5Star Life Insurance – No Exam Insurance Review
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5Star Life Insurance Company is an insurer that offers supplemental insurance products along with group life insurance to businesses and individuals across the U.S. As a related enterprise of the Armed Forces Benefit Association (AFBA), the company distributes their products through a very large distribution network made up of independent agents and producers.
About 5Star Life – No Exam Life Insurance
Unlike most life insurance companies, 5Star Life is considered a niche company and only targets markets where the company feels most suited; the American workplace. 5Star was founded in 1996 and has grown its customer base to over 800,000 lives and totaling about $42 billion in in-force policies.
In 1947, Dwight D. Eisenhower, the General of the Army, formed the AFBA to assist service members who were unable to purchase life insurance that would pay a death benefit for insureds outside the war zone. Starting with offices in the Pentagon’s basement and for 70 years thereafter, the AFBA continues to serve members of the Armed Forces during times of war and peace. Their mission has continually been to serve those who serve our great nation.
As a sister organization to the AFBA, 5Star Life Insurance Company underwrites the majority of the life insurance offered by the AFBA. Although domiciled in Baton Rouge, Louisiana, 5Star operates out of Alexandria, VA. 5Star currently enjoys an “A- Excellent” rating from A.M. Best and is considered one of the highest rated insurers based on its size and scope. According to the 2017 Independent Comparative Report, 5Star outpaces its industry average in liquidity, net premiums to capital ratio, capital and surplus to liabilities ratio, and percent of investment portfolio rated investment grade.
The 5Star Market and Available Products
Although created with service members and their families in mind, 5Star offers a variety of unique insurance solutions to employers on a voluntary basis or an employer-sponsored basis. This is known in the insurance industry as Worksite marketing. The company specializes in marketing their insurance products to small to mid-size employers and associations.
- Family Protection Plan – This is an affordable term life insurance policy that protects the insured and his or her family with quality life insurance for an amount selected by the policyholder.
- Term Life with Terminal Illness Rider – This is an affordable term life insurance policy with a terminal illness rider that is available to employees and their family. The policy will pay a lump-sum death benefit and is available to pay 30% of the face amount to an insured who is diagnosed with a terminal illness that is likely to result in the death of the insured within 12 months of the diagnosis.
- Term Life insurance with Terminal Illness Coverage to Age 100 Rider – This plan will pay the death benefit in the event of the death of an insured or a terminal illness benefit in the event of a terminal illness likely to result in death and provides coverage up to age 100.
- Quality of Life Rider – Adding this rider to the Family Protection Plan will provide for the insurance company to pay a monthly benefit to an insured who is unable to perform at least two of six Activities of Daily Living without assistance or develops a severe cognitive impairment. The monthly benefit typically amounts to 3 to 4 percent of the death benefit or about $3,000 per month.
- Critical Illness Rider – The critical illness rider provides for the insurance company to pay a lump sum amount equal to 30% of the death benefit if an insured has an occurrence of a heart attack, life-threatening cancer, stroke, cardiac bypass or transplant, or another critical illness listed in the policy. The lump sum payment can be used by the insured for any reason.
- Basic Life and AD&D Group Term Insurance – The Basic Life with AD&D benefit is considered to be a building block in an employer’s benefits program. It is guaranteed issue to all enrollees in the program and is portable should the employee leave the workplace. Also included in the policy is the option to add a spouse and children in the household.
- Group Accident Insurance – The Accident Plan is a great supplement to traditional health insurance. Most health plans contain copayments, co-insurance requirements, and deductibles. The Group Accident Plan allows the insured employee to receive a cash benefit in the event of a covered accidental injury. The benefit is received in a lump sum payment and can be used to fill the gaps in health insurance coverage, replace lost income, or any other expense that may be related to the accident.
- Healthcare Indemnity Plan – This indemnity plan is designed to supplement existing health insurance that is likely to fall short of covering medical expenses resulting from hospitalization. The benefit is paid directly to the insured or can be designated to a medical service provider. The benefit is paid over and above any other medical insurance in force and the employee can enjoy the freedom to use the cash benefit as needed.
No Exam Life Insurance for Individuals
- Silver Premium Choice Plan – 5Star’s Silver Premium Choice Plan is a simple issue whole life insurance policy. It guarantees a death benefit and level premiums to age 121 and is perfect for final expense insurance. The plan is designed for seniors who need life insurance without having to undergo medical exams and are satisfied with a death benefit of $5,000 to $25,000.
Silver Premium Choice is available in two plans; Preferred, which has an immediate death benefit available and Graded, which has a 2–year graded benefit period.
What Agents and Consumers Say about 5Star
Agency representatives that represent 5Star consider them to be an outstanding insurer with a sincere focus on employers, employees, and individuals.
As for consumers, 5Star has an “A” rating with the Better Business Bureau, and only a limited amount of negative comments were found on the internet. The company appears to be customer focused and customer friendly.
To find out more about a no exam term life insurance policy call anytime 844-528-8688 for a FREE no obligation quote for your specific needs.