Term life insurance is ideal if you need affordable life insurance coverage for a specific number of working years—such as the years until your kids graduate from college or you pay off your mortgage.
AAA has two term life insurance policies: one available online and one you buy through an agent.
- You can get AAA ExpressTerm Life insurance online in as little as 10 minutes—although you may be required to answer some additional health-related questions. Coverage ranges from $25,000 to $500,000 and can be purchased in level term lengths of 10, 15, 20 or 30 years. While you can’t customize this policy with life insurance riders, you can access up to 50% of your own death benefit if you’re diagnosed with a terminal illness and have less than a year to live.
- AAA Traditional Term Life insurance may be a better fit if you’re interested in coverage amounts of $50,000 to $5 million or more. When you buy a traditional term life policy with an AAA agent there are several riders available including a return of premium rider that will give you a full refund if you outlive your policy term.
AAA Whole Life Insurance
Whole life insurance is more expensive than term life, but it builds cash value and provides lifelong coverage with fixed premiums for the life of the policy. AAA has two whole life insurance policies to choose from.
- AAA Guaranteed Issue is for life insurance buyers who want to avoid medical questions or exams and don’t need a large death benefit for your beneficiaries. It’s guaranteed to anyone ages 45 to 85 and you can choose a death benefit of up to $25,000. This policy has graded death benefits. That means if the insured person dies from a non-accidental death within the first two policy years, there will be no death benefit paid. Instead, beneficiaries will receive 130% of the premiums that were paid. This policy also comes with a travel accident endorsement that will double your death benefit if you die in a travel-related incident.
- AAA Whole Life Insurance has coverage ranging from $5,000 to $75,000. You must get a policy through an AAA agent, and you’ll be asked to complete a medical questionnaire if you’re buying $30,000 or more in coverage. Depending on your answers, you may also be required to take a medical exam.
AAA Universal Life Insurance
Universal life insurance offers permanent life insurance protection and the financial flexibility to make policy adjustments as their needs change. AAA has two universal life insurance policy options.
- AAA LifeTime Universal Life insurance is for buyers ages 18 to 85 who place more importance on the death benefit over building a lot of cash value. Expect a life insurance medical exam as part of the application. This policy builds some cash value and has steady, guaranteed premiums that don’t change.
- AAA Accumulator Universal Life insurance is designed to “accumulate” more cash value than AAA LifeTime. It’s available for almost any age—from 15 days old to 80 years old—and you can adjust the premiums as your needs change.
