Stable prices in the life insurance market despite increasing COVID-19 cases

NEW YORK, September 15, 2021 / PRNewswire / – Policygenius, the unique insurance comparison and buying platform, today announced the release of September data from the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from major life insurers. New data from this free index is released monthly to inform price trends for consumers. This month’s report not only honors Life Insurance Awareness Month, but also marks a year since the launch of the Policygenius Life Insurance Price Index.

The September index shows that there was no significant change in life insurance prices from August to September, despite a recent resurgence of COVID-19 cases and hospitalizations across the country in because of the Delta variant. While a new report According to forecasts by Social Security and Medicare administrators that death rates across the country will be up to 15% higher than usual until 2023, the price stability of life insurance continues to be an ongoing trend.

“During Life Insurance Awareness Month, and each month, we are proud to provide educational resources on life insurance, including pricing trends,” Jennifer fitzgerald, CEO and co-founder of Policygenius, said. “Our work to educate consumers seems especially important today given the toll the pandemic has taken on so many families.”

Insurance rates can vary based on market fluctuations, as well as when a buyer’s personal profile changes. Life insurance prices are primarily based on life expectancy, taking into account an individual’s personal details including age, medical history and hobbies. Prices also depend on the length of a policy and the amount of coverage a consumer chooses to obtain.

The prices included in the Policygenius Life Insurance Price Index are based on internal actuarial rate tables for 11 of the life insurance companies that offer policies in the Policygenius marketplace. Prices represent the average monthly premium for each customer profile sample^[1] (age, sex) and policy type (duration, amount of coverage) as of the most recent publication date.

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About Policygenius
Political genius transforms the insurance journey of today’s consumer, providing a single platform where clients can compare options from top insurers, get unbiased expert advice, purchase policies and manage their insurance portfolio , in an integrated and transparent experience. Our proprietary technology platform integrates with leading life, disability, home and auto insurance companies and delivers an exceptional digital experience for consumers and insurance companies. Since 2014, our content, digital tools and experts have served as a resource for millions of people in their insurance journey, and we have sold over $ 120 billion In front page.

To receive Policygenius announcements, send an email [email protected]. Subscribe to the Easy Money by Policygenius newsletter here.

For more information:
Brooke Niemeyer
Associate Director of Media Relations
[email protected]

^[1] Monthly averages are based on 11 products available through Policygenius for the specified profile; prices for these products may vary from state to state, and not all products are available in all states. Individual rates may vary based on age, gender, condition, health profile, and other eligibility criteria.

View original content to download multimedia: https://www.prnewswire.com/news-releases/policygenius-releases-september-2021-life-insurance-price-index-301376676.html

SOURCE Policygenius

NEW YORK, September 15, 2021 / PRNewswire / – Policygenius, the unique insurance comparison and buying platform, today announced the release of September data from the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from major life insurers. New data from this free index is released monthly to inform price trends for consumers. This month’s report not only honors Life Insurance Awareness Month, but also marks a year since the launch of the Policygenius Life Insurance Price Index.

The September index shows that there was no significant change in life insurance prices from August to September, despite a recent resurgence of COVID-19 cases and hospitalizations across the country in because of the Delta variant. While a new report According to forecasts by Social Security and Medicare administrators that death rates across the country will be up to 15% higher than usual until 2023, the price stability of life insurance continues to be an ongoing trend.

“During Life Insurance Awareness Month, and each month, we are proud to provide educational resources on life insurance, including pricing trends,” Jennifer fitzgerald, CEO and co-founder of Policygenius, said. “Our work to educate consumers seems especially important today given the toll the pandemic has taken on so many families.”

Insurance rates can vary based on market fluctuations, as well as when a buyer’s personal profile changes. Life insurance prices are primarily based on life expectancy, taking into account an individual’s personal details including age, medical history and hobbies. Prices also depend on the length of a policy and the amount of coverage a consumer chooses to obtain.

The prices included in the Policygenius Life Insurance Price Index are based on internal actuarial rate tables for 11 of the life insurance companies that offer policies in the Policygenius marketplace. Prices represent the average monthly premium for each customer profile sample^[1] (age, sex) and policy type (duration, amount of coverage) as of the most recent publication date.

