May 21, 2022
  • May 21, 2022

2021 AAA Life Insurance Review • Get Quotes • Benzinga

By on August 9, 2021 0


Life insurance pays a benefit to the people or organizations you designate after your death. It can help pay for funeral expenses, fund education costs for children or grandchildren, make up for lost income, support charities and more. The people or organizations that receive the product are called beneficiaries, and you designate 1 or more beneficiaries when you purchase a policy.

You may need different amounts of life insurance at different times in your life. For example, a single person may only need enough to cover final expenses and leave with loved ones. Someone who owns a home and cares for dependents may want enough to pay off a mortgage, make up for lost income, and cover education costs and other supports for their family.

AAA Life Insurance Company offers several types of insurance to meet your needs.

Term insurance

Term insurance is a simple type of life insurance. You are covered for as long as you pay your premiums and until the end of the policy. The rate is the same for the term of the policy. For example, a 10-year term insurance policy has the same premium and the same amount of coverage for 10 years.

At the end of the term, you may have the option to renew, but you may pay a higher rate depending on your age at the time of renewal. You may also be able to convert the policy to a whole life insurance policy.

AAA offers ExpressTerm Life, which you can request online. It has terms ranging from 10 to 30 years and offers up to $ 500,000 in coverage if you qualify. It also offers traditional term life insurance, which you must apply for through an agent. This option provides coverage of up to $ 5 million or more and has terms of 10 to 30 years.

Whole life insurance

Whole life insurance has level payments for your entire life. It also creates a cash value, against which you can borrow or receive if you decide to surrender or terminate your policy.

AAA offers 2 whole life insurance policies: whole life insurance and guaranteed issue whole life insurance.

Whole Life is available with death benefits of $ 5,000 to $ 75,000, and you must apply through an agent.

Guaranteed issue whole life insurance is available with a death benefit of $ 5,000 to $ 25,000. It is accessible to people aged 45 and over. During the first 2 years of validity of the contract, your beneficiaries receive the entire benefit in the event of accidental death.

If it is not an accidental death, your beneficiaries receive all the premiums you have paid plus 30%. After the policy has been in place for 2 years, the AAA Life Insurance Company pays the entire death benefit regardless of the cause of death.

You can purchase a guaranteed issue whole life insurance policy online, by phone, or by mail.

Universal life insurance

This type of policy offers more flexibility than whole life insurance. The policy has a savings component that accumulates the cash value. You can usually change your premiums or even stop paying temporarily as long as you have enough cash value to pay the minimum policy premiums.

AAA offers 2 types of universal life insurance policies. Both must be purchased through an agent. The universal life insurance policy is designed to provide a larger death benefit and a minimum cash value. The Accumulator universal life insurance policy is designed to build cash value faster.

Annuities

AAA also offers annuities, which are another type of insurance policy. They are not life insurance, but they are similar in that you can designate a beneficiary to receive the balance of your pension upon your death.

Annuities allow you to convert your premium payment into guaranteed income for life. Some annuities start your income immediately, while others allow your premiums to rise and you may decide to start receiving income later.

AAA offers 3 annuities:

  • EliteGuarantee deferred pension: With this option, you make a one-time premium payment. It grows with a guaranteed interest rate for 3 years. After that, you can renew your annuity based on the prevailing interest rates.
  • Platinum Bonus Annuity: This annuity allows you to contribute at any time, and it offers a guaranteed interest rate with a bonus for the 1st year.
  • Guaranteed income annuity: With this annuity, you make a one-time premium payment and start receiving income.

Accident insurance

Accident insurance is another type of insurance offered by AAA life insurance, and it is available exclusively to AAA members. It offers a cash benefit if you are injured or die in an accident. You don’t need to answer any questions about your health to qualify, and you can purchase the policy over the phone or by mail.

AAA life insurance offers several options for getting in touch. If you buy a policy through an agent, they can help you. You can also call 1-888-422-7020 for assistance. You can live chat with customer service from the customer support page of the AAA life insurance company website.

AAA life insurance has term life insurance policies starting at around $ 8 per month. This rate is for a 35-year-old woman in excellent health who does not use tobacco. Life insurance rates are based on your age, gender, health, and habits, so you can pay more. You will also pay more for whole life insurance than for term insurance.

Although AAA is competitively priced, the best way to find the most affordable policy for you is to get quotes from multiple insurance companies.

The AAA Life Insurance Company offers a range of life insurance options so you can find the right policy whatever your current needs. Its policies also have several optional add-ons available, including:

  • Term insurance for children: term insurance on each eligible child.
  • Waiver of premiums in the event of disability: paid life insurance policy if you are totally disabled.
  • Accidental death: an additional death benefit if you die from an accidental death.
  • Travel accident: an additional death benefit if you die while traveling.

The options available vary depending on the insurance policy.

AAA Life Insurance Company has a comprehensive website that offers advice on types of life insurance, how much to buy and more. However, only certain policies are available to buy online. And although AAA has a mobile app, it does not support AAA life insurance. Its mobile application is intended for AAA members and only supports home and auto insurance.

AAA Life Insurance vs. Competitors

Here’s how AAA stacks up against its competition.

The AAA Life Insurance Company offers a wide range of coverage. They have options that will suit most people. You can’t buy all of its fonts online, which will be a drawback for some. There is also no mobile app for life insurance. If you are looking for life insurance, it is worth getting quotes from the AAA, especially if you are a member of the AAA.

Frequently Asked Questions

What does AAA term life insurance cover?

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What does AAA term life insurance cover?

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Melinda Sineriz

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AAA term life insurance pays a benefit to your beneficiaries if you die while the policy is in force. It offers temporary coverage up to $ 5 million if you qualify.

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Benzinga

Does AAA life insurance have a cash value?

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Does AAA life insurance have a cash value?

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Melinda Sineriz

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AAA whole life insurance policies have a cash value. AAA universal life insurance policies can build up cash value if you pay enough premiums. If you are considering a universal life insurance policy, your agent can advise you on the amount of premiums you need to pay to have cash value.

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Benzinga

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