served as a member of the Board of Directors for AAFMAA from 1969, becoming its Chairman in 1982 and serving until 1997.
Michael S. Davison was a United States Army four-star general and served as the Vice Chairman for AAFMAA from 1982 to 1997 and Chairman from 1997 to 2000.