About Policygenius
Political genius transforms the insurance journey of today’s consumer, providing a single platform where clients can compare options from top insurers, get unbiased expert advice, purchase policies and manage their insurance portfolio , in an integrated and transparent experience. Our proprietary technology platform integrates with leading life, disability, home and auto insurance companies and delivers an exceptional digital experience for consumers and insurance companies. Since 2014, our content, digital tools and experts have served as a resource for millions of people in their insurance journey, and we have sold over $ 120 billion In front page.

To receive Policygenius announcements, send an email [email protected]. Subscribe to the Easy Money by Policygenius newsletter here.

For more information:
Brooke Niemeyer
Associate Director of Media Relations
[email protected]

^[1] Monthly averages are based on 11 products available through Policygenius for the specified profile; prices for these products may vary from state to state, and not all products are available in all states. Individual rates may vary based on age, gender, condition, health profile, and other eligibility criteria.

SOURCE Policygenius

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Fidelity Life has a long history and financial stability, offering products primarily aimed at seniors, including a guaranteed issue policy. Find out more in this Fidelity Life insurance review.

Fidelity Life offers term and whole life policies. It does not offer universal life. Depending on your condition and the plan you choose, your coverage may begin the same day you apply. These are Fidelity Life’s insurance products.

Term life insurance

Term life insurance has no cash value. It is in effect for the term of the policy and Fidelity Life offers terms of 10, 15, 20 and 30 years. Its futures products are called RAPIDecision Life and RAPIDecision Senior Life. With RAPIDecision Life, you may need a medical exam, but you have up to 6 months after your request to complete the exam. This policy is available to people between the ages of 18 and 70 and up to $ 1 million in death benefits.

RAPIDecision Senior Life is available to people aged 50 to 70 with a death benefit of up to $ 150,000. Fidelity Life says applicants generally do not need a medical exam and the policy only provides partial coverage for the first 3 years. It offers full coverage from the fourth year. Once the policy expires, you can renew it for up to age 95, but you’ll likely pay much higher premiums.

Whole life insurance

Whole life insurance has the same premium as long as you keep the policy. It also accumulates a cash value, against which you can borrow. You also receive the cash value if you surrender or terminate the policy.

Fidelity Life offers 3 types of whole life insurance policies. RAPIDecision Senior Whole Life is available to people aged 50 to 85. Coverage options range from $ 10,000 to $ 150,000, depending on your age. There is no medical examination, but you only have partial coverage for the first 2 years of your policy. Full coverage begins in year 3.

RAPIDecision Final Expense is designed to cover end-of-life expenses such as funeral expenses. This policy is also available for people aged 50 to 85 with coverage amounts ranging from $ 5,000 to $ 35,000. No medical exam is required, but you must answer a few health questions.

RAPIDecision Guaranteed Issue is also designed to cover end of life expenses. It is available to applicants aged 50 to 85 and coverage of up to $ 25,000 is available. You don’t have to answer any health questions or pass a medical exam to qualify. The death benefit is reduced during the first 3 years of insurance and the full benefit is available from the fourth year.

Accidental death policy

An accidental death policy only pays benefits if a death is accidental. This is a guaranteed problem, which means you don’t need to answer any health questions to benefit from it. This can be a good solution if you want additional life insurance coverage or if you are not eligible for other life insurance products. It is available to people aged 20 to 59 and coverage ranges from $ 50,000 to $ 300,000.

Like most life insurance companies, Fidelity Life does not publicize its prices. However, you can get a quote online and if you need more information you can call and speak to an insurance agent.

Fidelity Life customer service hours are limited. You can reach a representative from 8 a.m. to 5 p.m. CT Monday through Friday. This means that if you are not available during office hours, it will be difficult to reach a representative. You can also send an email to [email protected]

Fidelity Life has claim forms on their website, but they’re hard to find. It also has educational blog posts on how life insurance claims and payments work, but they’re also hard to find.

