5Star Life Insurance Company

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An AFBA enterprise, 5Star offers final expense coverage to military families, first responders, and federal government employees, as well as group term policies.

A.M. Best




Standard & Poor’s


The Good

  • Financial security
  • Fair underwriting
  • No exam coverage
  • Active duty coverage

The Bad

  • Limited face amounts
  • Restricted eligibility
  • Vague policy information online
  • Low product availability

Product Availability

Policy Types
  • Term
  • Final Expense
  • Accelerated death benefit
  • Automatic increase
  • Children’s term
  • Disability waiver of premium
  • Spousal

Review Breakdown





Financial Strength


User Experience


Product Availability





Life insurance is a must for most families, but you shouldn’t overpay for coverage.

With companies specializing in different types of insurance and weighing risk factors like age, tobacco use, and health uniquely, your rates can vary from one provider to the next.

So it’s a good idea to compare quotes from multiple companies before landing on one.

In terms of affordability and value, 5Star is a solid choice.

If you’re young and in good health, you can probably secure a more robust individual policy at a better rate with another carrier.

However, 5Star’s underwriting is lenient, allowing smokers, older applicants, and individuals in poor health to secure coverage.

And if 5Star life insurance is offered through your employer as a group plan, opting in is likely a good call, though you might need to purchase a more substantial individual policy, too.

You could get covered without having to pay much, if any, towards your premiums.

Financial Strength

In addition to considering cost, we’ve evaluated 5Star’s financial standing to determine its viability.

Credit ratings are a valuable tool to help assess a life insurance provider’s financial strength, measuring their likelihood to pay out policies as promised.

While 5Star has not been rated by 3 of the 4 major agencies, it has secured a strong rating from A.M. Best.

5Star has been awarded the rating of “A-“, or excellent, from A.M. Best, suggesting a promising financial outlook.

From a financial standpoint, 5Star touts better than average liquidity, surplus, and a high percentage of investment-grade ratio within their portfolio, according to Standard Analytical Service, Inc., which publishes extensive reports on insurance companies.

Bottom line: you can depend on 5Star’s ability to meet its financial commitments.

User Experience

Buying life insurance might sound like a daunting task, but your life insurance company should aim to make things simple.

We’ve evaluated 5Star’s ratings, online resources, and application process to rate its user experience.


Two of the key sources for evaluating a life insurance company’s user experience are the annual J.D. Power U.S. Life Insurance Study and the Better Business Bureau’s rating.

J.D. Power rates the nation’s top life insurance companies based on user experience.

5Star was not included in the most recent survey, but it does have a high rating from the BBB.

5Star Life Insurance Company is BBB-accredited and boasts an “A+” from the Better Business Bureau.

This BBB rating suggests 5Star is committed to settling client complaints and communicating honestly with policyholders.


5Star’s website provides basic information for employers, brokers, and individuals.

While the site is easy to navigate, it provides limited information on the company and its policies.

The website lists the types of policies and riders on offer but you’ll have to dig to find information on age limits or death benefit amounts.

The site features downloadable forms for policy changes, conversion, and claims, but most forms cannot be submitted online.


5Star’s website does not provide users with quotes or an online application.

To apply for a policy, you’ll need to contact the company using their online contact form, email, or customer service line.

5Star’s term policies are employer-sponsored and can be applied for through your workplace if available.

AFBA members may apply for a whole life policy by contacting the company and completing an application for coverage.

All of 5Star’s policies are either guaranteed or simplified issue, meaning you are not required to undergo a medical exam to obtain coverage.

Product Availability

5Star Life Insurance offers term life insurance through the workplace, as well as final expense policies for individuals who are AFBA members.

Let’s take a quick look at what their life insurance policies encompass.


A large portion of 5Star’s business is attributed to its voluntary payroll deduction policies.

Their core life product, the Basic Life and AD&D, is a combo product offering term life protection and accidental death and dismemberment.

This product is available on a guaranteed basis, meaning there are no questions or exams, as long as at least 10 people are on the plan.

You can also add riders to the policy for critical illness, spouses, and the employee’s children.

Additionally, this policy comes with portability, meaning coverage can remain intact if you leave your current place of employment.

5Star’s simplified term product, the Family Protection Plan, can protect your spouse, your dependent children, and yourself.

You could secure coverage after answering a few health questions with no medical exam requirement, and the policy can be issued in a matter of days.

The price is level up to age 100 (though the coverage may decrease after 10 years), and includes a critical illness component.

Final Expense

5Star’s Silver Premier Choice Plan, their featured final expense option, has two different availabilities: preferred and graded.

With Silver Premier Preferred, you can get the full death benefit of your policy from day one.

The Silver Premier Graded option provides you with graded benefits, meaning it doesn’t pay in full until the third policy year.

The maximum face amount is $25,000, and the policy is available for anyone between the ages of 50 and 85.

Both tiers have level benefits and premium payments for the life of the policy, up to age 121.


The primary underwriter for life insurance from the Armed Forces Benefits Association, 5Star Life Insurance Company was founded in 1996.

While 5Star hasn’t been around nearly as long as most other life insurance companies, the provider has already accumulated more than 800,000 policyholders.

5Star is a relatively new provider by comparison, but its connection to AFBA lends it exceptional credibility, as the organization has been offering members of the armed services life insurance policies since 1947.

AFBA has played a prominent role in the lives of hundreds of thousands of military families, standing out for their stance on benefits for those who are killed in action.

While many other policies would not pay out if the insured was killed in the line of duty, AFBA stands by its policyholders in times of both war and peace.

5Star does not promote its charitable efforts extensively, but the company’s commitment to service is made obvious through its devotion to military members, first responders, government officials, and their families.

In addition to providing affordable life insurance in times of war and peace, AFBA offers a $10,000 annual scholarship to surviving spouses or children of members killed in the line of duty.

Brand Recognition

5Star doesn’t share the same level of brand recognition as many of the leading life insurance companies.

Due to its age, niche products, and the exclusivity of its coverage, you may not have heard of the company.

However, AFBA is popular among the communities it serves, with nearly 650,000 members.

While 5Star’s social media presence is small, AFBA is active on Facebook, Twitter, and Youtube.


To fully review 5Star, we’ve factored in opinions from other industry experts and rating sources.

While most hail 5Star as a reputable association with great benefits for eligible applicants, it isn’t often considered one of the best overall life insurance companies.

5Star is a reputable carrier and a strong choice for seniors and a select few applicants looking for no exam coverage.

With comparable premiums and the typical riders most used by consumers, 5Star’s workplace policies could be worth considering to supplement your life insurance needs.

To be sure you get the best rates, whether from 5Star or another top provider, take a few moments to compare quotes today.

5Star Life Insurance Company

(877) 940-7200
909 N. Washington St.
Alexandria, VA 22314

Company Name (and subsidiaries)

  • (AFBA) Armed Forces Benefit Association


Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.