AAFMAA

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American Armed Forces Mutual Aid Association

Industry	Financial services Life insurance
Genre	Not-for-profit
Founded	1879 (1879)
Headquarters	Fort Myer, Virginia , U.S.
Key people	BG Michael J. Meese, USA, Ret., PhD President COL Carlos Perez, Jr., USA, Ret. Treasurer Kevin Kincaid Chief Marketing Officer and Vice President for Sales LTC Jerry Quinn (USAR) Chief Operating Officer Charlene Wilde Assistant Secretary Jeff Havener President, AAFMAA Mortgage Services LLC Charles B. Betancourt Chief Operating Officer AAFMAA Property LTC Steve Mannell, USA, Ret. President, AAFMAA Wealth Management & Trust
Products	Insurance, Government Benefits counseling, Wealth Management & Trust services, Mortgages
Total assets	$1.29 billion
Number of employees	150
Website	aafmaa.com

American Armed Forces Mutual Aid Association (AAFMAA) is a Virginia-based not-for-profit, tax-exempt, member-owned association that provides diversified financial services, including life insurance, investing and trust services, mortgage services, and survivor services to the U.S. Armed Forces communities.^[1] At the end of 2019, membership exceeded 85,000^[2]

AAFMAA was founded in 1879 by a group of Army officers in response to the 1876 Battle of Little Bighorn to provide financial assistance to the families of deceased soldiers.^[3][4] AAFMAA has since expanded to offer wealth management, trust, and mortgage services to past and present members of the Armed Forces.^[4]

History[]

AAFMAA was established on January 13, 1879, in response to the 1876 Battle of the Little Bighorn to provide financial assistance to the families of deceased soldiers.^[4] The founding documents of the association were prepared by a committee of Army Officers chaired by Brigadier General Roger Jones and expressed the association's purpose “to aid the families of the deceased members in a prompt, simple and substantial manner.”^[4]

The association was originally called the Army Mutual Aid Association and membership was only open to members of the Army. In 1984, membership expanded to include Air Force officers and the name was changed to Army and Air Force Mutual Aid Association (AAFMAA) in 1987. In 1995, membership expanded to include Noncommissioned Officers and, in 2000, membership expanded again to include enlisted ranks. In September 2011, membership expanded to include service members of the Marine Corps, Navy and Coast Guard. As of 2020, membership includes all members of the United States Armed Forces on active duty, Retired, Guard, Reserves, students of the service academies, ROTC cadets, and honorably discharged veterans. To reflect the expansion in membership, the association's name was changed to American Armed Forces Mutual Aid Association on June 12, 2013.

AAFMAA is headquartered at Fort Myer, VA with additional offices in Reston, VA, Fayetteville, NC, and Morrisville, NC.^[4]

In 2009, AAFMAA formed AAFMAA Member and Survivor Benefits LLC.^[4] As of July 2010, AAFMAA Member and Survivor Benefits provides AAFMAA's grandfathered Members and the surviving widows and widowers of deceased AAFMAA Members with education and assistance of government and military benefits.^[4]

In 2012, AAFMAA formed AAFMAA Wealth Management & Trust LLC (AWM&T) to provide financial planning, investment management, and trust services to members.^[4][5] AAFMAA Wealth Management & Trust LLC is a North Carolina chartered trust company headquartered in Fayetteville, NC with a branch office in Reston, VA.^[6]

In 2016, AAFMAA formed AAFMAA Mortgages Services LLC (AMS) to provide mortgage products to Members.^[7][8] AAFMAA Mortgages Services LLC is headquartered in Morrisville, NC with branch offices in Fayetteville, NC, Wilmington, NC, Reston, VA, and Virginia Beach, VA.^[6]

Lines of business[]

Life Insurance: AAFMAA offers a range of life insurance products, including whole life and term insurance.^[9] AAFMAA policies do not include a war clause, terrorist clauses, or aviation clauses or exclusions.^[9] In 2019, AAFMAA had over 121,000 policies in force and $25.1 billion insurance in force.^[2]

Living Services: Living services include document storage in AAFMAA's digital and physical vaults, personal affairs planning information, including estimates of Social Security, survivor benefits, insurance coverage, and projected college costs, insurance counseling, pre-retirement/separation from service briefings, representation with the Veterans Administration (VA) for claims.^[10]

Survivor Assistance Services: Survivor Assistance Services are included with every membership, including payment of AAFMAA death benefit, VA claims initiation, VA claims representation, lifetime individualized benefit notification, Social Security notification, Financial Awareness Service and an annual statement of spouse entitlements.^[10]

Wealth Management and Trust Services: AAFMAA Wealth Management & Trust LLC (AWM&T) provides financial planning, investment management, and trust services to members.^[5] In 2019, AWM&T had $74 million member assets under management.^[2]

AWM&T has offices in Fayetteville, NC and Reston, VA and representatives located throughout the country, often near military bases, to provide assistance and services to members.^[6]

Financial planning services include assessment of member net worth, cash flow, insurance, education funding, retirement planning, and estate planning.^[5] Investment management includes asset allocation, investments monitoring, portfolio repositioning and takes into account risk tolerance, investment restrictions, and investment objectives.^[5] An Investment Policy Statement (IPS) is developed for each member at the beginning of the relationship.^[5]

Trust services include estate planning support and complete trust services, including acceptance of assignment as trustee, and trust asset management and administration. AWM&T can act as a trustee with most trust types, including revocable living, irrevocable, charitable remainder, charitable lead, testamentary, special needs, irrevocable life insurance, court-appointed, and foundations.

