Questions
Is AARP Term Life Insurance Good?
Term life insurance from New York Life tends to be more expensive than other options on the market. In comparison, they can be up to 30% more expensive than policies from other companies like Sagicor; however, with less coverage.
Also, New York Life term life insurance policies expire when the insured turns 80 (minimizing the chances of payout) compared to Sagicor’s term life insurance that covers until age 95.
How Does AARP Life Insurance Work?
AARP contracts with insurance companies to provide coverage for their members and utilize their brand for advertising purposes. For life insurance, AARP uses New York Life to provide this type of insurance.
Does AARP Life Insurance Have A Cash Value?
Yes. Since AARP doesn’t write the life insurance policies, New York Life provides both guaranteed issue and whole life products to AARP members. The whole life product will often generate more cash value accumulation than the guaranteed acceptance policy.
What Does AARP Life Insurance Cost?
The cost of coverage with AARP life insurance through New York Life will vary based on a few different factors like the product selected, overall death benefit, and age of the insured. In their term life insurance products, the premium will gradually increase over the course of the coverage as you age unlike level premium policies where your premium stays the same throughout the life of the policy.
Is AARP Life Insurance Only For Seniors?
AARP life insurance is only for members and their spouses; therefore, one must become a member of AARP in order to obtain a policy. Per AARP’s New York Life website “AARP members ages 50 to 80 and spouses ages 45 to 80 are eligible to apply”.
Leave a Reply
Want to join the discussion?Feel free to contribute!