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Are looking for affordable life insurance for older poeple?  You might be thinking were can I possibly buy life insurance when I’m retired and don’t have a job anymore.  The answer is the American Association of Retired People ( AARP).

In this article I’m going to cover 3 different policies that the AARP offers through New York Life and the benefits of each one.

Term Benefit Life

The first policy they offer is a term benefit life policy that will cover up to $50,000.  On top of that you don’t need to take any kind of medical exam and only have to answer a few basic questions in order to receive coverage.

They also offer extra term benefit life as well which will offer $50,500 to $100,000 of coverage.  However in order to apply for either policy you can only be between the ages of 50 and 74 and coverage can only last as long as age 80.

Permanent Life

Next you have permanent life insurance which is offers up to $50,000 of life insurance coverage.  This policy is different than the last one in that this policy will never expire and will last as long as you live.  You will only have to answer a few medical questions and will have no medical exams such a physicals or blood draws.

Since this policy is a permanent life insurance policy and not a term policy you will also have a cash value built inside the life insurance which will allow you to save extra money as well.

Guaranteed Acceptance Life

Finally, their is guaranteed acceptance life insurance which I believe is the best life insurance for elderly people since you don’t need to take any medical evaluation or questioning because everyone is accepted no matter what.

That’s right, everyone who signs up for this policy is guaranteed up to $15,000 worth of life insurance coverage as long as you live.  To be accepted though you much apply between the ages of 50 and 80.    However their is one downside to this policy and that is what is known as the 2 year rule.

This rule says that if you die within the first 2 years of owning this policy because of natural cause you will receive less than the benefit owed.  The reason they do this is because they don’t want people to sign up a few days before they die to only make one payment and get the full benefit.  So to prevent this from happening they created the two year rule.

To close this article I also want to mention that each of these policies also come with a 30 money back guarantee that if your not happy  with it for any reason just contact the company and they will refund you the full amount.  So check the AARP life insurance today.

Low cost auto insurance is another concern that elderly people have who may still be driving.

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