Life insurance riders add coverage to your policy. You pay an additional premium for the runners. Fidelity Life offers several endorsements:

• Accidental death benefit – This rider provides for an additional death benefit in the event of accidental death.
• Family benefit in the event of accidental death – This extends an accidental death benefit to cover a spouse and dependent children.
• Accelerated profit – This endorsement allows you to withdraw a percentage of your death benefit if you are diagnosed with a terminal illness.
• Inflation – This rider is available with accidental death insurance policies and helps your benefits keep up with inflation.
• Reimbursement of the premium – This endorsement is also available with accidental death insurance policies. If your policy expires or you choose to cancel it, you will get back some of the premiums you paid for the policy.

Fidelity Life policies are primarily intended for the elderly. Although it offers policies with no medical examination required, these policies have limited benefits for the early years of the policy. If you are looking for life insurance, are 50 years of age or older, and your health is not perfect, it is worth checking out Fidelity Life, but be sure to check out other companies that offer simplified and guaranteed issue life insurance policies.

Fidelity Life Insurance vs. Competitors

Fidelity Life has several policies that do not provide the full benefit immediately. The guaranteed issue life insurance policy has a waiting period of 3 years. Some Fidelity Life competitors offer shorter waiting periods. Fidelity Life also offers a limited range of policies and relatively few options for those under 50. Other insurance companies offer products for all ages and include options like universal life.

Frequently Asked Questions

Personal Finance Insider writes about products, strategies, and tips to help you make informed decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective.

September is Life Insurance Awareness Month. The vacation was started in 2004 by the nonprofit educational association Life Happens to encourage conversations about life insurance.

According to a recent study, 43% of Americans do not have life insurance and only 33% believe they have enough life insurance or other assets to protect their family in the event of death.

This year, Life Happens is teaming up with Kelly Rowland to highlight the value of life insurance. Rowland is a singer, songwriter, producer, humanitarian, businesswoman, entrepreneur, actress and mother. She told Insider why this partnership means so much to her.

Clear the taboo around life insurance

In many black households it is taboo to talk about certain topics. Life insurance is one of them.

Growing up, Rowland says she “hasn’t heard a word of it [life insurance]. I had a great aunt who bought it. Everyone was like not talking about it. ”She added that no one wanted to talk about death, and they equated life insurance with death.

Rowland said his family would have saved money if they had life insurance instead of having to figure out what to do after someone died.

A study by Life Happens and LIMRA showed that although African Americans are more insured than any other group, they are underinsured., which means they don’t have enough life insurance to replace income, debt, or build wealth.

The study also found that 66% of African Americans viewed life insurance as mere funeral and burial expenses, and not as a tool for building wealth – even though permanent life insurance policies include a cash value component that you can use over the course of your life.

How life insurance works

Life insurance is a contract between you and the insurer. You pay premiums (monthly or annually) for a payment, called a death benefit, that your living parents will receive upon your death.

There are two main types of life insurance: permanent life insurance and term life insurance. The difference between term life insurance and permanent life insurance is similar to the difference between renting an apartment (term life) and owning a house (permanent life).

Like rentals, term insurance lasts for a set period of time, and when it’s over, you can reapply for coverage, but premiums will most likely increase as you get older and your health deteriorates.

Permanent life insurance lasts your entire life. It includes a death benefit for your beneficiaries and a cash value that you can use while you’re alive. It’s like owning a home, where you earn equity that can be used as collateral – and your home can be passed on to your heirs, leaving an inheritance.

You can also use the cash value of permanent life insurance over your lifetime, for things like paying your children’s school fees, financing a business, or buying a home. secondary. Most people use the cash value to fund their retirement by paying themselves monthly income when they stop working.

There are different types of permanent life insurance, such as whole life insurance, universal life insurance, and variable life insurance. They all have death benefits as well as a cash value that increases with a tax deferral. The big difference between types of permanent life insurance policies is how they handle cash value – in the insurance company’s portfolio, the stock market, or indexed funds.

Famous, rich or not, life insurance matters

Rowland said that whether you are famous or not, the people in your life depend on you, and it’s about being responsible. She said, “Whether I’m here or not, I want my children to know that I have [them]. ”

Rowland emphasized the need to have open conversations about life insurance in our communities, not filled with fear, for the sake of our families.

