5 Star Life Insurance Company Review

Written by Ross Quade

Company Contact Info:
Call: 800-776-2322 (Toll-Free)
Company Address:
909 N Washington St
Alexandria, Virginia 22314

5 Star Life Insurance Company is an affiliated enterprise of the Armed Forces Benefit Association (AFBA) and is a rapidly expanding provider of life insurance coverage for individual senior markets, as well as group and worksite markets. 5 Star life insurance policies are sold through contracted work by sales associates and brokers alike trained and committed to selling tailored and customized products to meet the differentiating needs of each one of their clients.

5 Star Life Insurance Company’s main selling point is that they do not try to be everything to everyone, but rather specialize in protecting the financial assets of a particular niche group of individuals. They aim their focus at a few select target markets and put all of their time and efforts into helping only those particular groups of people.

5 Star Life Insurance Company has proven its worth to its clients for almost two decades now with continued financial stability and capability to pay our benefits in full in a timely fashion. Additionally, according to the 2015 Independent Comparative Report, 5 Star Life Insurance Company over shines not only its competitors but also industry averages on net premiums to capital, liquidity ratio, percent of the investment portfolio, as well as capital and surplus liabilities.

5 Star Life Insurance Company was founded in 1996, as an affiliate of the Armed Forces Benefit Association (established in 1947 with the support of Dwight D. Eisenhower). They are currently the insurer, or protector, of eight hundred thousand (800,000) lives nationwide. They have more than $41.8 billion written insurance policies in force currently.

Positives

One of the inherent benefits of 5 Star Life Insurance Company is that they cater to particular niche markets. This means that they focus their efforts and attention on limited areas and thus can more rapidly grow their expertise in such areas. The two distinct markets in which 5 Star Life Insurance Company sells to are to individual senior citizens to help them to protect their financial assets, as well as to employer groups. Of these two markets, 5 Star expressly provides group businesses with worksite products that offer employees the option to buy into affordable term life insurance coverage in an effort to provide reasonable financial security to their families. Likewise, 5 Star Life Insurance Company sells simplified versions of whole coverage life insurance policies to seniors. This helps the policyholder gain peace of mind knowing that their loved ones will receive final expense benefits upon their death.

A positive review of 5 Star Life Insurance Company would not be complete without the mention of the firm’s financial stability. Though 5 Star is an infant in the life insurance market, they have done an exquisite job of building and maintaining their financial strength and stability. An affirmed A- (or excellent) rating by A.M. Best, the leading premier insurance rating agency, reflects 5 Stars ability to meet its current financial obligations. It also reveals that 5 Star Life Insurance Company has gained excellent positioning within it niche federal employee marketplace and military markets. Furthermore, it represents successful expansion into worksite sectors, as well as 5 Star’s mere modest levels of total investment risk. 5 Stars affirmed rating overall reflects the company’s financial leverage and adequate market positioning.

Negatives

In regards to negative comments about 5 Star Life Insurance Company and their practices there overall is not much to be said as there are minimal consumer complaints available through various accredited consumer review sites. Of the complaints that do exist, all were resolved by 5 Star and AFBA.
One negative that may be worth mentioning is the limited product available to only a limited group of people. 5 Star only offers term life insurance coverage through their worksite group policies and only whole life insurance coverage to individuals (which is traditionally more expensive).

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Ross Quade
Ross Quade has been a licensed insurance agent since 2008. State of Texas license #1702965. He has a Bachelor Degree in Psychology from University of Minnesota and minored in Applied Economics. He has been quoted in several online publications including Huffington Post, Young Startups and various financial blogs. Ross frequently writes about issues related to the insurance and finance industry.
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