When it comes to life insurance in America, AAA life insurance is in the forefront with reasonable good reviews over the years. The company actually started out offering emergency roadside assistance and travel services.
The life insurance offered by AAA has been attracting more and more customers in recent years. For this reason, we have decided to write an AAA Life Insurance Review to allow you to evaluate this insurance and ponder your choices.
AAA Life Insurance Co. was founded in 1969 by AAA, the automotive club group known for providing emergency roadside assistance and travel services. The company offers life insurance of several types: term, full and universal.
You don’t necessarily have to be an AAA member to purchase life insurance from the company, but if you are an AAA member you will be eligible for some discounts.
AAA Life Insurance Review
Let’s take a full review of the associated life insurance policies offered by AAA.
AAA life insurance policies
In this section we are going to summarize the main policies of the three types of insurance that AAA offers:
AAA term life insurance
We can call this the traditional policy. AAA Term Life Insurance requires you to answer medical questions and take a possible exam to qualify and offers coverage from $50,000 to over $5 million.
You can also get life insurance of this type without having to undergo a medical examination. To do this, you need to take advantage of ExpressTerm. A service that AAA makes available, in which it asks you to answer questions about your health.
In this case, the coverage options are lower: they range from $25,000 to $500,000. ExpressTerm policies can be purchased online.
Both Traditional and ExpressTerms offer coverage periods of 10, 15, 20, and 30 years. AAA members save 10% on premium payments and may be able to get discounts on their home or car insurance by pairing it with traditional term life.
>> Learn more: How American Express Travel Insurance Works
AAA permanent life insurance
Permanent life insurance is divided into two different types:
Whole Life Insurance: In this case, AAA offers guaranteed issuance life insurance with coverage up to $25,000.
Applicants between the ages of 45 and 85 can automatically qualify, but if the policyholder dies during the first two years, AAA will not pay the full amount of the policy, unless the death is accidental.
AAA members and their spouses are entitled to an annual discount of $60 on the lifetime guaranteed issue.
AAA also offers traditional life insurance with coverage of up to $75,000. You may need a medical exam to qualify if you want coverage of $30,000 or more. The AAA membership will give you a 10% discount on the base rate.
Universal Life Insurance: In this case, the coverage amounts range from $100,000 to over $5 million. In turn, in this category AAA offers two different types of universal life insurance: LifeTime and Accumulator.
Both are permanent policies that last a lifetime and create cash value. The Accumulator product is aimed at people who may want to use the cash value later to supplement retirement or cover other expenses, such as their children’s college education, while the LifeTime product offers more guarantees, such as fixed premiums.
You may also like: Allianz Travel Insurance: All you Need to Know
Complaints about AAA life insurance
According to data accumulated over the past three years by the National Association of Insurance Commissioners, AAA Life Insurance was dangerously close to the expected number of complaints to state regulators for a company of its size.
More about AAA life insurance
AAA Life doesn’t just sell life insurance. AAA also sells accident insurance and annuities. Its accident coverage policy is only available to AAA members, and the level of benefit you can get depends on how long you are a member.
If you buy it, you will be fully covered for injury and death caused by accidents. So, if you get injured from virtually any accidental damage and need to go to the hospital, accident insurance will help cover those costs.
It does not cover accidents caused by extreme sports, acts of war or self-inflicted injuries such as suicide or drunk driving.
AAA offers three annuity options, two of which have a minimum deposit of $3,000 and one that requires $10,000 upfront. If you are considering an annuity, you should speak to a paid financial advisor to find the right option for your retirement needs.
It is important to review your insurance policies and understand all it’s involved before making the decision to purchase any type of insurance. Life insurance help your family financially coupe when you are gone. No prays for the worst but if you are buoyant enough and willing to buy any life insurance. Do the right thing by making the right choice.
This article has concretely explained the life insurance plans offered by AAA, offering you an AAA life insurance review. We hope this will help you to choose which is the best choice for you consciously.
Below you can find more information about AAA offers.