AARP offers group life insurance for seniors to keep premiums affordable and make it easier to get approved.
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The coverage is limited, and there’s a downside.
It ends at age 80. With life expectancies increasing, millions of people live past 80 and want to know what they will do without life insurance.
We’ve got the answers for you here about AARP life insurance for seniors over 80.
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How Does AARP Life Insurance Work?
AARP offers Level Benefit Term Life Insurance to applicants ages 50 years and over. The coverage lasts from age 50 (or when you apply) to age 80.
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But there’s a catch.
It’s level benefit term life insurance, not term life insurance – there’s a difference.
Level benefit term life insurance means the death benefit remains the same, but the premiums increase approximately every 5 years, making it costly.
But there’s good news.
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What Happens After 80 Years Old?
There’s one way to protect yourself from losing your AARP life insurance after 80.
You can convert your policy to a permanent life insurance policy, aka whole life insurance. This policy doesn’t expire, and the death benefit never changes for as long as you live. You don’t have to take any medical tests or qualify in any way for the conversion either.
If you don’t convert your policy to a permanent life insurance policy (which you can do before 80 or by 80), your policy will end, and you won’t have AARP life insurance.
Alternatives for AARP After 80
There’s another AARP life insurance for seniors over 80, but it’s a costlier option.
This insurance, as the name suggests, accepts everyone. You don’t have to pass a medical exam or even answer medical questions. Everyone gets approved that’s a member of AARP.
Like any insurance, though, there is a catch.
The coverage is limited to $25,000, but that’s not all.
There’s also a waiting period of 2 years. If you die between the application date and your policy’s 2-year anniversary, your loved ones won’t receive the death benefit. They’ll receive a return of the premiums you paid to that point, but that’s it – they won’t receive the up to $25,000 death benefit.
AARP life insurance can be a great way to supplement your life insurance or even give you life insurance if you don’t have any but don’t feel prepared for your end-of-life expenses.
If you’re nearing 80, though, you’ll need AARP life insurance for seniors over 80, which isn’t as attractive as a term life insurance policy.
Suppose you have pre-existing conditions and know you won’t pass a medical exam for traditional life insurance. In that case, AARP insurance can be a good option, but be aware of what you must do before you turn 80 to keep your coverage.