The original AARP organization is a nonprofit, nonpartisan membership organization that is dedicated to helping senior citizens deal with everyday obstacles in their financial life. It is currently one of the most well known lobbying groups in the United States.
There are two kinds of insurance that AARP currently offers. Participants in AARP life insurance plans can choose which coverage is right for them based on their requirements and the price they are willing to pay. AARP has always been on the side of senior citizens and applying for and receiving insurance coverage is as easy as ever. The two types of AARP life insurance available are listed below.
Level Benefit Term AARP Life Insurance
This type of insurance features protection that lasts for a set period of time! Current monthly premiums are based on 5 year age bands and increase with each one. Participants can actively acquire up to 50,000 dollars worth of term life coverage for a very low amount. However, as time goes on, the rate of the premium payments steadily rise. For level benefit term, there is no medical exam required. AARP members who are 50-74 years old and there spouses that fall into the age range of 45 to 74 are eligible. If you can provide honest and truthful answers to the medical questions and you qualify, you will be accepted into an insurance policy.
The protection remains valid until the age of 80. After that point, the coverage will cease to cover the insured. If at any time within the initial 30 days of coverage you decide that the coverage isn't right for you, you can easily return the certificate and get a refund for your initial premium payment. After this the policy will be canceled hassle free. The application for level benefit term AARP life insurance is very simple. It will only take you a few minutes of filling out forms. You can even request the application forms be sent to you by mail if the Internet isn't how you want to apply.
Extra Protection Term AARP Life Insurance
This type of AARP life insurance features higher coverage amounts. Participants can attain 50,500 to 100,000 dollars worth of protection for a low cost. There is no waiting period and no medical exam necessary for this type of coverage either. Simply answer a few health questions and you will be on your way. If you qualify, here are the rules. Each 5 year age band represents an increase in premium amounts. This is the same for level benefit term insurance and extra protection.
Your benefits are guaranteed not to decrease even if your health declines. This means that as long as the AARP term life insurance contract is valid, it doesn't matter what health problems you experience. You're covered.
Permanent AARP Life Insurance
This type of AARP life insurance offers up to 50,000 dollars in coverage amount. Amazingly enough, there is no waiting period and no medical exam necessary! As long as you remain truthful and honest regarding the medical questions, the beneficiary is guaranteed an award amount when the insured dies. This is a permanent insurance policy, which means you are covered for the duration of your life, no matter what health problems you go through. Not only that but the premium rates increase at 5 year band intervals. The premium increase isn't based upon your health status but rather your age at the time you apply. Rates are guaranteed NOT to increase because of health struggles. You can even set aside a specific amount to be accrued in a savings account along with applying your premium payment.
Guaranteed Acceptance AARP Life Insurance
This type of AARP life insurance offers up to 15,000 dollars in protection. There is no medical exam or health questions and the award amount can be used however you like. To pay funeral or burial expenses, to pay off past debts or to provide financial peace of mind to your family! This type of insurance is available without medical underwriting. That means that regardless of your age or health, the premium rate is not going to increase based on these factors. The only way it will change is if the insurance company makes a group change to all people within your age group. This is not likely to happen.
After the first two years of coverage, your rate is guaranteed not to decrease. You keep the same premium payment for the life of your participation in the program. In many cases, this is for the entire life of the individual.
Even if you aren't already an active member of AARP, you can join and become a member at the same time you apply for your insurance benefits. The joining and applying for insurance go hand in hand.
AARP has a wonderful track record of being an effective insurance company. They have paid out tons of claims to their insured participants and will continue to do so for years to come. AARP is one of the most powerful allies a senior citizen can have in the area of life insurance. They have consistently proven themselves to be a great value to senior citizens everywhere.
AARP is funded by New York Life, one of the most respected insurance establishments available. Speaking to one of their representatives is as easy as picking up your phone. You can reach them at 1-800-865-7927.