For most people, thinking about their own mortality is not a pleasant experience. However, planning ahead can alleviate the burden on your loved ones of preparing your funeral arrangements and expenses. That’s where burial insurance comes in. One of the most well-known and reputable providers of burial insurance is AARP. In this article, we’ll explore all there is to know about burial insurance AARP and why it’s a smart option for seniors.
What is Burial Insurance AARP?
Burial insurance is a type of life insurance policy that is specifically designed to cover the costs associated with a funeral and burial. It is sometimes referred to as final expense insurance. Essentially, the policyholder pays premiums monthly or annually to the insurance provider, and in return, the provider will pay out a lump sum to the policy’s beneficiaries upon the policyholder’s death. Burial insurance AARP is a specific type of policy that is offered by the American Association of Retired Persons (AARP).
Founded in 1958, AARP is a non-profit organization that focuses on enhancing the quality of life for seniors. It offers a wide range of products and services to its members, and burial insurance is just one of them. AARP partners with New York Life Insurance Company to offer burial insurance policies to its members at reasonable rates.
The Benefits of Burial Insurance AARP
Here are some of the main benefits of choosing burial insurance AARP:
Benefits |
Description |
Guaranteed acceptance |
With burial insurance AARP, you do not have to undergo a medical exam or answer health questions to be eligible for coverage. As long as you are an AARP member between the ages of 50 and 80, you are guaranteed acceptance. |
Fixed premiums |
The premium rates for burial insurance AARP policies are fixed, meaning they will not increase as you age. This makes budgeting easier and provides peace of mind knowing that your premium payments will not become unaffordable. |
Quick payouts |
Upon your death, your beneficiaries will receive the lump sum payout from the policy within 24 hours. This allows them to quickly cover the costs of your funeral and burial without having to wait for weeks or months. |
Flexible coverage |
Depending on your individual needs and budget, you can choose coverage amounts ranging from $5,000 to $25,000. |
No cancellation |
As long as you continue to pay your premiums, your burial insurance AARP policy cannot be cancelled by the insurer. |
How Burial Insurance AARP Works
When you purchase a burial insurance AARP policy, you choose the coverage amount that you want. The amount you choose should be enough to cover the costs of a funeral and burial, as well as any additional expenses you want to include, such as outstanding debts or medical bills. The premiums you pay will be based on your age, gender, and coverage amount.
Once you pass away, your beneficiaries will need to submit a claim to AARP. They will need to provide a death certificate and any other documentation required by the insurer. The insurer will then pay out the lump sum within 24 hours of receiving the claim.
FAQ About Burial Insurance AARP
1. Who is eligible for burial insurance AARP?
Anyone who is an AARP member between the ages of 50 and 80 is eligible for burial insurance AARP. There is no medical exam or health questionnaire required for acceptance.
2. How much coverage can I get with burial insurance AARP?
Policyholders can choose coverage amounts ranging from $5,000 to $25,000, depending on their individual needs and budget.
3. How are the premiums for burial insurance AARP determined?
The premiums for burial insurance AARP policies are based on the policyholder’s age, gender, and coverage amount. The premiums are fixed and will not increase as the policyholder ages.
4. Can I cancel my burial insurance AARP policy?
As long as you continue to pay your premiums, your burial insurance AARP policy cannot be cancelled by the insurer.
5. How quickly will my beneficiaries receive the payout from my burial insurance AARP policy?
Beneficiaries will receive the lump sum payout from the policy within 24 hours of submitting the necessary claim documents to AARP. This allows them to quickly cover the costs associated with your funeral and burial.
Conclusion
Burial insurance AARP is a smart option for seniors who want to plan ahead and ensure that their loved ones are not burdened with the costs of their funeral and burial. The guaranteed acceptance, fixed premiums, and quick payouts make it an attractive choice. If you’re an AARP member between the ages of 50 and 80, consider contacting them to learn more about burial insurance policies.
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