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Is AARP insurance smart for mom and dad?
Some question its high prices
Posted: 02/27/2013
If you are a senior, or have an older parent, you know that life insurance policies are no longer cheap when you are over the age of 65.
That's why many people have been turning to AARP for their life insurance. After all, they trust AARP.
But some new reports are questioning that trust.
Seniors Swamped by Offers
Is your mom or dad celebrating their golden years? Or are you entering retirement?
If so, you're probably inundated by mailings for annuities and life insurance. It can be overwhelming.
Enter the AARP, its reassuring name, and its 40 million members. It now offers its own branded term life insurance.
It's biggest selling point: No medical exam required. You just fill out a health questionnaire. What could be easier?
But critics, including some members of Congress and websites like ConsumerAffairs.com , say AARP is making a fortune off its insurance products, and say there are many cheaper options.
Doesn't That Stink?
So from the "doesn't that stink" file, finding you can get the same amount of life insurance form other companies for significantly less.
That's the claim of a new report by Consumer Affairs.com , which says the problem is that many seniors don't comparison shop the AARP plan. If they did, they could save hundreds of dollars over the life of the policy.
If you discover you have been overpaying for insurance, and you may say "doesn't that stink?"
There's nothing wrong with AARP life insurance: But if you run a comparison at insure.com or Insweb.com , you may find you can get more for less.
Not Bad....but...
The good news: The AARP vets all its programs very carefully, so you don't have to worry about being taken for a ride by a scammer. Its policies pay out as promised, and your money is in good hands.
But this may just be a reminder to do your own research, so you don't waste your money.
As always, don't waste your money.
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