She said there are so many financial gems our community is missing – like life insurance which is more than funeral and burial costs and saving money. She said it’s important to get the word out because, at the end of the day, life insurance saves money.

Life Happens provides free tools and resources for consumers to take action, such as free online calculators that offer comprehensive real-time assessments of your individual life insurance needs.

Your life insurance needs change with age, and you’ll need to consider children, marriage, divorce, retirement, and caring for aging parents. Consider consulting with a financial advisor, an estate attorney, and an accountant to make sure you have the right coverage for your goals and life changes.

There are several types of insurance that you can encounter in life: renters, owners, auto and life. Of all the types of coverage, life insurance is often the most overlooked. Life insurance is invaluable, especially if you have loved ones who depend on you. But figuring out “how much life insurance should I buy” is often the hardest part. There are at least two ways to estimate how much you might need. Before you start calculating, learn about the basics of life insurance.

What is life insurance?

Life insurance provides financial payments in the event of the death of you or a loved one. Depending on the type of policy, life insurance will cover end-of-life expenses – like funerals or unpaid debts – or provide compensation to maintain dependents’ quality of life or future financial needs. This is because life insurance offers a certain guarantee that the financial needs of your beneficiaries will be covered (up to a predetermined extent) in the event of premature death.

Who needs life insurance?

Most people can benefit from a life insurance policy, depending on their circumstances and financial obligation. If you have dependents like children, a disabled parent or sibling, spouse, or anyone else who can depend on you financially, you may be a good candidate for some form of life insurance coverage. . Even if you don’t have any dependents at the moment, life insurance might still be a good option; buying a policy early is a good way to get a lower rate while you’re still young and healthy, until you have dependents.

How Much Life Insurance Do I Need?

The answer to the question of how much life insurance a person needs depends on several factors, including:

• Your age
• The age of your spouse and children
• Your income
• Your mortgage and other debts
• Tuition fees for your children and / or spouse
• The final expense invoice

Your situation may vary the amount of insurance you need in a policy, but expert recommendations also advise thinking about what is most practical for your immediate and future situation.

“You want them to go through this traumatic event with acceptable options, but that’s it,” says Glenn Daily, a New York-based insurance advisor. “A famous agent once said that the whole point of life insurance is to let your family ‘stay in their own world’. This does not necessarily mean that they have to maintain their current lifestyle. Maybe your partner decides to do something completely different.

While there is no hard and fast rule as to how much life insurance you should buy, insurance companies and financial planners have designed templates to help you assess what may be. beneficial. Three approaches are the most common.

1. The DIME formula (and the rule of 10)

The old rule of thumb of “how much life insurance do I need” was to take your income and multiply it by 10. This was industry standards for many years. However, this ignores several things.

Importantly, it does not take into account the living expenses of your family. It can vary wildly if you have a child or four. In addition, it does not offer protection in the event that one of the parents is at home.

As dark as it sounds, what if both parents die and only one is covered? The rule of 10 left many questions unanswered. In its place has come the Dime Formula, which takes into account the following:

• Debt and final expenses: Find a solid number based on all the debts you owe and include the final expense costs for each parent.
• Returned: For income, a good rule of thumb is to think about the number of years your family would need income in your absence. Multiply that number by your annual income.
• Mortgage: Include the total amount owed on your mortgage and assessed property taxes. As with income, think about the number of years your family would need the money for property taxes, then multiply your total annual taxes by those years.
• Education: Figure out the total cost of educating each of your children through high school and middle school.

Once you find this number, double it for both parents. That way, if something happened to both, your family would have a sustainable income in the future.

2. Calculation of the shortfall

The shortfall approach works backwards from the annual income you would like to leave with your spouse and family for X years. After deciding on that target number, subtract all other sources of annual income that will be available to them, such as your retirement accounts, pension, savings, spouse’s salary, and Social Security. The resulting number is the shortfall that you will want to replace with life insurance.

“People forget that they will probably have other assets,” says Tony Steuer, insurance education advocate and author of “Questions and Answers on Life Insurance”. “Right now you may be just starting to save for retirement, but by the time you retire you will have $ 500,000 or $ 1 million in your pension plan, so you won’t have maybe you don’t need that $ 500,000 life insurance policy anymore.

