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NYLAARP life insurance might not be best for you. Now, I am not saying that AARP is bad nor the insurance company that sells the insurance for AARP, which is New York Life, but the insurance they call NYLAARP offers one-size-fits-all, overpriced, no-medical-qualification products that consumers need more education on prior to purchasing.For this reason, we have posted several company reviews, such as Primerica Life Insurance, New York Life Insurance or Banner Life, for your review before making your final decision.
Like most consumers, I consider myself a frugal frank, a guy who likes to make sure I am not being sold a bad deal. I think the same when I work for clients like you. I like to make sure as an independent broker I am always shopping for affordable life insurance for my clients.
Many feel they they have no other option because of their current health situation or their activities being high risk such as needing smokers life insurance, but there are other options that I can help you with.
AARP is a good non-profit organization designed to build value and savings from group buying power and to be a watchdog for the best interests of retired people. Since most looking at NYLAARP are shopping for life insurance over 50, there is more need to protect this sector with education and, more importantly, options to help shop.While I value any attempt to insure more people, the products that are sold through AARP life insurance doesn’t seem to be good for the masses and only good for a select few, here are some important facts you should know before buying life insurance from AARP life insurance rates.
The life insurance products that AARP chose to market is not necessarily in the best interest of the masses.
This is the product that most consumers show interest in mainly because there are no requirements to qualify. There are no medical exams, no medical records, no research into medical past. But the catch, If you were to go to their website like I did to get this info @ www.nylaarp.com there are no benefits the first two years, which means the policy wont pay a claim if the insured dies in the first two years of the policy. Also the prices are not fixed, and rates can change at any time. Basically the only type of person who should consider buying this is someone who cant qualify otherwise, then with the costs so high, it really doesn’t make sense to buy it at all.
If you read the fine print of many of the life insurance products NYLAARP sells, many, not all, increase premiums in some increment, and the crazy part is they don’t detail exactly what the increase will be right out in the open. Life insurance premiums should either be level for a period of time 10-30 years or level and or fixed for life. Consumers should never buy something for the long haul and not know exactly what their costs will be. I have never heard of a consumer buying a house or car with the cost being level this year only, with the future payments increased at some undisclosed number.
Life insurance is based on risk. The healthier you are the more affordable life insurance is. If you buy life insurance without a physical and or medical question(s) you are agreeing to buy it at below average health, and or risk. If you are sick or really unhealthy then the no exam option might be an interesting option to consider, regardless a consumer should always shop. If you are looking for life insurance over 50 and you are diabetic or have high blood pressure you are still healthy for the purpose of insurance underwriting and therefore can qualify for better rates.
If every consumer knew that an independent life insurance broker was free and could help shop rates from most carriers, then insurance brokers would be every consumer’s best friend!
Now, I am kidding with the best friend stuff, but seriously – I am a broker, I shop 90 + companies to find the best deals for my clients. I can’t speak about how other brokers operate, but I have no bias. I want to get my clients the best deal with the best company. Now that you know so much, why haven’t we spoken yet?
If you are looking for the best deal on life insurance, consider consulting with an independent broker like me! Click the button below for a free, no-risk, no-obligation quote and start saving money on your life insurance today.
AARP life insurance rates may be high, will you find a better rate? | Goldsmith Insurance