Is Armed Forces Insurance Legit? Overview, Contacts, Claims, Affiliates, Services, Coverage details and Reviews

Armed Forces Insurance
Armed Forces Insurance | photo courtesy | Leaven worth

 

Armed Forces Insurance (AFI) is a preferred choice for many military personnel and their families, offering coverage for homes, cars, renters, businesses, and floods.

Despite its focus on military needs and flexibility for deployments and moves, some may question its legitimacy and operational details.

AFI understands the challenges of military life, with premiums remaining stable during overseas deployments.

Affordability is a highlight, providing competitive rates due to specialization.

While paperwork is minimal after PCS moves, availability is limited, and claims processing may take longer compared to larger insurers.

Customer service reviews are mixed. For those in the military seeking convenience and competitive rates, AFI is an option, but potential downsides should be considered, and exploring other providers is advisable.

What is Armed Forces Insurance?

Armed Forces Insurance offers coverage for property, liability, and medical expenses in the event of a covered loss or damage.

It is specifically tailored to safeguard those who serve our nation, addressing their distinct needs and challenges.

Established in 1887, AFI has been dedicated to serving the military community.

Its mission is to deliver high-quality insurance products and services at competitive prices while also contributing to military-related organizations and causes.

Who is the owner of Armed Forces Insurance?

Armed Forces Insurance is possessed by its policyholders, who also constitute its membership.

As a mutual insurance company, AFI functions to benefit its members rather than generate profits for shareholders.

The governance of AFI is overseen by a board of directors elected by the members, all of whom are current or former military officers.

General John W. Handy, USAF (Ret.) serves as the chairman of the board, while Kurt Seelbach holds the positions of president and CEO.

Contact information for Armed Forces Insurance

Armed Forces Insurance has its headquarters in Leavenworth, Kansas, and operates in all 50 states and the District of Columbia. The contact details for AFI are as follows:

How does Armed Forces Insurance work?

Armed Forces Insurance functions by offering insurance coverage to its members, who, in turn, pay a premium for protection against specific risks or losses.

AFI evaluates each member’s risk profile and provides a tailored insurance plan according to their requirements and choices.

AFI oversees the claims process, confirming the claim’s legitimacy, assessing the damage or loss, and compensating the member or a third party as per the policy’s terms.

Armed Forces Insurance claims

Armed Forces Insurance claims refer to members’ requests for compensation due to covered loss or damage.

These claims can be submitted through various channels such as

  1. Email: claims@afi.org
  2. Fax: 800-828-7731
  3. Mail: 550 Eisenhower Rd. Leavenworth, KS 66048

A team of committed claims professionals manages AFI claims, offering assistance 24/7.

The processing of AFI claims is both prompt and equitable, with members regularly updated on the status and outcome of their claims.

Affiliates and partners of Armed Forces Insurance

Armed Forces Insurance collaborates with various affiliates and partners to deliver its services and products to members. Notable entities include:
  1. AFI Exchange: A reciprocal insurance exchange underwriting policies for AFI.
  2. AFI Agency: A licensed agency selling and servicing AFI’s insurance products and those of its partners.
  3. AFI Corporation: A holding company operating AFI’s subsidiaries.
  4. AFI Benefit Association: A non-profit providing life insurance and benefits to military members and their families.
  5. Armed Forces Financial Network: A network of financial institutions offering banking and ATM services to military members.

What are the pros and cons of joining Armed Forces Insurance?

Enlisting with Armed Forces Insurance presents both advantages and disadvantages, contingent upon individual needs and expectations.

Here are some of the pros and cons associated with joining AFI:

Pros:

  1. AFI boasts a lengthy history and a robust reputation within the military insurance market.
  2. AFI provides an extensive array of insurance products and services, addressing diverse segments and sectors within the military community.
  3. AFI adopts a member-centric approach, aiming to deliver excellent customer service, innovative solutions, and competitive rates.
  4. AFI maintains a nationwide network of agents and service providers, ensuring accessibility and convenience for its members.
  5. AFI offers various discounts and benefits, including policy bundling, customer loyalty rewards, and military discounts.

Cons:

  1. AFI may not offer the most economical or optimal insurance plans for every member, as premiums and coverage can vary based on individual risk profiles and preferences.
  2. AFI’s insurance policies may contain limitations or exclusions that could impact claim settlements or compensation amounts.
  3. Some members may express concerns through complaints or negative reviews, citing issues with service quality, the claims process, or communication.

