Life insurance is a type of insurance policy that provides financial protection to you and your family if you die. It pays out a lump sum or a regular income to your designated beneficiaries, allowing them to cover funeral costs, outstanding debts, and other expenses. It’s important to have life insurance, especially if you have dependents or have a mortgage or other debts. One of the most popular life insurance providers is AARP, and in this article, we’ll discuss why you should consider taking out life insurance from AARP.
What is AARP?
AARP, or the American Association of Retired Persons, is a nonprofit organization that provides its members with a range of benefits, including health insurance, travel discounts, and financial advice. It’s one of the largest membership organizations in the United States, with over 38 million members. AARP also offers life insurance plans, which are designed to provide financial protection to you and your family.
What Types of Life Insurance Does AARP Offer?
AARP offers two types of life insurance: term life insurance and whole life insurance. Term life insurance is a type of life insurance that pays out a lump sum if you die within the term of the policy. It’s usually the cheapest type of life insurance, but it doesn’t have an investment component. Whole life insurance is a type of life insurance that pays out a lump sum if you die, but it also has an investment component. The premiums are usually higher than those for term life insurance, but the returns can be higher as well.
What Are the Benefits of AARP Life Insurance?
AARP life insurance has a range of benefits, including:
- Competitive rates: AARP life insurance has competitive rates compared to other providers.
- Flexible coverage: AARP offers flexible coverage options, allowing you to customize your policy to your needs. You can choose the amount of coverage you need and the length of the policy.
- No medical exams: AARP policies don’t require medical exams, making them a great option for those who don’t want to go through the hassle of a medical exam.
- Convenient payment options: AARP offers a range of payment options, including monthly payments, annual payments, and lump-sum payments.
- Guaranteed acceptance: AARP policies are guaranteed acceptance, meaning you don’t have to worry about being denied coverage.
What Are the Drawbacks of AARP Life Insurance?
AARP life insurance has some drawbacks, including:
- The premiums can be higher than those of other providers.
- The coverage may not be as comprehensive as that of other providers.
- The policies may not be as flexible as those of other providers.
- The returns may not be as high as those of other providers.
Should You Get Life Insurance From AARP?
AARP life insurance is a great option for those who are looking for an affordable and convenient way to get life insurance. The rates are competitive and the policies are flexible, making it a great option for those who want to customize their coverage to their needs. The policies are also guaranteed acceptance, so you don’t have to worry about being denied coverage. However, the premiums may be higher than those of other providers, and the coverage may not be as comprehensive. Ultimately, the decision to get life insurance from AARP is up to you.