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Your coverage needs are as unique as you are.

At AmFi, we believe life insurance should be tailored to each individual based 
on their specific financial circumstances, responsibilities, and future plans.

The amount of coverage you need can change over time.

As your life changes, so should your insurance; whether it’s a new addition, mortgage, or milestones, regular reassessment ensures your coverage aligns with your evolving needs.

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You’ll want to consider...

Before you start to calculate your coverage needs, there are several factors you’ll want to consider:

Group 33927

Household Expenses

Ensure your family can maintain their current lifestyle by securing coverage for day-to-day expenses such as housing costs, utilities, groceries, and transportation.

Group 33931

College Expenses

Provide adequate financial support for your dependents’ education in the event of your death.

Group 33930 (1)

Outstanding Debts

Protect your loved ones from financial burdens like outstanding loans or credit card debts.

Group 33928

Medical Expenses

Safeguard your family’s financial security by ensuring there are funds available to cover medical bills, ongoing healthcare expenses, or potential long-term care needs.

Group 33929

End-of-Life Expenses

Cover the costs of your funeral, burial, or cremation to give your loved ones peace of mind in a difficult time.

So, how much coverage do you really need?

While consulting with an agent is optimal for a comprehensive assessment, if you prefer a broader
perspective on life insurance, this straightforward calculation can serve as a solid starting point,
representing your “ideal coverage amount.”

Your Income
$
X
X
7
7
=
=
Your Ideal Coverage Amount
$0

Meet Adam

Adam is 40 years old, he makes $65,000 a year, has a wife and two kids ages 7 and 11.

Group 33934

Adam wants to cover these expenses with his policy:

$175,000
to pay off his house
+
$90,000
for future college costs
+
$20,000
for his vehicles
+
$7,000
for funeral and burial
+
$5,000
for credit card bills
=
$297,000
IN TOTAL EXPENSES
Group 33927

$175,000

to pay off his house

Group 33931

$90,000

for future college tuition costs

Group 33931 (1)

$20,000

for his vehicles

Group 33929 (1)

$7,000

for funeral and burial

Group 33930 (1)

$5,000

for credit card bills

$297,000

IN TOTAL EXPENSES

Now Here Is The Math...

Let’s take Adam’s salary, $65,000, and multiply it by seven to get Adam’s ideal coverage needs.

Adam’s Salary
$
65,000.00
x
Multiplied By 7
7
=
Adam’s Ideal Coverage
$
455,000.00

How Is That Money Spent?

The $455,000 in coverage is tax free cash to be used at the discretion of Adam’s beneficiaries. However, Adam’s family would likely use it to pay off debts and provide financial cushion to supplement for the loss of Adam’s income.

Adam’s Coverage
$
455,000.00
-
Adam’s Expenses
$
297,000.00
=
Remaining Money For Adam’s Family
$
158,000.00

Ready To Take The Next Step?

The formula, multiplying your salary by 7, provides a solid beginning, but you don’t need to navigate this process by yourself. A life insurance expert from AmFi is ready to assist you in applying for the ideal type and amount of coverage. We’ll address all your questions, and identify the right life insurance plan that aligns with your budget and goals.

Frequently Asked Questions

FAQ

Term life insurance provides coverage for a specific period and offers a death benefit if you pass away during the term. Universal life insurance, on the other hand, provides lifelong coverage and offers a death benefit alongside the potential to accumulate cash value.

Most adults who are in good health can apply for life insurance. Adults under the age of 59 are eligible for universal life insurance policies, universal policies, only individuals between the ages of 20 and 50 are eligible for term policies. You may not be eligible for life insurance if you have cancer, heart conditions, or other life-threatening medical conditions or lifestyle habits.

Absolutely! We pride ourselves on being there for you when you need us. We process claims in less than 24 hours and typically have the cash in your bank account within 3 days.

Members with SGLI coverage have two options if they want to convert their life insurance after their service ends. The first option is that they can convert their SGLI to VGLI, a renewable term insurance that has no cash value that builds over time, may require a health exam to get coverage, and has premiums that can increase over time, making it a more expensive option as time goes on. The second option is that they can convert their SGLI to an individual commercial policy with providers like American Fidelity. American Fidelity’s coverage is meant to provide a more permanent alternative that keeps your costs low and provides full benefits.

SGLI is issued to active-duty service members, and once these service members are discharged, they have 120 days during the military separation period to transfer to either VGLI or a commercial permanent policy. Additionally, Retired Reserve soldiers are typically not eligible for SGLI and must convert to one of these options. You cannot convert to both VGLI and individual commercial life insurance at the same time, you must choose one. Converting your SGLI to a VGLI policy can be cost-effective at first, but over time it doesn’t provide any living benefits and grows more expensive as you grow older. Our life insurance policy allows you to stay covered at a fixed rate. If you choose to convert to VGLI at first, you may still be able later convert to a permanent individual commercial policy with AmFi depending on your health status.  

To be eligible for VGLI, you must have had part-time SGLI in the National Guard or Reserve and suffered an injury on duty that makes everyday tasks difficult, leading to disqualification for standard premium rates, or you must have had SGLI during active duty, and are within 1 year and 120 days of release, retirement, or being assigned to the Temporary Disability Retirement List (TDRL). To convert from SGLI to an individual permanent insurance policy with providers from participating companies like AmFi, you must also convert within 120 days of the date of separation from the military. 

Policies start at $9 per month. The exact amount you pay each month (your premium) is determined by your choices in the coverage amount and length of term, as well as your age, health, and lifestyle choices. 

No. With our 5, 10, and 20-year term policies you will be charged the same amount every month for the duration of your policy. When the policy expires, your rate may change based on age and insurability at that time.

We sure do. We don’t advise canceling your policy because your coverage will lapse, but if you cancel within the first 30 days, then we will issue you a full refund. If you cancel after the initial 30 days, then we’ll simply stop charging you. 

In addition to life insurance coverage, this policy grows cash value that isn’t taxed right away. This cash asset is a tremendous advantage of our universal policies.

Please contact our office or one of our agents to discuss the universal life insurance policy and to see whether this is the best policy for your needs. 

Just like with all our policies, the death benefit is completely tax free. The universal policies accumulate cash value that is tax-deferred. Please contact our team to learn more.

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 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.

Please contact our office immediately to update your banking details and ensure that your valuable coverage isn’t lost.