AARP Senior Life Insurance Review
Because life insurance it a vital purchase for the protection of your family, it’s important that you make the best decision for your policy. There are hundreds and hundreds of different companies and policy types to choose from, how are you supposed to know which ones fits your needs? We are here to help. One of the popular options for life insurance is AARP, but how does the company stack up against its competition?
When you need good life insurance coverage at affordable rates and substantial benefits, the AARP life insurance plan might seem like the right answer.
Unfortunately, the senior advocacy group might do a good job of lobbying for senior rights, they come up a bit short on their life insurance prices.
Developed by New York Life Insurance Company one of the leading life insurance companies in the United States, the AARP life insurance plan attempts to hold a number of advantages your beneficiary can use to help financially compensate if you should pass unexpectedly. But once again the pricing comes up short.
New York Life is a very reputable and highly rated company, but their prices are often much higher than the competition. I know of one instance where a client was paying 50% more on a basic term policy than what he could have got with one of our top carriers.
The prime reasons for having the AARP life insurance plan is to help pay funeral expenses, accumulated debt as well as covering the everyday living expenses until they can get back on their feet.
There are several options to consider when deciding the right life insurance policy to choose from.
You will want to do a little research and select the right one that meets your needs as well as compliments any other policies, trusts or other benefits you are leaving behind to your loved ones. Make sure before you make your final life insurance purchase decision that you obtain quotes from numerous companies, such as Banner Life Insurance company, to make sure that you are getting the best policy for your needs.
Every insurance company is different, which means all of them are going to offer different products and have different rates. Because there are so many companies, you could spend weeks and weeks comparing the different policies, or you can let us do all of that hard work for you. We can bring all of the best rates for low cost term life insurance policies directly to you. Don’t waste your time talking on the phone with agents and answering the same questions repeatedly.
Here’s a quick rundown on the type of policies that AARP offers:
AARP Level Benefit Term
This policy lasts for a set period of time and offers up to $50,000 in protection in case you are lost. This form of life insurance is good until you are 80 years old and as a benefit offers low initial premiums that do build over time, so you can gradually adjust to carrying this form of life insurance. There is no physical exam and there are only three health questions to answer.
One of the biggest advantages to this plan is that it doesn’t require you to go through the medical exam to get life insurance coverage. A lot of seniors have poor health or have several pre-existing health conditions that can prevent them from getting life insurance if they have to go through the medical underwriting.
There are several pitfalls to these types of plans as well. The first is that any policy that doesn’t require a medical exam to be approved is going to be more expensive than one that does. We suggest avoiding no exam policies unless you know that you won’t be accepted for traditional coverage with an exam.
Extra Protection Term
For those looking at a little more in the way of benefits, the Extra Protection plan is similar to the Level Benefit except it can provide up to $100,000 in protection and as with the three health questions qualification will also depend on the information that is collected about your health.
This is an excellent option because most applicants need more life insurance coverage than the basic plan offers. It’s important that you get enough coverage to provide for your loved ones if anything tragic were to happen to you.
Permanent AARP Insurance
This type of coverage will last for your entire lifetime and offers $50,000 in protection with affordable premiums that do not rise as you age. As with the level benefit term, there is no physical exam and acceptance is based on answering three simple health questions.
This is a great option for anyone that wants permanent life insurance protection. If you don’t want to every have to worry about losing coverage, or having to buy another policy, the permanent AARP plan is perfect for you. Although, these policies are going to be more expensive than a simple term life insurance policy.
As with the permanent life insurance, this offer protection that will last a lifetime with up to $15,000 in protection for the first two years alone. Also, there is no physical exam and the premiums do not go up over time. While there are no health questions, there is an extra mortality risk charge that is included.
Selecting the right type of AARP Life Insurance is fairly easy, simply type in the amount of coverage you want and choose one of the four products in order to get all the information and a rate quote. Once you have decided on which one to select, you can apply online in almost all state or order by mail.
As a member of AARP you can start providing life insurance to your children or grandchildren through the Young Start program. This way, they can keep coverage going for their entire lives with no medical exams and only having to answer a few medical questions.
Is AARP the Cheapest Way to Go?
Even with the AARP discount, doesn’t mean that they’re the cheapest life insurance option out there. Many factors can determine this including pre-existing conditions and if you are in need of a high risk life insurance quote.
We have many carriers that cater to people over 60 years-old seeking affordable life insurance coverage. With over 60+ of the best life insurance companies at our disposal, a good majority of them will come in better priced than what you can get with AARP. In fact, we’ve replaced several policies from AARP clients that were floored on how much less they could obtain a policy.
The best part is that it doesn’t cost to shop around and compare your AARP insurance quote with an independent agent. Talk with one of our professionals today to see if you can put more money back into your pocket.
The more experience that a company has with insuring people over the age of 60, the better rates that you’re going to get. You shouldn’t have to pay ridiculous premiums every month to get life insurance coverage. Let us help you find the perfect policy to fit your needs.
If you have any questions about getting life insurance or about AARP life insurance policies, please contact us today. We would be happy to answer those questions and connect you with the perfect plan.