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AARP Life Insurance: What You Need to Know

AARP Life Insurance
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So what’s all about the AARP life insurance that you want to know about? Most certainly everything it represents and stands for plus all its offers is what you will find in this article.

The AARP life insurance program includes a selection of policies issued by the New York Life Insurance Company for members of its group.

The AARP, in this way, supports the elderly. Many seniors. In fact, they currently have over 37 million members across the country. Anyone aged 50 or over is allowed to become a member of the nonprofit which has a taxable subsidiary, “AARP Services Inc”., which makes money on sales of insurance and other products it supports.

AARP life insurance policies

The AARP program offers its members permanent and/or term life insurance with a simplified underwriting process. This means that applicants will simply have to answer a few questions about their health, without undergoing any medical examination.

The program also offers full life insurance with guaranteed acceptance for all but the terminally ill. Only AARP members and their spouses can apply for the policies, but there are no restrictions for anyone who meets the age requirements to become a member at the time of application by taking out the $16 annual membership.

Term life Insurance

AARP members between the ages of 50 and 74 and their spouses between the ages of 45 and 74 can apply. In this case, the coverage can last up to the 80th birthday of the insured person. Although the death benefit remains the same for the entire period, the annual price increases each time the insured person enters a new age range of five years.

Prices are not guaranteed, so applicants cannot know precisely how much they will pay for insurance in later age ranges. However, it is important to remember that a term life policy can be converted into permanent insurance before the age of 80. The rates for permanent coverage will be based on age.

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The AARP TermLife Products

The AARP TermLife Product includes coverage amounts between $10,000 and $100,000, although larger amounts are available by calling New York Life. Candidates answer some health questions and provide other health information, but do not need to take a medical exam.

Whole Life Insurance: AARP members aged 50 to 80 and their spouses aged 45 to 80 are eligible to apply. The annual price remains constant and the coverage lasts for a lifetime, although you can stop paying premiums once the policy is considered paid (around age 95).

Up to $50,000 of coverage is offered through the online application, although larger amounts are available by calling New York Life. Acceptance is based on answers to a few simple questions about the applicant’s health status.

AARP life insurance Phone number

888-687-2277

Guaranteed acceptance for whole life insurance

AARP members between the ages of 50 and 80 and their spouses between the ages of 45 and 80 can apply and acceptance is guaranteed regardless of the outcome of applications regarding the state of health unless the applicant suffers from a terminal illness. Candidates need to only answer one question regarding their health status.

However, if the policyholder dies of natural causes in the first two years of the policy, only part of the benefit will be paid (equal to 110% of the premiums paid in most states). Instead, completely different speech for accidental death.

In the event of accidental death, in fact, the entire benefit is paid from the first day of coverage. Coverage of up to $ 25,000 is available, but higher coverage options are available by calling New York Life.

Child Whole Life Insurance: AARP members between the ages of 50 and 80 can purchase full-life policies for their children or grandchildren up to age 17 through the AARP Young Start program.

Coverage of up to $ 20,000 is available. No medical examination is required; acceptance is based on answers to various health questions. The parent or guardian is generally the beneficiary of the policy. At the age of 21, the child becomes the policyholder and can choose a beneficiary.

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AARP life insurance rates

With the AARP Life Insurance Program, you can get instant quotes online. If you opt for term life insurance or permanent life insurance, you can even submit your application online, too. 

Policies in the AARP Life Insurance Program are relatively affordable, especially considering that policies are designed for people 50 and up—a group that typically pays more for life insurance than younger persons. 

Like other insurance companies, the AARP Life Insurance Program bases your premiums on a range of factors, including gender, age, and tobacco use. To illustrate how different factors affect your costs, we got quotes for 50-year-old men and women in excellent health who did not use tobacco. 

Other valuable info about AARP life insurance

AARP partners with third parties to offer a variety of other types of insurance:

  • Homeowners insurance
  • Renters insurance
  • Long- and short-term care insurance
  • Vision insurance
  • Pet insurance
  • RV insurance
  • Boat and personal watercraft insurance
  • Car insurance
  • Motorcycle insurance
  • Dental insurance
  • Supplemental Medicare insurance
  • Mobile home insurance
  • ATV, golf cart, and snowmobile insurance
  • Collectible car insurance

AARP life insurance pros and cons

ProsCons
No medical exams requiredTerm life insurance premiums rise every five years
Fewer than the expected number of complaints to state regulators
Anyone age 50 and up can get access through AARP membership

Conclusions

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 helps your family financially cope when you are gone.

This article has concretely explained the life insurance plans offered by AARP, offering you an AARP life insurance review. We hope this will help you to choose which is the best choice for you consciously.

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