Armed Forces Insurance services and products

AFI offers a diverse range of insurance services and products across various domains and sectors. Here are some key services and products provided by AFI:

  1. Home Insurance: This encompasses coverage for risks and liabilities linked to home ownership and usage, including incidents like fire, theft, vandalism, storms, and hail.
  2. Auto Insurance: This addresses risks and liabilities related to vehicle ownership and usage, covering accidental damage, theft, fire, personal injury, and third-party liability.
  3. Renter Insurance: This provides coverage for risks and liabilities associated with renting a home or apartment, including personal property, personal liability, and loss of use.
  4. Business Insurance: This includes coverage for risks and liabilities tied to business operations, such as property, liability, workers’ compensation, and business interruption.
  5. Flood Insurance: This covers risks and liabilities associated with flood occurrences, including water damage, mold, and erosion.

Armed Forces Insurance coverage details

AFI offers diverse coverage tailored to specific policies.

Each policy has its terms, including scope, limit, duration, deductible, exclusions, and clauses.

It’s vital for members to carefully read and understand policy documents before committing.

General coverage details for AFI include:

Armed Forces Insurance AM Best ratings and financial details

Forces Insurance has attained an A- (Excellent) financial strength rating and a long-term issuer credit rating of a- from AM Best, a global credit rating agency specializing in the insurance industry.

These ratings are indicative of AFI’s robust balance sheet strength, operational performance, business profile, and enterprise risk management.

Furthermore, for the fiscal year 2020, AFI disclosed the following financial details:

Financial Metrics Amount
Total Assets $1,404,888,000
Total Liabilities $1,082,899,000
Policyholders’ Surplus $321,989,000
Net Income $15,857,000
Net Premiums Written $366,950,000
Net Premiums Earned $366,950,000
Loss Ratio 64.9%
Expense Ratio 32.7%
Combined Ratio 97.6%

 

These figures provide a comprehensive overview of AFI’s financial health and performance during the specified period.

Armed Forces Insurance customer reviews

AFI has garnered diverse feedback across various online platforms like Google, Yelp, and Trustpilot.

Positive reviews commend AFI for its professional service, amicable agents, comprehensive coverage, and efficient claim resolution.

Conversely, negative reviews highlight AFI’s shortcomings in communication, high premiums, limited coverage, and delayed claims settlement.

Examples of customer reviews for AFI include:

Positive Review: “I’ve been with AFI for over 20 years, and they’ve always been outstanding. Competitive rates, excellent customer service, and swift claims processing. They grasp the unique needs of the military community and actively support military-related causes. I highly recommend AFI to anyone seeking a reliable and reputable insurance company.”

Negative Review: “I am extremely disappointed with AFI. They consistently raise my premium each year, despite never having filed a claim. Their responsiveness has been poor, and their communication rude. They’ve failed to honor their promises and policies, even denying my claim for water damage explicitly covered by my policy. I’m switching to another insurance company at the earliest opportunity.

FAQs

What is Armed Forces Insurance?

Forces Insurance safeguards against property, liability, and medical expenses in the event of a covered loss or damage.

Tailored for those protecting our nation, AFI has served the military community since 1887.

Its mission is to offer high-quality, competitively-priced insurance products and services while supporting military-related organizations and causes.

Who is the owner of Armed Forces Insurance?

Forces Insurance is a mutual insurance company owned by its policyholder members.

Operating for the benefit of members rather than shareholder profit, AFI is overseen by a board of directors elected by its members, comprising current or former military officers.

General John W. Handy, USAF (Ret.) serves as the chairman of the board, while Kurt Seelbach holds the position of president and CEO.

How does Armed Forces Insurance work?

Forces Insurance provides coverage to members who pay a premium for protection against specific risks.

AFI assesses each member’s risk profile and offers a customized insurance plan.

Additionally, AFI manages the claims process, verifying claims, assessing damage, and compensating members or third parties according to policy terms.

How do I contact Armed Forces Insurance?

AFI has its headquarters in Leavenworth, Kansas, and operates in all 50 states and the District of Columbia. The contact details of AFI are as follows:

    • Phone: 1-800-255-6792
    • Email: contactus@afi.org
    • Website: www.afi.org
    • Customer Service: 1-800-255-0187
    • Claims: 1-800-255-0187 or online
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