AARP Life Insurance Review

AARP Final Expense Insurance Review

Welcome Seniors to your AARP final expense life insurance review. When seniors pick life insurance, they want something reliable, easy to get, and affordable. AARP is well-known and offers insurance like final expense and term life policies for older folks. Here are the facts seniors may want to consider.

AARP Insurance Pros and Cons

AARP Insurance Pros and Cons

Pros Cons
  • Trust in the AARP Name
  • No Need for Doctor’s Visits
  • Multiple Insurance Products
  • Membership Benefits
  • Waiting Periods
  • Increasing Rates
  • Expensive Policies
  • Age Cut-Offs
  • Policy Expires
  • High Complaint Score
  • Low Coverage Amounts

The Pros:

Trust in the AARP Name: Knowing it’s AARP might make you feel more secure.

No Need for Doctor’s Visits: AARP does not require a medical exam to get these insurance policies.

Multiple Insurance Products: AARP offers permanent life insurance and term life insurance coverage, if you qualify. They also offer guaranteed acceptance whole life insurance which has a 2 year waiting period.

Membership: AARP membership offered

The Cons:

Waiting Periods: AARP has strict underwriting guidelines which often results in a 2 year waiting period.

Low Coverage Amounts: The money your family gets might not cover all the funeral costs or other expenses. This can result in high out of pocket costs.

Increasing Rates: They don’t provide a level term life insurance policy so rates increase every five years. This is troublesome for most seniors on a fixed income.

Expensive: AARP is usually more expensive. Some members have overpaid thousands of dollars over the lifetime of their policy.

Age Cut-Offs: If you’re older, you might not even be able to get the term life insurance because of age limits.

Policy Ends: AARP term life insurance stops at a certain age, leaving you without insurance right when you might need it.

High Complaint Score: the National Association of Insurance has reported a high complaint from AARP members. Many families have had a hard time getting paid the full death benefit.

AARP Insurance Rates

Female AARP Insurance Rates

Product Age Bracket Coverage Amount Non-smoker Smoker
Term Life50-54$10,000$11$17
Whole Life50$10,000$26$42

Male AARP Insurance Rates

Product Age Bracket Coverage Amount Non-smoker Smoker
Term Life50-54$10,000$14$23
Whole Life50$10,000$34$55

What should I look For In a Life Insurance Company?

It is crucial to compare different plans to find the best coverage that fits their needs and budget. It’s important to compare options to find the best coverage that meets their needs and budget.

Life Insurance Guide

Life Insurance: What to Look For & What to Avoid

What to Look For What to Avoid
  • Immediate Coverage
  • Permanent Coverage
  • A Level Death Benefit
  • Simplified Issue, No Medical Exam
  • Locked In Rates
  • Positive Financial Strength
  • Low Complaint Score
  • Poor Financial Strength
  • High Complaint Score
  • Waiting Periods
  • Increasing Rates
  • Decreasing Coverage
  • Expiring coverage

Is AARP Life Insurance Worth It?

There’s likely better options for seniors than AARP Insurance. Seniors should carefully consider the pros and cons of insurance options before making a decision. They should also assess the financial stability of the company, even if it is a well-known one like AARP.

AARP offers life insurance for seniors, but it’s important to think about the long-term effects before deciding. The rising costs, possible gaps in coverage, and issues with getting claims paid out could make it less appealing.