When you’re in your golden years debts like your mortgage, car loans, and credit cards are usually a thing of the past. However that’s not always the way it works out.
The mortgage is not always paid off, your credit cards are still loaded up and you still have to pay that car off. On top of that you may still want to be able to pay for your funeral expenses, and even provide a little extra to your loved ones as well.
However their is another problem being older now may have caused several major health issues now like heart problems, high cholesterol, and other health issues. With your higher age and preexisting health conditions it may be hard for you to find a life insurance company that will even cover you.
Their is an answer though, Guaranteed Acceptance Life through the AARP which is a life insurance for the elderly program. In this article I am going to cover what this policy will do, the benefits and some of the down sides.
What Is Guaranteed Acceptance Life
AARP life insurance for elderly people has some of the best life insurance for aging seniors and the Guaranteed Acceptance life insurance policy through New York Life is no exception.
First off this policy gives you up to $15,000 of coverage and you don’t need to take a medical exam or even answer any medical questions. You cannot be turned down for this policy.
On top of that men can sign up between the ages of 50 to 80 and women can sign up as early as 45 and as old as age 80. Also rates will not increase just because you get older, the premium will not change at all, and you can keep the policy as long as you want or until you pass away. This policy also has a nice paid up feature which means if you pay up the age of 95 you will no longer have to deal with anymore premium payments and you can keep the policy till you pass on.
Finally, once you get the policy and if for some reason you don’t like it you will be able to cancel the policy at any time within the first 30 days and your premium payments will be refunded back to you.
Down Sides To This Plan
As good as the AARP life insurance for older people is I should warn you about some potential down sides to this policy. The first problem is that their is an exclusion on this policy which says that if you commit suicide you will not be covered for this policy. This is a typically exclusion found on almost all life insurance policies.
The second down side to this policy is that their is a two year rule which says that if you die from natural causes within the first two years of owning this policy they will not cover you.
The reason they have this rule is because they want to prevent people from gaming the system. If you were to be on your death bed and you paid only one payment and died tomorrow you would be able to get the benefit without contributing much in premium payments. On the other hand if you were to die in an accident of some kind you would still be awarded the full death benefit.
Is Guaranteed Acceptance Life For You
After reading this article you may have a lot of questions about this policy and my want to learn more if so you can check it out here at New York Life. If you would like to learn about some of the other programs that AARP life insurance for seniors offers you can check that out here as well at affordable life insurance for the elderly.
Till Then,
Chris
