General Spencer to hold dual presidency of AFBA and 5Star Life
ALEXANDRIA, VA – The Armed Forces Benefit Association (AFBA) and the 5Star Life Insurance Company Boards of Directors have named General Larry O. Spencer, USAF (Ret.), as President of 5Star Life effective June 1, 2020.
“General Spencer was appointed AFBA President earlier this year and his superb leadership has proven invaluable as we dealt with the Covid-19 crisis. His appointment as President of 5Star Life will help us achieve our strategic objectives under one leadership banner. Both boards of directors have confidence in his steady and decisive leadership as we continue to fulfill our mission – to serve those who serve this great nation,” said AFBA and 5Star Life Chair General Ralph E. “Ed” Eberhart, USAF (Ret.).
General Spencer spent more than 40 years in the Air Force, beginning his career in the enlisted ranks and rising to become a four-star general. General Spencer’s last assignment was as the Vice Chief of Staff of the US Air Force where he assisted the Chief of Staff in organizing, training, and equipping 690,000 active-duty, Guard, Reserve and civilian forces. After retiring from the Air Force in 2015, General Spencer served as President of the Air Force Association until 2019. He currently serves on the boards of Whirlpool Corporation, Triumph Group, Inc., and Haynes International, Inc.
“It is an honor to serve our country’s military service members and first responders, and now, civilian customers of 5Star Life who work every day to ensure our country’s economic strength, said General Spencer. “With the support of General Eberhart and both boards of directors, I am optimistic about the future and confident the joint enterprise – AFBA and 5Star Life – can support members and customers even better than before.”
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 providing death benefits and other benefits to those who serve this great nation, including members of the uniformed services, first responders, government employees, and their families. AFBA has 650,000 members with $40 billion of life insurance benefits in force and has paid nearly $2 billion of life insurance benefits since inception. AFBA life insurance benefits are underwritten by its affiliate, 5Star Life Insurance Company (a Lincoln, Nebraska domiciled company).
About 5Star Life Insurance Company
5Star Life Insurance Company (5Star Life) is the primary underwriter of the Armed Forces Benefit Association (AFBA) member policies and is also a growing provider of group and worksite voluntary products. Its business model enables 5Star Life to serve the needs of a diverse clientele as an insurance advisor 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, Guam, and American Samoa.