For many people, life insurance remains an afterthought. Those who do start taking life insurance coverage seriously may become mired in indecision. Still, people are looking for dynamic coverage. For example, AARP life insurance plans provide a number of different benefits that can work for just about anyone. It really doesn’t matter what your particular life insurance needs are, you may be able to find something here. But the question is whether you should buy AARP life insurance.
For the record, AARP is not an insurer. In fact, membership in this organization provides you with access to a pool of recommended insurance companies. You get to pick the sort of policy that fits your circumstances. Knowing what you need may be the first step to finding an appropriate AARP policy.
Make A Personal Assessment
You can probably understand that life insurance needs will be different with each individual. At the same time, there are some important factors that will help to determine what form a policy may take. This is matter of asking certain questions. For instance, do you have family members that will need to be cared for in the event of your death? What would be a sufficient amount to let them live comfortably without fear of financial ruin? Maybe you have debt that needs to be handled. What are the expected costs of your final expenses? These factors will help you decide if an AARP policy is appropriate.
The Difference Between Term and Whole Life
As with any life insurance provider, when you make the decision to buy a policy based on AARP recommendations, you have to think about the type of coverage you want. This often comes down to the difference between term and whole life insurance. Naturally, whole life is good for the duration of your life, provided you pay the premiums. Additionally, you can accrue some added cash value on the policy – providing more incentives down the road. Term, on the other hand, is limited in scope. It is coverage for a specified period. You pick the duration for coverage at the outset. The big plus with term life may be that it’s cheaper.
Perhaps, the biggest advantage to those policies offered through AARP is that it provides benefits not readily available through other insurers. One major one is never being picked out to receive an increase on the costs of your premiums. Rate increases spread across entire demographic rather than touching individuals. Those choosing AARP policies do not need to get a physical exam. With a few simple questions, you can submit your application. This may be why the company enjoys one of the highest approval rates in the life insurance industry.