It’s that time of year when you will receive your AAFMAA Annual Statement by mail or electronically in the AAFMAA Member Center. Before it arrives, it’s a good idea to familiarize yourself with the information it conveys.  

What is an annual statement and why is it important to review?  

An annual statement is a yearly report of the status of your life insurance policies. It’s important to note that information on your AAFMAA Annual Statement is specific to your policy and will not apply to all policyholders. Be sure to examine your statement carefully to ensure the information is accurate and up to date.  

Let’s look at the AAFMAA Annual Statement and break down each section: 

• Section 1 contains policy information. You will find the name of the policy’s owner, the person who is insured, the certificate number, issue date, statement period, policy issue age, and contact information. If a policy is owned by someone other than the insured, please make sure a successor owner is named to enable the easy transition of ownership in case the non-insured owner dies before the insured dies. 
• Section 2 contains a policy summary from the date of issue. For term policies, your current death benefit will be listed. For Value-Added Whole Life policies, this includes the face amount of insurance you selected at policy issue and adjustments for any changes you’ve made since that time. It also includes cash value earned over time from your premiums paid, cash value growth, any policy loans, and the net balance of the death benefit and cash surrender value. Below the policy summary box, you can find the 2023/2024 crediting rates and the 2024 loan interest rate.  
• Section 3 contains a summary of activity for the year. Again, for term policies, only your current death benefit will be listed. For Value-Added Whole Life policies, a breakdown of transactions that occurred during the previous policy year is provided. 
• Section 4 contains your beneficiary designation. Upon the death of the insured, the death benefit from your policy will be paid to the surviving beneficiaries listed in this section. Please check to ensure beneficiaries’ current legal names and relationship are listed. 
• The back page provides a general explanation of terms used in the statement.   

If you aren’t sure how your 2023 AAFMAA Annual Statement will be delivered to you, log into the AAFMAA Member Center and, under “My Profile”, click on “Account Settings”. Scroll down to “Paperless Options” to review selected settings. Click on the “Edit” button to update your preferences.   

To access your 2023 AAFMAA Annual Statement in the Member Center, hover over the “My Documents” tab and click on “Insurance Documents”. Be sure the “Annual Statements” tab is selected. Scroll down and choose to either “View” or “Download” to view your annual statement.  

If you need assistance gaining access to the Member Center, contact AAFMAA Member Benefits at 800-522-5221 option 2, then option 2 again or email [email protected].   

If you have questions about your 2023 AAFMAA Annual Statement, contact Policy Services at 800-336-4538 or [email protected].