5Star Life Insurance Company, established in 1996 as part of the Armed Forces Benefit Association, specializes in life insurance products and services. Focusing on service members and employer-based groups, it offers term life, accident insurance, and healthcare indemnity plans. Headquartered in Virginia with another office in Nebraska, the company is known for its customer-centric approach, comprehensive coverage options, and positive customer reviews, maintaining high ratings from A.M. Best and the BBB.
Company Background
5 Star Life Insurance Company, often referred to as 5Star Life, was established in 1996. It was formed to provide insurance coverage to members of the Armed Forces Benefit Association (AFBA), addressing a critical need at the time, as commercial companies were not paying life insurance benefits for service members who died in combat. The company is associated with AFBA, an organization that dates back to 1947 and was co-founded by Dwight D. Eisenhower. Headquartered in Alexandria, Virginia, with another office in Lincoln, Nebraska, 5Star Life has grown significantly over the years. It boasts approximately $41 billion of insurance in force and insures more than 800,000 lives.
Products and Services
5Star Life offers a variety of insurance products tailored to different needs. Their Term Life Insurance, or the Family Protection Plan, provides a death benefit with level premiums up to age 121. It includes an optional quality-of-life benefit for cases of permanent disability or cognitive impairment. Their Accident Insurance offers cash benefits from the first day for medical treatment of injuries from a covered accident. Additionally, they provide Healthcare Indemnity, which pays cash benefits from day one for hospitalization or other covered medical treatments, helping cover gaps in health insurance like co-pays and deductibles.
Customer Services
Customer service is a key focus at 5Star Life Insurance Company. The company prides itself on being customer-centric, emphasizing service in every action it undertakes. They offer support and guidance throughout the insurance process, ensuring customers are well-informed and supported at every step. For those seeking contact information, their main offices are 909 N. Washington Street, Alexandria, VA 22314, and 1248 O Street, suite 700, Lincoln, NE 68508.
Reviews and Ratings
5Star Life Insurance Company has received favorable feedback regarding reviews and ratings from customers and industry experts. The company has been rated A- by A.M. Best and holds an A rating from the Better Business Bureau. Their customer reviews reflect high satisfaction, scoring 4.5 out of 5 stars. Customers often highlight the company’s focus on two distinct life insurance markets: employer-based life insurance coverage and simplified issue insurance coverage for the senior market, especially for those seeking final expense insurance plans without a medical exam.
