Recognition for the second year in a row reaffirms growth and customer experience strategy

ALEXANDRIA, VA. 5Star Life Insurance Company (5Star Life) has achieved a significant milestone for the second year in a row by securing a prominent position on Forbes’ list of the World’s Best Insurance Companies 2024. This recognition is presented by Forbes and Statista Inc., an industry ranking provider and a leading statistics portal. The complete list is available on the Forbes website.  5Star Life is the Armed Forces Benefit Association (AFBA) wholly owned affiliate and life insurance underwriter for its member benefits.

“This recognition underscores our credibility in the marketplace and success implementing our long-term strategy focused on growth and top-notch customer service,” said General Larry O. Spencer, USAF (Ret.), President of 5Star Life.

“5Star Life anchors its service to its valued customers and partners on the remarkable efforts of its dedicated employees. We are gratified that this achievement recognizes their daily commitment to excellence,” said Mike Moser, Chief Distribution and Legal Officer.

The Forbes’ 2024 ranking of the World’s Best Insurance Companies stems from a comprehensive, independent survey conducted with Statista, a leading market research firm. This far-reaching survey gathered feedback from over 45,000 consumers across 15 countries about their satisfaction levels with various life insurance companies. Participants who had held a life insurance policy in the last three years shared insights on their satisfaction and willingness to recommend their insurer. They also rated insurers on criteria such as the quality of employee advice, customer service, and transparency. After analyzing the survey data, the top 145 insurance companies with the highest scores made it to the final list.

“Being singled out a second time in this survey effort gives weight to our long-standing commitment to our partners and fuels our passion to further innovate and deliver even better servicing outcomes from those interactions as we move forward together,” stated Sal Campanile, Vice President, Worksite Sales and Operations of 5Star Life.

About 5Star Life  

5Star Life Insurance Company is the life insurance underwriter for the Armed Forces Benefit Association (AFBA) member benefits and a growing provider of group and worksite voluntary insurance products. Its business model enables 5Star Life to serve the needs of a diverse clientele as an insurance provider to individuals and organizations and as a trusted partner to brokers. Headquartered in Alexandria, VA, 5Star Life is currently licensed in 49 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam. 5Star Life was awarded on the Forbes World’s Best Insurance Companies 2023 and 2024 list.

Learn how we work to build a membership experience that caters to the needs of those who serve, protect, and defend at every level.

Recognition validates growth and customer experience strategy 

ALEXANDRIA, VA. – 5Star Life Insurance Company (5Star Life) has been awarded on the Forbes list of World’s Best Insurance Companies 2023. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. The awards list can be viewed on the Forbes website. 5Star Life is the Armed Forces Benefit Association (AFBA) wholly owned affiliate and life insurance underwriter for its member benefits.  

“Forbes’ recognition validates a years-long strategy focused on delivering the best customer service experience to our markets: National Guard members, first responders, government employees and contractors, and civilians,” said General Larry O. Spencer, USAF (Ret.) President of AFBA and 5Star Life. “We are grateful to those who helped put 5Star Life on the list and to the dedicated employees who have worked hard to bring about this award.” 

World’s Best Insurance Companies 2023 were determined based on an independent survey from a vast sample of over 30,000 consumers in 15 different countries. The survey considered customers’ overall recommendation, their general satisfaction, their loyalty, and the five subdimensions: Advice, Customer Service, Price-Performance, Transparency and Damage/Benefit Service. 

Based on the results of the study, 5Star Life is ecstatic to be recognized on the Forbes list of World’s Best Insurance Companies 2023. 

“We are honored to be recognized by Forbes,” said M. Kimo Wong, Chief Distribution Officer and Senior Vice President of AFBA and 5Star Life. “It is a tribute to our team’s unrelenting focus and commitment to providing best-in-class consumer experience for our markets.” 

About Armed Forces Benefit Association

With the support of the General of the Army, Dwight D. Eisenhower, the Armed Forces Benefit Association (AFBA) was established in 1947 in the basement of the Pentagon to ease the strain on military members and their families who, at the time, could not purchase life insurance that would pay a death benefit if the member was killed in combat. Today, headquartered in Alexandria, VA, AFBA continues to honor its mission, in war and peace, promoting the welfare of its members by providing survivor and other benefits to those who serve this great nation, including members of the uniformed services, first responders, government employees and contractors, and their families. AFBA has more than 535,000 members with $40 billion of death benefits in force and has paid nearly $2 billion of death benefits since inception. AFBA death benefits are primarily underwritten by its wholly owned affiliate, 5Star Life Insurance Company (a Lincoln, Nebraska domiciled company). 

New look, same mission
Welcome to the new Armed Forces Benefit Association (AFBA) website! As you peruse through the site, you will notice many changes: new member-focused content, intuitive navigation, and an improved member support section. Our overarching goal was to improve the member experience.

Throughout this process, one thing has not changed: our mission. Our commitment to providing protection to those who go in harm’s way by offering life insurance member benefits and other benefits remains steadfast.

A patriotic legacy, a promising future
For more than 75 years, we have been singularly focused on our mission. In 1947, when we were founded in the basement of the Pentagon, who could have known that our association would grow to be 535,000 members strong and would go on to pay more than $2 billion in death claims in every military conflict since the Korean War to our modern day war on terrorism. I’m proud we have made a difference to thousands of families through the years.

While we have grown and evolved and will continue to do so as the definition of service life changes, we ​remain faithful to our legacy and deeply committed to our mission to ensure we’ll be there for all who answer the call to serve in the future.

To all of you who serve or have served our country, thank you.

General Larry Spencer, USAF (Ret.)
President, AFBA