3. Income generator

Some prefer to aim to build up a large life insurance investment that would generate income to provide annual income to a beneficiary. For example, $ 1 million invested with a conservative average annual return of 4% could earn a spouse or family $ 40,000 per year in perpetuity.

“Although the need for life insurance is temporary for most dependents, there are exceptions, such as a child with special needs who will never be independent, where the need lasts the rest of their life,” explains Steuer, who is also the director of financial preparation for the insurance consumer group United Policyholders.

Daily says that while no single model is suitable for all families, everyone can benefit from one or more test drives.

“The advantage of looking to the future and not just the present is that you will have a sense of whether your insurance needs are increasing, decreasing, or staying roughly the same,” he says. “This is going to have some relevance to the type or combination of insurance you should be purchasing.”

Factors to Consider When Buying Life Insurance

You may be wondering “how much life insurance should I have?” »Consider these factors:

• Your age: Contribution rates generally increase with age. If you are young, term life insurance (covering a number of years) is generally considered the most cost effective way to cover your risks and keep your future life insurance options open.
• Age of spouse and children: This helps you estimate how many years of income replacement they will need if you were to die.
• Mortgage and debts: Include your mortgage, car loans, student loans, and other debt in your life insurance plan.
• College fees: Consider future education expenses for the children and perhaps your spouse. Tuition and fees for four-year colleges have increased by up to 5.2% on average.
• Your current income: If you’ve paid off your debt and set aside college funds, you may not need to replace all of your income. Some advisors recommend a 50% replacement as a starting point.
• Funeral expenses: The average cost of funeral, burial and related expenses exceeds $ 7,000, while the average cost of cremation ranges from $ 2,000 to $ 4,000. Do not stick the final invoice to your loved ones.

Sources: Etti Baranoff, Glenn Daily, Tony Steuer

Choose your life insurance contract

Once you hit a rough coverage figure, Steuer suggests letting your personal circumstances dictate whether to use a whole life (permanent) cash value policy, term life insurance, or a combination.

“One tactic I recommend is to separate planning for your spouse from planning for your children, as the timeframe for needing coverage may differ,” he says. “If you have a 15-year-old, you really only need a 10-year policy to follow the kid through college. But if you’re 45 and plan to work another 20 years, your non-working spouse will need at least a 20-year life insurance policy.

All three experts warn against siren song of cash-value life insurance products that promise big returns on your investment that you could reap while you’re still on this side of the lawn.

“This is one of the main reasons people buy too much,” says Steuer. “You want to eliminate all the distractors and meet your real need. Don’t expect something from your life insurance that you wouldn’t expect from other insurance policies.

Baranoff puts it even more succinctly: “Life insurance is for widows and orphans.

Frequently Asked Questions

What is the main difference between term life insurance and whole life insurance?

Term life insurance is purchased for a certain period of time, usually between 10 and 30 years. Whole life insurance does not have an end date like term life insurance. As long as you continue to pay your premiums and follow the carrier’s requirements, your policy should remain in force.

How Much Term Life Insurance Should I Buy?

Buying term life insurance is finding the right balance. Otherwise, you can under or overbuy the coverage. To decide on the best amount, Bankrate’s life insurance calculator can be helpful in figuring out what you need.

How to find the cheapest life insurance?

Many life insurance companies sell quality policies designed to meet your life insurance needs and fit within your current budget. To find the cheapest life insurance, get quotes from multiple insurers to compare. Make sure you compare similar products and the same amount to get the best (and cheapest) life insurance.

Final verdict

When you are diagnosed with cancer, having adequate life insurance in place can become a priority. You will have peace of mind knowing that your loved ones will benefit from financial security in the event of death.

With an excellent reputation for customer satisfaction and a range of life insurance policies including streamlined underwriting options, Mutual of Omaha is our overall choice for cancer patient life insurance. They should have an option suitable for most people who have been diagnosed with cancer.

The AARP deserved our top pick for Guaranteed Issuance Policies, because no matter what your health concerns are, they won’t deny your request. You will also have no worries about medical history or questions. However, you will need to be 50 years of age or older and want to join AARP.

