User:Zcray/Armed Forces Enlisted Benefit Association

The Armed Forces Enlisted Benefit Association is a Non-profit organization...

History
The Armed Forces Enlisted Benefit Association was founded in 1956 as a nonprofit association for the purpose of offering group term life insurance to enlisted military members who had few affordable life insurance alternatives. The founders were aware that enlisted service members did not have access to the same benefits as military officers. In 1963, the name of this organization was changed to Military Benefit Association (MBA). Military officers, retirees, honorably discharged veterans, federal civilian employees, and their spouses have been added to the member eligibility list over the years. Adult former dependents of MBA members are now able to join MBA. Through gradual expansion of its membership eligibility, MBA has grown into an association that serves the entire military and federal civilian communities.

Mission
Military Benefit Association was established with the objects and purposes of, “… promotion of the welfare of its members; the advancement and safeguarding of their economic interests; and generally to encourage and promote better financial conditions for its members through cooperative enterprises.”

Eligibility for Membership
Application for membership in the Association shall be received and entertained from the following: (1) Active Duty Membership: Personnel who are under age 62, or such age as is determined by the Board of Directors, and who are on active duty in any component of the following Uniformed Services: the United States Army, the United States Navy, the United States Marine Corps, the United States Coast Guard, the United States Air Force, the United States Public Health Service, the National Oceanic and Atmospheric Administration, or Cadets or Midshipmen attending the United States Military Academy, the United States Naval Academy, the United States Air Force Academy, the United States Coast Guard Academy or the United States Merchant Marine Academy. (2) Associate Membership: And from personnel who are under age 62, or such age as is determined by the Board of Directors, and who are entitled to receive pay in a Ready Reserve status in any of the Reserve Components of the United States Uniformed Services, or who are full time civilian employees of the U.S. Government, and U.S. citizens, and are actively engaged in a full time occupation for the U.S. Government on a regular and continuing basis, and from spouses of persons who qualify for membership under paragraphs (1), (2) or (3) of Section 2 of this article, and from dependents of members who qualify for member benefits under rules established from time to time by the Board of Directors. (3) Veteran Membership: And from personnel who are under age 62, or such age as is determined by the Board of Directors, and who shall have retired from active duty with pay in one of the U.S. Uniformed Services prior to becoming a member of the Association, and from those persons who have been honorably discharged from previous active duty. (4) Auxiliary Membership: And from those persons, now adults, who were at one time dependents of members. Any member may continue membership as an Associate member of the Association upon separation, discharge or transfer from active duty, retirement, or upon termination of employment, under honorable conditions.

Board of Directors
The decisions which affect the welfare of MBA members are made by a Board of Directors who are in the military or have served in the military and know the concerns of their fellow service members. The MBA Board of Directors consists of six insured active duty members and one insured associate member, elected for terms of three years by the members. Not more than two of the seven Directors may represent one branch of the uniformed services. Of the six insured members who are on active duty, three Directors must be enlisted personnel and three Directors must be commissioned or warrant officers. The President and the Vice President & General Counsel of the Association are ex-officio members of the Board of Directors and shall serve as Directors only so long as they hold their respective offices. An annual meeting is held the third Friday of October to elect directors and to transact such other business as may properly come before the meeting. All members are invited to attend the annual meeting.

MBA-Sponsored Insurance Products
MBA Term 90 and Level Term II term life insurance plans have competitive premium rates and service members can take the insurance with them when they enter civilian life. Spouses can become members in their own right, ensuring continuing coverage for the family in the event of the death of the sponsoring member. Veterans Patriot Term Life Insurance offers coverage at competitive rates for honorably discharged members of the uniformed services. NexGen Dependent Term Life offers increased coverage on dependent children and guarantees coverage up to $100,000 as they transition to adult former dependent stats at age 25. Adult Former Dependent Term Life provides coverage for former dependents of MBA members. Decreasing Group Term offers monthly income payment options for 15, 20 or 25 years. Tricare Supplement Plan This comprehensive and affordable plan is one of the most competitive  programs available for military members and retirees using the Tricare health plan.

Additional Member Benefits
In addition to competitively priced life insurance, MBA sponsors several other benefits designed to improve the financial conditions of its members: •	Liberty Mutual Insurance Company offers MBA members discounted auto and home insurance •	The MBA Scholarship Program is administered by Scholarship America, (something about SA). The program awards five $2,000 scholarships to college aged dependents of MBA members. •	US Bank offers MBA members a VISA credit card •	The MBA Goldshield Benefit Program includes discounts for roadside assistance, legal and chiropractic referrals, hotels and alternative medicine, pharmacy, vision and telecounseling services. •	Hertz offers a discount car rental program to MBA members

SGLI and VGLI
Servicemembers’ Group Life Insurance (SGLI) is a term life insurance plan available to all members of the uniformed services. The Veterans Administration (VA) purchases SGLI coverage for military members from a commercial insurance company made up of a coalition of insurance underwriters. Veterans Group Life Insurance (VGLI) is post-separation term insurance available to military personnel after their SGLI terminates, upon discharge from military service. SGLI is a good insurance option for active duty military members. MBA-sponsored insurance is usually offered as a supplement with the following advantages: •	Competitive premiums •	Spouses coverage up to $250,000 •	Child coverage at no additional cost up to $12,500, with additional child coverage available up to $37,500 •	MBA coverage is portable when the service member separates or retires from the military with no further underwriting or increase in premium at that time •	VGLI premiums are substantially higher at all ages and coverage levels •	Family SGLI (and family coverage) terminates when the service member quits or dies. MBA spouses can become members in their own right, protecting coverage for the family in the event the sponsoring service member terminates membership, for whatever reason. •	MBA offers several premium payment options, including credit card, electronic fund transfer SGLI premiums are automatically deducted from the member’s military pay. •	MBA members can apply for an increase in coverage up to a maximum of $500,000 at any time; VGLI limits the maximum to the amount of coverage under SGLI. •	Service members who are totally disabled at the time of separation or retirement may not qualify for coverage under VGLI if they have serious health problems. MBA membership and coverage remain active regardless of health at the time of separation or retirement. •	MBA pays a legitimate death benefit under any circumstances not considered contestable. The SGLI insurance terminates or the benefit is not payable in cases of misconduct, e.g. confinement, AWOL, desertion or conscientious objection. •	MBA sponsors additional benefits to its members

Insurance Underwriter
All MBA-sponsored insurance is underwritten by Government Personnel Mutual Life Insurance Company (GPM), an insurance company based in San Antonio, Texas, that has provided quality insurance products to military and federal civilian families for over 75 years.

Internet Partnerships
MBA has partnered with the following organizations to assist military members in making good financial choices. VALoans.com helps military and veteran families negotiate the complicated process of applying for a home loan through the

Veterans Administration.
MilitaryHub.com delivers information to help make better money management choices, budget wisely, use military discounts, build wealth and save money on your way to a solid retirement. MilitaryInfo.com delivers the latest military news and veteran benefit information to our military veterans and their families.