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What to Know About AARP Life Insurance: Seniors Ages 50 and Older

Obtaining a life insurance policy is a great way to protect and provide for your loved ones in the event something happens to you. This is especially important as you age, and as one of the largest organizations of retired individuals in the United States, AARP (American Association of Retired Persons) offers its members and their families numerous options for life insurance policies to set their minds at ease. In what ways does AARP really help seniors? Well, beyond the obvious discounts on insurance policies – including home, life and auto insurance – AARP also offers discounts on prescriptions, health care products and travel. They also offer free financial advice, all for an annual membership fee of $16.00 (or less, if you join using automatic renewal).

How Do I Get AARP Life Insurance?

The first step in obtaining life insurance through AARP is to join the organization as a member. To do so, you must be between the ages of 50 and 80 or, if you are the spouse of a member, between the ages of 45 and 80. Once you’ve become a member, you can visit the AARP.com website to receive a quote for their various life insurance offerings.

It’s important to note that AARP itself does not actually provide insurance coverage to its members; the insurance policies are offered through a third-party insurance company called New York Life Insurance. Membership in AARP allows you to receive the organization’s insurance discounts, though you could also find comparable rates through other companies – or even through New York Life Insurance itself, if you purchase through one of their agents selling policies in the open market.

What is AARP Permanent Life Insurance?

Wondering what type of life insurance coverage you might need? There are multiple options, including AARP permanent life insurance policies, which differ from the more common term life insurance policies in a few ways:

  • Term policies provide coverage for a fixed period of time (say, for instance, 15 years), while permanent policies offer lifelong coverage so long as your premiums are paid.
  • Term policies do not offer a cash value component, which means if you outlive the policy term, you will not receive a financial benefit in return; permanent policies do offer cash value that can be extended to your beneficiaries upon your passing. If you outlived the policy term, you would receive that same cash value paid out at the end of the term. This cash value increases over time.
  • Because term policies do not offer a cash value component, it makes the premium less expensive, whereas permanent policies tend to have higher premiums.

AARP’s permanent life insurance coverage option includes a protection amount of up to $50,000 in coverage, with rates that should not increase for any reason. No medical exam is required to apply for this permanent coverage, as acceptance is based on a health questionnaire provided.

How Much is AARP Term Life Insurance?

Also called AARP Level Benefit Term Life coverage, AARP’s term life insurance policies vary in cost by age. Rates are determined by the age bracket you fall into. Since ages are bracketed in groups of five, that means every five years, your term life insurance policy premium payments will increase. Costs also depend on the amount of coverage you select. AARP’s Level Benefit Term Life coverage offers protection amounts ranging from $10,000 to $100,000 in protection, which lasts up to age 80. According to this AARP Term Life Insurance Rate Chart, published by Affordable Life USA, the average monthly cost for a $50,000 protection policy can start at $51.04 for individuals in the 50-54 age bracket and can run up to $207.25 for individuals in the 70-74 age bracket. To get the most up-to-date rate information, check out the AARP website where you can request a free quote from New York Life Insurance.

We’re Ready to Answer Your Questions

At Wesley Court Assisted Living Community, we understand planning for the future for yourself or for your senior loved one can be confusing, especially when it comes to dealing with finances and selecting life insurance policies. Our highly trained staff is here to help you get the support you need, from physical support to recommendations for financial assistance.

Thinking about making the move to an assisted living community? Here in Boiling Springs, South Carolina, our licensed and certified nursing staff is on-site 24/7 to help you or your loved one live out those golden years with the assistance you need while enhancing your independence and comfort at every turn. We offer assistance with the activities of daily living (ADLs), as well as medication management, with fresh, restaurant-style dining options and a variety of social activities and events designed for every interest.

Contact our staff to learn more about our community or come experience it yourself by scheduling a tour at a time convenient to you. We look forward to meeting you!