You have probably heard about AARP, which was formerly named the American Association of Retired Persons. After all, AARP still remains among the most active and omnipresent organizations of the kind throughout the country. As a matter of fact, I’m one of the people in the age bracket of 50’s being assisted by them. I say by my ongoing experience that AARP does offer competitive life insurance to the seniors of the nation.
AARP Insurance Plans
When I decided to go with AARP for a term life insurance, they had me choosing between two different options. The first one was the Level Benefit Term Life Insurance while the other was Extra Protection Term life Insurance. The good thing about these two is that the rates do not go up ofttimes like other insurance providers in the market do. And whenever there’s an increase in the rate, it can only be incremental — very little and reasonable with a stipulated concrete purpose. Now, let’s take a deeper look at both options.
Level Benefit Term Life Insurance
This insurance option from AARP is one that would not go up in terms of premium rates until every 5 years. This policy starts at $100,000 of insurance and could go beyond that based on the arrangements and policy you settle with the organization. In addition to that, you will not have to worry if you have any underlying conditions or not. You will still be qualified granted that you will not be physically examined, just an interview as to why you want to get the insurance package. Once you get the policy, you will be hedged for a lifetime in contrast to others that only limit the extent of “term life” insurance to 80.
Extra Protection Term Life Insurance
Just like the Level Benefit option, the Extra Protection also starts at the $100,000 mark. Truth is, there is very little difference between this and the Level Benefit. The only real thing that differs is that the rates of your lifetime premium will vary depending on what age you have opted for the coverage. For example, if you start at 60 to 64, your fixed premium would be $129 a month, $174 if you start at 65 to 69, and so on.
In addition to the insurance benefits you get from these policies, you will also enjoy shopping discounts from stores linked to the organization, discounts from hotels, inns, and suites such as the La Quinta for traveling enthusiasts, as well as medical benefits such as prescription glasses, refills to medications and alike. They used to offer a long-term care insurance plan but it was canceled in 2013 according to this source. Too bad, I hear it was a good policy with reasonable premiums.