About AARP Short Term Life Insurance
AARP short-term life insurance can be purchased by senior citizens through the AARP Web site to cover final expenses for a specified coverage period. Work with an insurance agent to understand the coverage of short-term life insurance with advice from a licensed life and health insurance representative in this free video on insurance.
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This is John Pinelli, financial representative talking to you today about AARP short term life insurance. The AARP, American Association for Retired Persons will offer some short term or term life insurance policies through their organization. Now these insurance policies are backed by New York Life Insurance Company and they can be purchased through the AARP website. Typically the benefits to purchasing some of these policies will be that it is easy to obtain coverage, minimal underwriting terms of getting medical exams, requesting medical records, documentation, etcetera so they make it fairly easy to obtain the coverage and often times it's done on a pre-approved basis. Typically the amounts of coverage will range from about 2,000 to maybe 50,000 dollars in coverage so it's a fairly small amount and it's aimed at generally just covering things like last final expenses, funerals, burials, etcetera that can be burdensome on some families and cause them financial duress or strain. The problem with the short term life insurance policies is that the AARP is targeting 50 plus, 50 year old plus people so these are basically senior citizens for the most part that are being sold these short term policies that may not eventually provide the benefit in the event of their death. Where they may outlive the term of the policy, their policy may no longer be in force and they will not receive any sort of benefit even though that they've been paying into the policy. And it's important to understand the downfalls of this because these insurance policies are sold to these senior citizens and they may potentially not provide any benefit and in addition to that, the senior citizen may not know exactly the terms of the policy that it will expire at a certain date and they don't have the benefit of having an agent or someone to work with who can explain the terms of the policy. They're simply working through the online brokerage through the AARP. So I would say it's important to work with somebody who can explain these terms to you and really helps you understand exactly what it is you're paying for when you're buying life insurance. This has been John Pinelli, financial representative talking to you today about short term life insurance from the AARP.