Mortgage Services: AAFMAA Mortgage Services LLC (AMS) provides Members with the mortgage loans to build, buy or refinance a home.^[8] This includes VA loans, FHA, USDA, a proprietary Construction Advantage loan, VA Cash Out Refinance, VA Interest Rate Reduction Refinancing Loan (IRRRL), and VA High Balance Loans.^[8] In 2020, AMS originated $233 million of residential mortgages.^[2]

AMS has branch offices in Morrisville, NC, Fayetteville, NC, Wilmington, NC, Tempe, AZ, Denver, CO, Dallas, TX, Reston, VA, and Virginia Beach, VA to provide assistance and services to Members.^[6]

AMS is a VA-approved mortgage lender and an Equal Housing Lender. NMLS 1423968.

Eligibility[]

Applicants become AAFMAA Members when they meet certain medical requirements and are issued a life insurance policy on their own life. Members can then purchase additional policies for themselves, their spouse, children and grandchildren. AAFMAA policies have no war, no aviation and no terrorism clauses.

Membership Eligibility All ranks of United States Army, Air Force, Navy, Marine Corps, Coast Guard, Space Force, NOAA, and US Public Health Service who are:

• Active Duty (or within 120 days after separation)
• Guard or Reserve (full or part time)
• United States Air Force Academy (USAFA), United States Coast Guard Academy (USCGA), United States Military Academy (USMA), United States Merchant Marine Academy (USMMA) and United States Naval Academy (USNA) midshipmen and cadets
• Reserve Officers' Training Corp (ROTC) Contract/Scholarship Cadets
• Army, Air Force, Navy, Marine Corps and Coast Guard retirees
• Honorably discharged Veterans residing in Connecticut, Florida, Hawaii, Maryland, North Carolina, Oklahoma, South Carolina, or Virginia

Life Insurance Eligibility

• Members and spouses (age limits are dependent upon product selected)
• Children and grandchildren 6 months through age 17 (whole life only)
• Children and grandchildren ages 18–23 (whole life and Level Term I)
• Widows of Members (for themselves and children/grandchildren of Member)

Introductory Membership Program AAFMAA offers cadets a free Introductory Membership program. Midshipmen and cadets must be attending one of the service academies or ROTC cadet under contract, or attending an Officer Commissionary Program or Warrant Officer Candidate School (WOCS). The policy includes a free $5,000 term life insurance policy Survivor Assistance Services and covers the owner until their date of commission.

Financial Planning and Investment Management Eligibility All ranks of US Army, Air Force, Navy, Marine Corps and Coast Guard who are:

• Active Duty
• Guard or Reserve (Full or Part Time)
• United States Air Force Academy (USAFA), United States Coast Guard Academy (USCGA), United States Military Academy (USMA), United States Merchant Marine Academy (USMMA) and United States Naval Academy (USNA) midshipmen and cadets
• Reserve Officers' Training Corp (ROTC) Contract/Scholarship Cadets
• Retirees
• Honorably discharged Veterans residing anywhere

Trust Services Eligibility AAFMAA Wealth Management & Trust provides Trust Services to those eligible for Financial Planning and Investment Management service, but only in North Carolina, Virginia, Maryland, or DC. Trust Services are currently not available through AAFMAA Wealth Management & Trust outside of these jurisdictions.

Mortgage Services Eligibility All ranks of US Army, Air Force, Navy, Marine Corps, Coast Guard, Space Force, NOAA, and US Public Health Service with qualified credit who are:

• Active Duty
• Guard or Reserve (Full or Part Time)
• United States Air Force Academy (USAFA), United States Coast Guard Academy (USCGA), United States Military Academy (USMA), United States Merchant Marine Academy (USMMA) and United States Naval Academy (USNA) midshipmen and cadets
• Reserve Officers' Training Corp (ROTC) Contract/Scholarship Cadets
• Retirees
• Honorably discharged Veterans residing anywhere
• Military Spouses and Families
• Purchasing in a state in which AMS is a licensed mortgage provider

Target market[]

AAFMAA shares a unique, niche market with few other companies. AAFMAA's target market includes all ranks of the American Armed Forces, active duty, retired, National Guard and Reserve, Service Academy midshipmen and cadets, and ROTC scholarship cadets. Additionally, all honorably discharged service members of the Armed Forces under the age of 66 who reside in the states of Connecticut, Florida, Hawaii, Maryland, North Carolina, Oklahoma, South Carolina, or Virginia are also eligible for membership. AAFMAA also offers its insurance products to spouses, children and grandchildren of Members.

Structure[]

AAFMAA is a not-for-profit, member-owned association. 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.

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.

Honorable board members and chairmen[]

• Jack Neil Merritt was a retired U.S. Army four-star general who has served on the board of directors for AAFMAA since 2000 and is currently the Vice Chairman of the Board and Chairman of the Finance Committee.^[11]
• 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.^[12]
• 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.

See also[]

• Navy Mutual Aid Association, similar organization for the U.S. Navy, Marines, and Coast Guard

References[]

External links[]

• AAFMAA Homepage.com