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Life Insurance Concern
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Scams & Fraud
Life Insurance Concern
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I recently got s life insurance proposal from New York Life...the one that's advertised everywhere. I read my flyer and was concerned about the paragraph that said coverage ended at age 80. so I calle
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Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:b90a5c24-5453-42fa-b1f5-851b8a98e4aa
Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:b90a5c24-5453-42fa-b1f5-851b8a98e4aaDiscussion:4d988bdd-8f22-46e3-b50c-fdf1502de975
Forums » Money » Scams & Fraud » Life Insurance Concern
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Life Insurance Concern
posted at December 28, 2012 5:13 PM EST
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Posts: 1
First: December 28, 2012 Last: December 28, 2012 |
I recently got s life insurance proposal from New York Life...the one that's advertised everywhere. I read my flyer and was concerned about the paragraph that said coverage ended at age 80. so I called the number in the letter, asked what that meant, and what happened after that. The first person I spoke to hesitated and didn't appear to know the answer and then said I would probably get all my money back. She had no definite answer. So I called AARP and the representative that answered transferred me back to New York Life. I got a different representative this time. I asked him what happens after age 80? Everything stops, he said. All the years of paying premiums are gone...If I die one day after my 80th birthday my family doesn't get the money "to cover final expenses" as the ads say. If I paid for 50,000 of life insurance my family gets nothing if I don't die before 80!! I'm concerned that AARP endorses this. Does anyone else find this disconcerting? |
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Re: Life Insurance Concern
posted at December 28, 2012 9:39 PM EST
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Posts: 1921
First: November 27, 2011 Last: April 13, 2013 |
Perhaps you should look into another type of policy - Term insurance is just that - you buy it for a specific term or time period. Term insurance is the most affordable. If you die within the term of the contract the insurance pays - once the term is over, there are no more premiums and no more coverage. You could get a whole life policy or some sort of annuity that will pay off at any age but they are much more expensive and should be considered as part of an investment plan for the long term. If you are trying to find something that will cover those final expenses - you could save for it and do some pre-planning. |
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Re: Life Insurance Concern
posted at December 28, 2012 10:27 PM EST
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Posts: 12
First: January 8, 2010 Last: January 14, 2013 |
In Response to Life Insurance Concern: I'm concerned that AARP endorses this. Does anyone else find this disconcerting? Posted by bnewalt[/QUOTE] I'm also disconcerted that AARP who is the champion of the 50+ sector would endorse robbery like this. They should do better than merely provide a caveat emptor for the products they stand behind. |
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Re: Life Insurance Concern
posted at December 28, 2012 10:34 PM EST
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Posts: 18
First: March 24, 2012 Last: April 1, 2013 |
All the life insurance offers in the AARP Bulletin look like poor value to me. Depending on your age, you are supposed to pay hundreds of dollars a month for coverage that only pays $50,000 if something happens to you. That may sound like a lot in 1960's dollars but won't pay for much today. Balanced against the roughly $36,000 in premiums you might have to pay from the age of 50 to the age of 80 when the life insurance goes poof and disappears, this policy looks like a bad deal. I think we should decline this "Exclusive AARP Member Benefit." The "You Can't Be Turned Down Guaranteed $15,000 in Affordable, Permanent Life Insurance" also looks like a poor value for the same reasons. $15,000 won't pay for anything these days. The ad won't tell us how much the premiums are, but you can bet they aren't a bargain. I sometimes wonder what AARP cares about more, its advertising revenue or its members? |
Forums » Money » Scams & Fraud » Life Insurance Concern