If medical exams seem like a barrier to life insurance, look to United Home Life, our category leader for no medical exams. With a range of non-medical whole life insurance policies, they can be a good choice for someone with cancer.

Finally, Fidelity Life may offer term and lifetime options for people in remission, depending on your condition. If you don’t qualify for standard policies, they also have guaranteed issue options.

Faq

What is life insurance for cancer patients?

Life insurance is an agreement between you and an insurance provider that states that you will pay premiums to the insurance company, and if you die during the period of coverage, they will pay a death benefit to your beneficiaries.

Policies can be term or lifetime. Permanent life insurance provides lifetime coverage while term policies only cover a defined period (eg 20 years).

Term and permanent life insurance policies generally cover cancer. If a person dies of cancer during the period of coverage, the policy will pay the death benefit to the named beneficiaries.

Note that policies such as accidental death and dismemberment do not cover cancer; they only pay a benefit if you die from an accidental cause.

Can I buy life insurance after a cancer diagnosis?

If you don’t have a life insurance policy in place, it will likely be more difficult and more expensive to do after being diagnosed with cancer. However, each case is different and life insurance companies consider a range of factors if you have had cancer, including the type and stage of the cancer.

With many cancers, life insurance providers typically don’t accept policy claims for two to three years (or more) after your remission. Initial premiums will cost significantly more during this time, as this is when the company assumes the greatest risk for paying a policy. Over time, the risk of cancer recurrence decreases as does the cost of premiums.

You will need to authorize the insurer to contact your health care provider. They will ask you for your medical history, and these details could affect your policy. Some insurers will require a physical exam before considering your claim.

How Much Does Life Insurance Cost For Cancer Patients?

Usually, life insurance for someone who has had or currently has cancer is more expensive. These policies cost more because the insurance company cannot calculate your risk by analyzing your health data.

Also, you won’t have so many options available to you. Many insurance companies do not qualify you for term and whole life insurance policies, leaving you to choose from a limited range of guaranteed issue policies.

When can I buy life insurance as a cancer survivor?

You may find that life insurance companies are unwilling to issue policies for several years after remission, but over time the risk of cancer recurrence decreases, as does the risk of insurance companies. .

The insurer will likely ask many questions about your cancer diagnosis and treatment to establish the level of risk. They may ask you questions about the date of your diagnosis, your family history, the type and stage of cancer, and the treatment regimen. Expect that they will want to verify this information in your medical file.

Each provider has their guidelines, and some are more flexible than others. If you’ve been diagnosed with cancer, talk to several companies to find the one that’s best for you.

Methodology

We evaluated 21 insurance companies with suitable life insurance policies for cancer patients before choosing our top four picks. We took various factors into account in our assessment, including the cost of monthly premiums, the amount of benefits, and ease of application and purchase. Additionally, we looked at the company’s reputation and policy offerings.

We also looked at how easy it is to get a quote and whether people need to undergo a physical medical exam as part of the application process. Since customer satisfaction and financial stability are also relevant factors, we also looked at customer reviews and AM Best ratings before deciding on the best life insurance options for cancer patients.

Life insurance coverage is an essential aspect of a solid financial plan for most individuals and families. Having the right coverage in place provides peace of mind to the insured, as the life insurance company agrees to pay a fixed amount to beneficiaries in the event of death.

Life insurance companies offer many options, including term insurance and permanent insurance. With term insurance coverage, individuals have life insurance for a specific period of time and then the policy expires. This can be useful in keeping the cost of coverage low while providing protection for decreasing financial needs, such as a mortgage balance.

Permanent insurance coverage is the opposite, as long as the premiums are paid according to the policy agreement. Permanent life insurance also accumulates cash value in some cases, which can be used as additional savings in the future.

Regardless of the type of insurance coverage chosen, it is important that individuals understand the cost and benefits of a specific life insurance policy as well as the strengths or disadvantages of the company providing the coverage.

Read on to learn more about the coverage, costs, advantages and disadvantages of AARP life insurance.

On this page:

About AARP

The AARP is a national, non-profit organization that aims to help people over 50 understand their financial lives.

