Life Insurance FAQs
Policyholder Servicing
The Policy Owner must complete the appropriate form for the requested change. Forms may be downloaded and printed from the Forms Link after logging in. The Policy Owner may also contact a Service Representative at the Home Office or send us a message through our Contact Us page.
You may request a copy of your policy by contacting our office by telephone, in writing or from our Contact Us page. A Policy Verification Certificate will be provided for policies issued beyond our document retention period
You may request a copy of your policy by contacting our office by telephone, in writing or from our Contact Us page. A Policy Verification Certificate will be provided for policies issued beyond our document retention period.
The policy owner may request a loan by calling a Service Representative. You should consult your policy for specific information regarding policy loans.
You may contact a Service Representative for details.
You may contact a Service Representative or register online. By registering online you will be able to view premium payments, make withdrawals and much more. Click here to register.
Upon the death of the Insured, you will contact the Home Office Claims Department to report the death. Be prepared to advise us of the insured’s name, the date and cause of death, and the name, address, and telephone number of the person who should be contacted. A Claimant’s Statement and additional information on how to file a death claim will then be sent to the named beneficiary(ies). You may click the “Claims” link at the top of this page to download the Claimant’s Form and instructions.
You should notify the Home Office right away and contact a Customer Service Representative or your agent.
The Owner must submit a written request of cancellation referencing policy number, signature, social security number, and address. Please review your Right To Examine Section of your policy.
In order to consider Reinstatement of a lapsed policy, the owner and/or insured must submit a completed Reinstatement Application along with past-due premiums. Please refer to your policy for details and qualifications. We may require further underwriting and request current medical records be submitted.
If you change banks it’s important to let us know immediately. We will need you to submit a new Bank Draft form so your life insurance policy is not in danger of lapsing.
General Life Insurance FAQs
Term insurance is a set amount of coverage for a set amount of time. Our term coverage is cost-effective and has a level premium. Once the term of your policy is up you will be required to re-apply for coverage. The coverage premium is calculated based on your current age, so don’t be surprised to see your term rates increase substantially if you choose to renew your term policy, assuming you’re still eligible for coverage. You can see if you qualify and apply for coverage online by clicking “Get a Quote”.
We believe term coverage is an inexpensive way for you to fill your insurance needs. However, the best form of life insurance coverage is permanent insurance. AmFi’s permanent policies provide lifetime level premiums regardless of age and medical changes. AmFi’s permanent policies also provide tax-deferred cash value growth. Contact our office or your local representative to learn whether permanent insurance is right for you.
All of AmFi’s permanent life insurance policies allow for tax-deferred cash value growth. Both AmFi’s Future First Universal Life Insurance Policy and the Flexible Dollar Builder Whole Life Insurance Policy provide life insurance coverage if you die, but they also provide cash value assets you can use while you’re alive.
Tax-Deferred means that you are not required to pay taxes on the interest you earn within the life insurance policy until you withdraw the interest. This allows for your cash values to grow at a faster rate, which means more money for you!
While the guaranteed rate on a policy will never change, the current rate may. Interest rates, as well as the economy, have proven to fluctuate. This means your crediting interest rate will most likely change from time to time. Please contact us for the current interest rate for your policy. This does not apply to term life insurance policies.
There are many things to consider when purchasing life insurance: family, age, health status and more. It is important to be properly insured and the only way to figure that out is to sit down with a life insurance professional to determine your needs. A common tool to determine if you need more life insurance is to do a life insurance needs analysis worksheet.
That depends. You may own a policy for yourself, your spouse and your dependents.
The good news for you is that your life insurance policy is portable. If you are paying for your policy by Bank Draft you don’t need to make any modifications. If your employer was withdrawing money from your check to pay your policy, you will need to submit a Bank Draft form. If you have any questions please contact one of our customer service representatives.
Military Life Insurance
SGLI is a wonderful group term life insurance policy. AmFi Life is an SGLI member, and we are one of the few companies that allows you to convert your SGLI term coverage into permanent life insurance coverage. Term coverage like SGLI terminates once you are out of the service, whereas permanent coverage is with you for your whole life.
Also, permanent life insurance coverage such as the Flexible Dollar Builder and Future First Universal Life build cash value assets that can be used while you are alive.
Yes! All of our life insurance policies are portable. You may have to make different payment arrangements once you are out of the service which is as simple as contacting your local agent or calling and talking to an AmFi customer service representative to find out which payment option is best for you.
No! SGLI is an inexpensive group term life insurance. We highly recommend your participation in the SGLI program. Our permanent portable life insurance policies are a great supplement to your SGLI.
Life Insurance Terms
BENEFICIARY – The person or legal entity the owner of an insurance policy names to receive the policy benefit if the event insured against occurs.
CASH SURRENDER VALUE – The amount, before adjustments for factors such as policy loans, that the owner of a permanent life insurance policy is entitled to receive if the policy does not remain in force until the insured’s death.
TAX-DEFERRED BASIS – Accumulation of investment income on which income taxes are not payable until the money is withdrawn from the investment vehicle.
DEATH BENEFIT – For a life insurance contract, the amount of money paid by an insurer to a beneficiary when a person insured under the life insurance policy dies.
DIVIDEND – Money returned to policyholders from an insurance company’s earnings. Considered a partial premium refund rather than a taxable distribution, reflecting the difference between the premium charged and actual losses. Many life insurance policies dividends to their owners. Life insurance policies that pay dividends are called participating policies.
EARNED PREMIUM – The portion of premium that applies to the expired part of the policy period. Insurance premiums are payable in advance but the insurance company does not fully earn them until the policy period expires.
FACE AMOUNT – For a fixed-amount whole life insurance policy, the amount of the death benefit payable if the insured person dies while the policy is in force.
LAPSE – The termination of an insurance policy because a renewal premium is not paid by the end of the grace period.
POLICY – A written contract for insurance between an insurance company and policyholder stating details of coverage.
PREMIUM – The price of an insurance policy, typically charged annually or semiannually
