7 Easy Tips For AARP Life Insurance For Seniors

AARP Life Insurance for Seniors is a very popular plan and has been purchased by countless thousands of AARP members; however, like most life insurance plans for seniors, the plan can be expensive. So, whether you are considering a new policy, or already have coverage, here are some tips to help you lower the cost of your AARP life insurance policy plan.

 Choose a Term Life Policy

Instead of an expensive whole life policy, choose a much more affordable term life policy. While term life policies do not accrue cash value, they cost much less than whole life policies. Term life insurance was created for short term goals. It provides coverage for a short period of time which allows the payments to be lower on this type of policy.

Quit Drinking or Smoking

One of the easiest ways to reduce your AARP life insurance premiums is to quit drinking or smoking. Life insurance for seniors that smoke or drink can often be 30 to 40% higher than for people that do not. The longer that you are able to remain alcohol or tobacco free, the lower your rates will become.

Stay Away from Dangerous Sports

These days, seniors are more active than ever and many enjoy doing very dangerous things. For example, if you a scuba diver or skydiver, life insurance rates will be more expensive from any company - even AARP. Although you may enjoy a engaging in extremely dangerous sports, the resulting higher life insurance premiums may cause you to reconsider. Ask your insurance agent how not engaging in these types of dangerous sports will affect your premiums - you may be very surprised at how much you can save.

Know the Policy Rules

As with any type of life insurance policy, you should make sure that you understand the terms and conditions of the policy. Don't just assume that the policy provides coverage as soon as you purchase it - the policy may not provide coverage at all for a couple of years. So, make sure that you thoroughly review the policy contract and her understand all of the terms, conditions and exclusions.

Don’t Cancel Old Policies

If you have old whole life insurance policies, don't cancel them. You may have built up enough value in the old one whole life policy to convert it to a term life policy at no charge to you. Generally speaking, canceling a whole life policy will usually not result in much of a refund at all, and will usually wind up simply being a waste of thousands of dollars. Use the new term life policy in conjunction with your AARP term life policy to provide additional coverage.

Denied Coverage

Although the policy may be presented to you in a way that makes you believe that no one is turned down for the coverage, you should be aware that AARP does turn down people and deny coverage to some individuals. Coverage can be denied for a number of reasons - so you should contact AARP and ask about any special circumstances that may exclude you from coverage.

Can I be denied a life insurance policy because I don't earn enough?

When you are buying a life insurance policy, there are several reasons that you could potentially be turned down for a policy. If you have bad health or you are involved in a high-risk profession, this could make you uninsurable. However, your income should not play a factor in the company's decision as to whether you should receive a policy. As long as you are able to continue making your premium payments on time, they should not care how much money you make. They will pay more attention to your health and other factors in making their decision.

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