Life Insurance AARP – What You Need To Know

Life Insurance AARP

AARP is a combination of financial products made available to AARP members.

AARP has relationships with the leading providers of life insurance, and therefore provides its members with information on the products that are offered by these companies.

AARP does not endorse any of the products, neither do they own any of the life insurance products they provide information about. It is up to you as a member of AARP to use the information provided to gauge what the best life insurance policy for you is.

Life Insurance Program

The term life insurance AARP program has been designed specifically for AARP members. The members have to be aged between 50 and 80 years, and for those aged between 50 and 74 years, coverage can be up to $100,000. This cover is for a specified period of time. Normally, no medical exam is required; all you need to do is provide your health information to AARP. For permanent life insurance, members between 50 and 80 years can get a cover of up to 50,000 dollars. This policy covers you for your whole life.

Benefits

The life insurance AARP payout will enable your dependents to handle their day to day living expenses, enable them to pay off your mortgage, credit card and other debts, and your medical expenses. The rates, which are affordable, increase over time. This policy does not have a waiting period, meaning you will be able to enjoy coverage of the full amount from the very first day you take out the insurance. Some product features, however, may not be available in every country.

Switching

If you take out term life insurance, AARP membership will enable you to exchange your term life insurance for a permanent life insurance policy without having to take a medical exam. The rates, however, may change depending on your age at the time you are making the switch.

Money-Back Guarantee

When you take out life insurance, AARP membership will allow you to reverse your decision. This means that if you are unhappy with the insurance policy and decide to cancel it, you can return your certificate of insurance and your payment will be refunded. However, the refund will only be possible if you return your certificate of insurance within 30 days.

Stability Of Benefits

The benefits you are supposed to get from your life insurance with AARP remain constant throughout the period you are covered. You therefore need not worry if your health deteriorates at some point, since your current state of health will not affect the benefits you were entitled to from the onset.

Accessing Benefits

As an AARP member, you will be allowed to access half of your benefits in the event you get diagnosed with a terminal illness. You will also have access to half of the benefit amount if doctors give you 12 months or less to live due to illness. The only drawback is that this amount may have to be taxed and not all states and countries offer this benefit. Read: Why Term Life Insurance Policies are the Best

Premium Waivers

If you are confined to a nursing home by a doctor’s order, your premiums will be waived once you have been in the home for 180 consecutive days, but your cover will remain in place.