| By :
Wendy Moyer
The American Association of Retired People (AARP) is an organization for women and men who are fifty years old and older. It sponsors a variety of products, usually available at substantial savings. Amongst these are life insurance policies. AARP life insurance is available to every AARP member who is between fifty and eighty years old. The policies are offered through New York Life. If you are considering life insurance, here are some tips to consider so that you can get the most out of your policy Purchasing Multiple Policies Even though you have to be an AARP member to be eligible for their life insurance coverage your spouse and grandchildren don't need to be members. And your spouse can be as young as forty five years old to be eligible. Grandchildren between three weeks and seventeen years of age could be covered under AARP's Young Start policy as well. How Much Coverage is Available? Benefits between $2,500 and $50,000 are available. As with other insurance policies, the amount of cover you apply for should be determined by the premium amount you're comfortable paying each month as well as your need. AARP offers both permanent life insurance policies as well as term insurance. In a nutshell, your beneficiaries will receive benefits for term life insurance only if you were to die within the term of your policy. Permanent life insurance policies, on the other hand, pay benefits as long as you continue to make your monthly payments. You can also build up a cash reserve in an AARP permanent life insurance policy that you can withdraw from before you pass away. The premiums for term life insurance policies are substantially less expensive than permanent life insurance policies. Things to Watch Out For Unlike some other insurance providers, AAAP does not require that you have a physical exam in order to be accepted for their life insurance coverage. And they do advertise that you will only have to answer three questions about your medical history in order for you to secure coverage. However, after you answer these questions you may need to provide additional information before a policy would be issued. Also, and hopefully this doesn't apply to you or your loved ones, but the American Association of Retired People won't pay any benefits on deaths that are ruled as a suicide within two years of a member initiating their policy. Instead, the premiums would be refunded to the beneficiary.
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