AAA built a reputation for dependability through its auto club offerings. Then, in 1969, AAA Life Insurance joined the family, thereby giving you not only a vast array of discounts through its automobile offerings, but affordable term life insurance policies as well.
AAA earned an A.M. Best Rating of A-, making it the fourth highest rated insurance provider. This indicates the healthy financial outlook of AAA. Therefore, if you are looking for affordable life insurance policies with a financially sound company, AAA could be the right fit for you.
AAA Life Insurance Offerings
Similar to other insurance providers, AAA does have a wide variety of life insurance products ranging from term to universal life insurance. For the sake of this review, we will look at the multiple term life insurance options/riders available, and what some of the perks of each one are:
- Term with Return of Premium: This is a rider you can add to any term life insurance policy. How it works is you sign up for this service by making a payment –specified by AAA, then making timely payments on your life insurance throughout its term. Once you accomplish this, you can receive back all the premium payments you made at the term's end. For this rider, there are flexible terms available, including 15, 20, 25 and 30-year coverages. Moreover, the coverage amounts for this policy can go as low as $100,000 to as high as $10,000,000.
- Traditional term life insurance: This is basic in that you work with an insurance specialist from AAA to complete the application process. For the traditional term, the coverage amounts range from $100,000 to $5 million. There are also flexible terms of 10, 15, 20, 25 and 30-years, to provide you with the right coverage for your needs. Another unique benefit is you can renew the policy up to 95 years of age. This policy also comes with your choice of adding the return of premium rider, as well as the children's term rider, where you can add up to $20,000 of protection for each of your children. You also have the option to add the disability waive of premium. With this, if you become disabled under terms in the rider, you will continue to have coverage while forgoing payments.
- ExpressTerm Life Insurance: This option is for you if you want a no-hassle way to buy life insurance. How it works if you can apply for coverages up to $250,000 online with terms ranging from 10 to 30 years. You have guaranteed level payments that make it easy for you to budget the policy amounts. Moreover, this policy comes with a 31-day money back guarantee.
AAA Life Insurance - How to Apply
Applying for a life insurance policy with AAA differs depending on what type of policy you want to do. For example, if you opt for the ExpressTerm Life Insurance, then you can do everything online, without the need to consult on the phone with AAA nor will you have to do a medical exam. For these reasons, it's an attractive option to consider because you can fill out the application and within minutes, have financial protection for you and your loved ones.
If you decide to go the more traditional route, then you will have to speak with a licensed insurance agent. While this will be a more time-consuming process, it's important to note you will have access to an insurance professional, who will be able to address any questions you have to ensure you receive the proper level of protection. In addition to this, you might have to undergo a medical exam as part of the application process.
Rest assured that this exam is free to do and won't be time-consuming. Moreover, it also provides you with an opportunity to receive your medical results, which in some cases could alert you to undetected health issues.
AAA Insurance Benefits
AAA has many things going for its life insurance policies that make it a more attractive choice than other providers. For example, the ability to renew the coverage up to 95 years of age, makes it a much better option than providers like AIG Direct, who caps your maximum age of renewal at 70. For this reason, alone, AAA is a great choice for seniors who need life insurance.
AAA allows you to access funds in the event you become terminally ill and have less than 12 months to live. With this, you can borrow up to 50 percent of your policy's payout – with a maximum cap at $500,000- which can give you financial protection to pay for a wide variety of things from medical to funeral expenses.
AAA Life Insurance Drawbacks
AAA has licenses to sell in all states aside from New York. This means if you are a resident of New York, you won't have the ability to access to AAA's outstanding life insurance products.
AAA Insurance Tools and Resources
Similar to other providers, AAA does have excellent educational resources and tools on its website. One of the most unique is its needs analysis calculator. With this tool, you enter information such as your current assets, liabilities, final expenses and emergency fund – money you want to set aside for loved ones. Once you do this, the calculator compiles this information to provide you with a total. This total shows you how much life insurance coverage you need to be based on your finances/financial needs.
AAA Life Insurance Customer Service
AAA has a customer support feature on its website, where you can find answers to common questions and have access to download forms you might need. In addition, it also has where you can contact a member of its staff via phone or email with any questions you have.
Customer reviews and company reputation are two great ways to determine whether or not you might enjoy a AAA Life Insurance plan. On the Better Business Bureau, AAA is an Accredited Business with an A+ score. Trustpilot, a website that ranks companies purely from customer reviews, rates AAA a 6.4/10. Keep in mind that the experiences of one customer are not representative of the company as a whole, but it is important to spot potential issues you may have with the company early nonetheless.
AAA Life Insurance Review Recap
AAA offers an exceptional array of life insurance products at affordable prices. Its rider options are great in they give you more options to customize a policy that is right for your family. Moreover, with an excellent financial reputation, you can have confidence in knowing AAA is a great choice for your life insurance needs.