There are a lot of people that assume that once you reach retirement, or once you’re a senior, that you no longer need life insurance protection. In some cases, that could be an awful mistake.
If you don’t have the coverage that your family needs, they could be left with some serious bills and final expenses.
At NoExamLifeInsurance.com, it’s our mission to ensure that you’re getting the best rates possible. We know that shopping for insurance is an annoying and difficult process, but we are here to help.
AARP Life Insurance
AARP is one of the most well-known and largest nonprofit group organizations in the United States. There are dozens of advantages to becoming an AARP member. If you’re over the age of 50, then you’ve probably gotten plenty of pieces in the mail about joining AARP.
One of the benefits of joining AARP is having access to their life insurance policies. If you’re a member of AARP, then you can purchase one of their life insurance policies to protect your family. They have two types of coverage that you can purchase. They have a Level Benefit Term Life Insurance and a Permanent Life Insurance policy.
Neither of these policies requires that you take a medical exam before you can get coverage. With the term insurance policy, you can get up to $100,000 worth of coverage in a variety of different term lengths. The permanent life insurance plan offers up to $50,000 worth of protection that will never expire.
Buying No Exam Life Insurance
One of the obvious advantages of no exam plans is that you don’t have to take a medical exam, and that means that you can get approved for coverage much faster than you can with a traditional policy. A traditional policy is going to take several weeks or even a month and a half to get approved for coverage. With a no exam life insurance plan, on the other hand, you can get life insurance protection in a matter of days.
Some companies have accelerated underwriting, and you can get coverage in less than 24 hours.
One of the drawbacks of these plans is that it’s going to be more expensive than a traditional policy. Without the exam, the insurance company is taking a greater risk to provide you with protection. If you want to get the cheapest life insurance, then you should apply for a plan that requires a medical exam.
AARP’s No Exam Plan
There are several benefits of buying life insurance through AARP. Not only will you be able to skip the medical exam, but additionally, they are only going to ask you 3 health questions before they give you coverage. AARP makes it quick and simple to get insurance protection.
AARP doesn’t include any waiting period with their life insurance policies, unlike most other companies on the market. With most no exam plans, they are going to have a two-year waiting period attached to the plan. With these plans, if you pass away within the first two years, your family wouldn’t get the payout from the plan. If you buy a plan through AARP, you won’t have to worry about this period.
AARP can be a good option for some applicants, especially those with any severe health complications. If you have a harsh pre-existing conditions, then you might get declined for coverage. With AARP, there are very few situations that you’ll be rejected.
How Does AARP Life Insurance Compare?
One of the most important factors that you’ll look at is the premiums for the plan. You want to find the most affordable policy from a reputable company. While AARP is a well-established and secure organization, that might not be the cheapest on the market.
If you’re a 60-year-old male that’s looking for $100,000 worth of protection, you can expect to pay around $150 every month for your insurance. Similarly, if you’re a 60-year-old female that wants $100,000 worth of life insurance, you’re going to pay $125 for that policy every month.
There are a few companies on the market that will give you cheaper life insurance, especially if you apply for a policy that has a medical exam. No exam coverage is an excellent way to protect your family, but it’s not the best choice for everyone.
The best way to ensure that you’re getting the perfect life insurance policy for you is to compare dozens of policies before you decide which one is best for you.