AARP life insurance has policies which are obtainable to any member of AARP which are between the ages of fifty and eighty. The member’s spouse can also purchase a policy, but must be great than forty five years old. The decision over life insurance is an important one as it will great help in supporting your family with financial matters if you are lost.
Congratulations on looking into this information as this is one topic that no one really wants to talk about, but is critically vital to pretty much everyone. You’ll want the most appropriate coverage for your situation and goals at the best possible rates, called “premiums.” Based on your situation, you may want more covered than just burial costs. If you were to die, does someone (a spouse, child, or both) need financial support to continue to live their lives as they’re used to? Greater coverage over just burial expenses may not be needed in your situation, but be sure to think about the “big picture” when purchasing a policy. The premiums you pay are generally calculated on your gender, health, and age. The younger you are, the less you are going to pay, so don’t put off the decision for too long.
Term Life Insurance
Generally the least expensive type of life insurance, term life insurance accrues no cash value and is considered a temporary policy. It is basic coverage, but do not let that make you think it isn’t appropriate for you. It very well may be, just be sure to make an educated decision based on your unique situation. The premium you pay will never be increased from the amount you start with as long as you pay on time during the time the contact is in effect. Term is the most pure of the protection you can get. No investment or cash options, you just pay to have someone receive funds if you were to die.
Universal Life Insurance
Universal is one option that is different than term in that it accrues a cash value. It is also a kind of life insurance called “permanent” insurance (like Whole life). You’re basically combining a death benefit paid to the beneficiary with a savings plan. This savings is generally tax deferred, but make sure you check with the provider of your policy if you choose this route. Universal is also sometimes called adjustable life insurance. Many such policies, when they’re value and interest is accrued to a high enough amount, can have their premiums paid by the value of the policy. So in time, this can be a great policy to have.
Survivorship Life Insurance
Survivorship life insurance is another kind you can choose from. It covers the lives of two people but only requires one policy, or contract. This policy will pay the face value to the beneficiary only after both of the insured people die. Make sure you talk with a qualified professional to see where this type of policy may be best for you.
AARP life insurance may be what you’re looking for. They’re a large and experienced operation. You have many options and companies out there with similar experience, but you’ll probably be happy with AARP.