Life can be unpredictable, and securing a life insurance policy is one sure way to ensure financial security for your loved ones in your absence.
AARP Life Insurance Program from New York Life Insurance Company is designed to cater to the insurance needs of persons aged 50 and above, and their families.
This guide will provide in-depth information about the types of policies offered, riders, financial reputation, and how to choose the right AARP life insurance policy.
Types of AARP Life Insurance Policies
Term Life Insurance
The AARP term life insurance allows policyholders to get insurance coverage for a specific term without requiring medical tests. However, members must be under 74 to apply.
Coverage ranges from $10,000 to $100,000, and rates are based on age and geographical area.
Permanent Life Insurance
Permanent life insurance policies provide lifetime protection, subject to paying necessary premiums. AARP’s permanent life insurance coverage is available in amounts up to $50,000. The rates are set at the start and won’t increase as the insured ages.
Guaranteed Acceptance Life Insurance
The AARP Guaranteed Acceptance Life Insurance offers life insurance without medical exams or health questions. For AARP members aged 50-80 (and spouses aged 45-80), this policy provides guaranteed acceptance, meaning no medical examination is necessary. This policy offers coverage amounts of up to $25,000.
Young Start Life Insurance
Introducing the concept of life insurance early is important. AARP provides Young Start Life Insurance for children and grandchildren of AARP members. The coverage amount can reach up to $20,000, and the policy can be transferred to the child once they reach 21, offering lifelong security.
AARP Life Insurance Riders
While specific life insurance riders can vary, AARP Life Insurance policies include the Accelerated Death Benefit which allows the insured to receive a portion of the death benefit early if diagnosed with a terminal illness.
Financial Strength and Customer Service
When choosing a life insurance provider, it’s crucial to consider their financial strength. AARP’s life insurance policies are issued by New York Life Insurance Company, which is characterized by a strong financial standing.
A.M. Best has conferred upon them an A++ (Superior) financial rating, signaling excellent financial stability.
In terms of customer service, AARP offers a myriad of ways to reach them. This includes phone support, email support, and extensive resources on their website.
How to Choose the Right AARP Life Insurance Policy
Like every other life insurance policy selection, your choice with AARP should be based on:
- Understand your needs: Determine what type of expenses you want your policy to cover. It could be anything from funeral costs to necessary financial support for your family.
- Budget: Evaluate your financial situation. Make sure you can afford the chosen policy premium throughout your life expectancy.
- Consult with professionals: Contact AARP Life Insurance Program from New York Life professionals to guide you through the process.
Conclusion
AARP Life Insurance offers a variety of policies which can provide coverage for individuals in the later stages of life.
By understanding your insurance needs and financial capacity, you can find a policy that is not only affordable but also provides protection for your loved ones when they need it most.