Life insurance for seniors is sensitive since most people are heading into the final stages of their lives and require these policies to ensure that their loved ones are well-catered for even after they pass on.
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Several insurance service providers offer plans, and the piece below reviews some of the ones provided by the AARP program.
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Guaranteed Acceptance of Life Insurance from AARP
This plan is designed for members aged between 50 and 80 and spouses from 45 to 80 years. It is exclusive to the residents of Washington and New Jersey, while a related one is available for residents of New York.
How can you get an AARP plan?
The essential condition for this plan is having an AARP membership and falling within the set age limits for spouses and individual members. No medical tests are necessary for this plan, and no one will ask for any information regarding your health.
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AARP Life Insurance Rate
The monthly AARP life insurance rates for men begin at $12 or a $2500 coverage for someone aged 50 up to $28 for the same amount of coverage for seniors of 80 years old. The maximum coverage rates start at $110 for someone aged 50 and $262 for an 80-year-old. The rates for women are slightly lower than the highlighted ones.
Features:
One outstanding feature of this plan is that the rates will never increase for any reason. It is also a permanent life insurance policy as long as the premiums are paid in good time.
The benefit period is somehow limited, and beneficiaries receive 125% of the premiums paid if death due to natural causes occurs within the first two years.
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However, the beneficiaries get the full benefits right from the first day if death occurs due to accidental reasons.
The guaranteed policy has a thirty-day guarantee period if you do not like it, and the benefits stated do not decrease after the first two years. The premium payments are terminated at 95, and benefits are not paid for suicidal deaths within the first two years.
Level Benefit Term Insurance
This policy offers up to $100,000 worth of coverage for AARP members. It is designed for members between 50 and 74 and spouses from 45 up to 74. Members are not subjected to any medical tests and are only required to respond to some health questions and other relevant health information.
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One of the main features of this plan is that you are covered for the full amount from the onset of the plan. One is covered until 80, and as long as the premiums are paid in good time, the cover cannot be canceled without consent.
Privileges and Benefits:
A privilege with this cover allows one to switch to a permanent insurance cover without being subjected to a medical check, with the rates being based on the member’s age. The policy has a thirty-day guarantee for people who don’t like it eventually.
Deaths from suicide result in zero benefits for the first two years, and the initially stated benefits stand for the entire coverage period. The premiums are categorized into five-year stages, increasing with each subsequent one. If you get diagnosed with a terminal health condition and are given a life expectancy of 12 months or less, you get access to half your benefits.
Permanent Life Insurance
This plan offers up to $50,000 worth of permanent group life insurance. The policy is for members between 50 and 80 and spouses between 45 and 80. There is no mandatory medical check, and the acceptance is based on your response to three straightforward health questions. It is full life insurance, and you can keep it for as long as you live.
This whole life policy has no waiting period, as you are covered from the first day. The monthly premiums settled on when taking the cover remain throughout the policy. The benefits remain constant throughout the policy period as long as the premiums are paid. The policy has a thirty-day guarantee for those who decide that it is not suitable for them.
Exclusions:
The rejection feature for suicidal deaths applies here, and the paid-up feature offers coverage even after the premium payments end at 95. This policy builds cash value and can be used as collateral for borrowing money.
Should You Go For AARP Senior Life Insurance? [Verdict]
The primary insurance policies for seniors offered under the AARP program have been mentioned, and their features are laid bare. Comparing them with the other policies available in the market, it is fair to say that the features make these plans very attractive for seniors.
While reviewing the AARP life insurance plan, I found one restrictive feature is that one has to be an AARP member for one to be eligible for any of these plans. The minimal medical checks feature is a huge plus for people with prevalent health conditions who have been experiencing difficulties getting life insurance plans that suit them.
The plans stated are favorable and among the best in the industry, and you should consider them when shopping for life insurance policies. AARP membership should not be a limiting factor since you can just apply for one and become eligible for these fantastic plans.
