AARP Term Life Insurance: Protection for Your Loved Ones

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As you age, it’s important to think about your family’s financial future in the event of your unexpected death. AARP term life insurance can provide that protection, ensuring that your loved ones are taken care of when you’re no longer here. In this article, we’ll break down what AARP term life insurance is, how it works, and how to determine if it’s the right option for you.

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What is AARP Term Life Insurance?

AARP term life insurance is a policy that provides coverage for a specific period of time, known as the term. If you pass away during the term of the policy, your beneficiaries will receive a payout, known as the death benefit. Term life insurance is typically less expensive than permanent life insurance, and AARP offers a variety of term life insurance options to fit different needs and budgets.

What Are the Options for AARP Term Life Insurance?

AARP term life insurance policies are available in terms ranging from 10 to 30 years. The amount of coverage you can purchase ranges from $10,000 to $100,000. AARP also offers a level benefit term life insurance policy, which provides a level death benefit throughout the term of the policy. This means that if you pass away during the later years of the policy, your beneficiaries will still receive the full death benefit amount.

Who is Eligible for AARP Term Life Insurance?

To be eligible for AARP term life insurance, you must be between the ages of 50 and 74. The policyholder must also be a member of AARP, which is open to anyone over the age of 50.

How Does AARP Term Life Insurance Work?

When you purchase an AARP term life insurance policy, you’ll choose a term and a coverage amount. You’ll then pay a premium, which is the cost of the policy. If you pass away during the term of the policy, your beneficiaries will receive the death benefit. If you outlive the term of the policy, the coverage will end and you will not receive any payout.

How Much Does AARP Term Life Insurance Cost?

The cost of AARP term life insurance varies depending on the age of the policyholder, the coverage amount, and the term of the policy. Generally, the younger you are and the longer the term of the policy, the less expensive the premium will be.

How Do I Apply for AARP Term Life Insurance?

You can apply for AARP term life insurance online or by calling 1-888-687-2277. You’ll need to provide some basic information about yourself and your medical history, and you may need to take a medical exam. AARP offers a simplified issue policy, which does not require a medical exam, but may have higher premiums.

FAQ

Question
Answer
What is the difference between term life insurance and permanent life insurance?
Term life insurance provides coverage for a specific period of time, while permanent life insurance provides coverage for the lifetime of the policyholder. Term life insurance is typically less expensive than permanent life insurance.
Is AARP term life insurance the right choice for me?
AARP term life insurance may be a good option if you are looking for affordable, temporary coverage. However, it’s important to consider your specific financial situation and needs before making a decision.
What happens if I outlive the term of my AARP term life insurance policy?
If you outlive the term of your AARP term life insurance policy, the coverage will end and you will not receive any payout. You may be able to renew your policy or purchase a new one, but the premiums may be higher due to your age.
Can I change my AARP term life insurance policy in the future?
Yes, you may be able to change your AARP term life insurance policy in the future, such as by increasing or decreasing the coverage amount or changing the term of the policy. However, the premiums may change as a result.

Conclusion

AARP term life insurance can provide peace of mind that your loved ones will be taken care of in the event of your unexpected death. With a variety of options to choose from, AARP term life insurance can fit different needs and budgets. If you’re considering AARP term life insurance, it’s important to carefully evaluate your options and determine if it’s the right choice for you and your family.

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