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As we age, our financial needs change, and it’s important to plan for the future. One way to do this is by investing in life insurance, which can provide financial security for our loved ones in the event of our passing. AARP Life Insurance is a popular option for seniors, let’s take a closer look at what it has to offer.
What is AARP Life Insurance?
AARP Life Insurance is a type of life insurance that is designed for seniors. It is offered by the American Association of Retired Persons (AARP) in partnership with New York Life Insurance Company. AARP Life Insurance policies are available to AARP members who are between the ages of 50 and 80.
Types of AARP Life Insurance
AARP offers two types of life insurance policies: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period, typically 10, 15, 20, or 30 years. Permanent life insurance provides coverage for the rest of your life.
AARP Life Insurance Rates
AARP Life Insurance rates vary depending on the type of policy you choose, your age, gender, health, and the amount of coverage you need. Below are the current rates for AARP Level Benefit Term Life Insurance for a non-smoking female in excellent health:
| Age | $10,000 | $25,000 | $50,000 |
|---|---|---|---|
| 50 | $8.68 | $19.61 | $37.71 |
| 55 | $9.95 | $24.12 | $46.46 |
| 60 | $14.66 | $36.26 | $69.96 |
| 65 | $21.27 | $53.91 | $105.52 |
| 70 | $32.67 | $83.16 | $165.41 |
| 75 | $51.48 | $131.39 | $261.15 |
| 80 | $85.61 | $219.62 | $437.24 |
As you can see, the rates increase with age and the amount of coverage you need. It’s important to note that these rates are for illustrative purposes only and are subject to change.
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Benefits of AARP Life Insurance
There are several benefits to choosing AARP Life Insurance. Firstly, AARP members can receive a discount on their premiums. Secondly, AARP Life Insurance policies are available without a medical exam, and coverage can be obtained in as little as 10 minutes. Lastly, AARP offers a 30-day money-back guarantee, so if you’re not satisfied with your policy, you can cancel it within 30 days for a full refund.
FAQs
Sure, I’d be happy to answer some frequently asked questions about AARP Life Insurance:
What is the maximum coverage amount for AARP Life Insurance?
AARP Level Benefit Term Life Insurance offers coverage up to $100,000, and AARP Permanent Life Insurance offers coverage up to $50,000.
Can I change my coverage amount or policy type later on?
Yes, you can change your coverage amount or policy type at any time by contacting AARP Life Insurance.
What is the difference between term life insurance and permanent life insurance?
Term life insurance provides coverage for a specific period, while permanent life insurance provides coverage for the rest of your life. Permanent life insurance also builds cash value over time, while term life insurance does not.
What happens if I cancel my AARP Life Insurance policy?
If you cancel your AARP Life Insurance policy, you will receive a pro-rated refund for any premiums you’ve paid in advance.
Is there a waiting period for AARP Life Insurance coverage?
No, there is no waiting period for AARP Level Benefit Term Life Insurance coverage. However, there is a two-year waiting period for AARP Permanent Life Insurance coverage.
Conclusion
AARP Life Insurance is an excellent option for seniors who are looking for financial security for their loved ones. With affordable rates, two types of policies to choose from, and several benefits, it’s easy to see why AARP Life Insurance is a popular choice. If you’re an AARP member between the ages of 50 and 80, consider investing in AARP Life Insurance today.
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