The company, founded in 1958, does not offer insurance directly to individual consumers, but instead partners with a national insurer to provide life insurance benefits to members of the organization. Currently, AARP provides life insurance coverage through New York Life. As a member of AARP, individuals have access to both term and permanent life insurance.

In addition to the Life Insurance Partnership, AARP offers several educational resources and services to its members. The AARP provides a comprehensive library of information on the health and well-being of the elderly, family care, retirement and work, travel and entertainment, and politics. The organization also offers discount programs through its membership arm, including savings on auto services, restaurants, shopping, and travel.

Overview of AARP life insurance

Cost

The AARP life insurance partnership through New York Life offers two main options for life insurance coverage, with costs depending on age, amount of coverage, state of residence and type of selected font.

For term life insurance coverage, a woman aged 60 to 64 has a monthly premium of $ 58 for $ 50,000 of coverage. The same age range for a man for the same amount of coverage is $ 94 per month.

The cost of this type of policy increases every five years, men aged 65 to 69 pay $ 128 per month, and men aged 70 to 74 pay $ 184 per month. Women aged 65 to 69 pay $ 81 per month and those aged 70 to 74 pay $ 141 per month.

The guaranteed whole life insurance offered by New York Life to AARP members has a different cost. 60-year-old women pay $ 128 per month for $ 25,000 of permanent coverage, while men of the same age pay $ 148 per month for the same amount of coverage.

Premium costs for term life insurance and guaranteed acceptance whole life insurance are slightly higher than those for insurance policies offered by similar providers.

Most Popular Coverage and Policy

AARP life insurance coverage options fall into three categories: term life insurance, guaranteed acceptance whole life, and traditional whole life insurance.

The Guaranteed Acceptance Policy is the most popular for AARP members because it provides permanent coverage, without medical examination, up to $ 25,000. Applicants must be aged 50 and 80 to qualify for this type of coverage, but it is guaranteed to stay in place as long as premiums are paid.

Term life insurance is also available without medical underwriting, with coverage between $ 10,000 and $ 100,000. Individuals must be aged 50 and 74 to qualify for the term life insurance policy. Coverage can extend up to age 80 provided the initial application was submitted before age 74. The cost of this type of policy increases every five years.

Whole life insurance is also available through New York Life for AARP members. This coverage provides up to $ 50,000 permanent cover with accumulation of cash value, and people aged 50 and 80 can qualify.

Conditions to be insured

While no medical exam is required for any of the three policy options available to AARP members, there are some health questions that need to be answered. Any major medical problem, such as cancer or heart disease, can prevent a person from obtaining coverage through a term policy or traditional whole life insurance policy. The whole life guaranteed acceptance contract does not require an answer to these health questions.

In addition to potential health issues, individuals are only eligible for the AARP life insurance program through New York Life if they are currently members of AARP. Membership in AARP requires a one, three or five year commitment, and the cost can be as low as $ 12 for the first year.

Additionally, applicants must meet age requirements to be eligible for the simplified underwriting insurance programs offered by AARP and New York Life.

Availablity

AARP life insurance is available in all 50 states. Other than age requirements, there are no restrictions on who can apply and who may be eligible for coverage.

Customer service

AARP is a well-known company that has an A + rating with the Better Business Bureau. New York Life also has an A + rating with the BBB, and the partner program has high ratings from AM Best, Fitch, and Standard & Poor.

Customer service with AARP is available from 7:00 a.m. to 11:00 p.m. (EST) Monday through Friday, while New York Life customer service is available from 8:00 a.m. to 8:00 p.m. (EST) Monday through Friday and 9:00 a.m. to 5:00 p.m. on Saturday. These extended hours allow AARP members to easily get in touch regarding coverage, payments or other policy questions and concerns.

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Final result

AARP is a strong, member-driven nonprofit, and its partnership with New York Life provides a simple and affordable way to obtain term or permanent life insurance coverage for AARP members. The initial cost of life insurance premiums may be slightly higher than that of comparable insurers, but this is in part because no medical underwriting is required. Individuals must first be members of AARP before inquiring about coverage through the New York Life Partner Program.