If you have people in your life who you love and care about, then chances are that you may need life insurance. Even if you don't have anyone who is dependent on you financially, the proceeds from a life insurance policy could be used for any number of purposes, such as the payment of funeral and other final expenses, and/or the continuation of a business that is owned.
Before you commit to purchase a life insurance policy, there are several factors to consider. These include getting the right type and amount of coverage, as well as to ensure that the insurance company you're considering purchasing coverage through is strong and stable from a financial standpoint.
You also want to make sure that the insurance company has a positive reputation for paying out its claims to its policyholders. One insurance provider that has a long-standing positive reputation in the industry and that provides an array of life insurance coverage to choose from is AAA.
The American Automobile Association - also known simply as AAA - is a federation of motor clubs throughout North America that provides its members with numerous products, services, and discounts on a myriad of items. This association was founded in 1902, in Chicago, Illinois, and today the entity has grown to more than 56 million members in the United States and Canada.
AAA is a not-for-profit corporation, and in addition to providing various products for purchase, the entity also provides a great deal of education on travel, driver safety, and other important issues to consumers. The company and its affiliated clubs also work with government at all levels in order to ensure that the public's interests are represented in highway and automobile safety, infrastructure, travel and tourism, energy, and environmental policies.
Today, AAA has in excess of 1,100 offices that are located around the U.S. and Canada, and the company offers its services via a network of more than 40,000 full-time employees. To become a member, individuals and businesses must pay a yearly membership fee. This fee can range from $21 each year up to $96, depending on the services that are desired.
AAA now encompasses a number of different divisions, including:
AAA Life Insurance Company provides high-quality life insurance products, along with customer support. And, based on an independent life insurance beneficiary study that was conducted by LIMRA (a life insurance research organization), AAA Life Insurance Company received the highest overall satisfaction score for its claims practices in 2015, among eight major life insurance providers.
The life insurance arm of the AAA entity was started in 1969, and it is headquartered in Livonia, Michigan. This AAA arm has the primary purpose of offering life insurance protection, as well as retirement annuities, to its customers. The company's sales and service center, which is located in Omaha, Nebraska, serves AAA members across the United States.
The AAA Life Insurance Company, customer service center, has received high accolades for the service that it provides. And, based on a recent survey, more than 95% of the company's customers were satisfied (or better) with their experience with AAA Life.
The company offers fully underwritten insurance products via licensed insurance agents who are located in the Omaha call center, and in AAA branches nationwide. AAA Life Insurance Company also offers simplified issue life insurance products online and through the mail. Today, AAA Life Insurance Company has over 1.2 million active policies. The company is known for its financial strength, as well as its positive outlook for the future.
Due to its strong financial footing, as well as its timely payment of policyholder claims, AAA Life Insurance Company has earned high ratings from the life insurer ratings agencies. This includes a rating of A- (Excellent) from A.M. Best Company (as of August 2017).
In addition, even though AAA Life Insurance Company is not an accredited company of the Better Business Bureau (BBB), the BBB has given the company a grade of A+. This is on an overall grade scale of A+ through F.
Over the past three years, AAA Life Insurance Company has closed out a total of 26 customer complaints (of which 11 were closed out within the past 12 months). Of the total 26 complaints, 13 had to do with problems with the company's products and/or services, seven had to do with billing and/or collection issues, and the remaining six complaints were related to advertising and/or sales issues.
Term life insurance is considered to be "pure" life insurance coverage. That is because these policies offer death benefit protection only, without any cash value or investment build up. Because of that, the premium that is charged for term life insurance is often quite affordable - especially if the insured is young and in relatively good health at the time he or she applies for the policy.
Just as its name implies, term life insurance is purchased for a set period of time, or "term." These term lengths can usually range from one year, up to 30 or more years. Depending on the policy that you choose, AAA term life insurance purchasers can opt for a variety of terms, such as ten years, 15 years, 20 years, 25 years, and 30 years.
There are two term life insurance plan options that are offered through AAA. These are the Express Term Life Insurance policy, and the Traditional Term Life Insurance policy. Each of these offers various benefit advantages.
With the Express Term policy, there are only a few health questions to answer on the application for coverage, and there is no medical examination required for coverage approval. The coverage on this policy can range from $25,000 up to $250,000 - and the amount of this coverage will remain level throughout the term of the policy. The premium will also remain the same over this time period.
The Express Term Life Insurance plan has various term lengths that range in five-year increments, starting with ten years, and going up to 30 years. In addition to having affordable premiums, those who are AAA members can save additional money by having no policy fee each year. This equates to an annual savings of at least $60.
AAA also offers the Traditional Term Life Insurance policy. Applicants for this plan may be able to choose coverage from a minimum of $100,000 up to a maximum of $5 million (or possibly even more). The term lengths that may be chosen here are ten years, 15 years, 20 years, 25 years, or 30 years - and the premium amount, as well as the death benefit coverage, will remain the same throughout the chosen time frame.
In order to qualify for the AAA Traditional Term Life Insurance policy, it is required that an applicant for coverage answer several medical/health related questions. Also, a medical examination is required for underwriting purposes.
With both of the term life insurance plans that are offered by AAA, there is a 31-day money back guarantee. This means that if you change your mind about the coverage, and you do so within the first 31 days after approval, you can cancel the coverage and receive a refund of the premium that was paid in.
Although it is considered to be "temporary" coverage, a term life insurance policy could be a good solution for a number of needs, such as:
In addition to term life insurance coverage, AAA offers a wide range of other products and services to its customers. For example, the company provides several types of permanent life insurance coverage, too.
With a permanent life insurance policy, there is both death benefit protection and a cash value or investment component. These types of policies will typically remain in force for the remainder of the insured's lifetime (provided that the premium is paid). In many cases, the premium amount that is due will also stay the same throughout the years.
The cash in the cash value component of a permanent life insurance policy is allowed to grow tax-deferred. This means that there is not tax due on the gain unless or until the money is withdrawn.
Through AAA, customers can purchase whole life insurance and/or universal life insurance. A whole life insurance policy is the most basic of permanent life insurance coverages to choose from. Here, the return that is attained on the cash value is set by the insurance company. Also, the amount of the death benefit will typically remain the same.
Universal life insurance coverage is somewhat more flexible in that the policyholder may - within certain guidelines - change the timing of the premium's due date. They may also decide how much of their policy premium will go into the cash value and how much will go towards funding the death benefit insurance protection.
There are many other products and services, as well, that can be purchased through AAA. These include the following:
In addition, AAA also offers a number of discounts and rewards. Just some of these include:
Shopping for term life insurance can require a bit of research to ensure that you are heading in the right direction regarding type and amount of coverage and that you are buying from a top-notch insurance carrier.
When seeking the best policy and premium rate, it can be extremely beneficial for you to work in conjunction with an independent insurance agent who can show you different alternatives, side-by-side. From there, you can decide which will work the best for you and for your budget.
If you are ready to take a look at the life insurance coverage and premium that you may be eligible for, we can help. We are an independent life insurance brokerage, and we work with many of the top life insurance carriers in the marketplace today. We can provide you with all of the key details that you need for making a well-informed term life insurance buying decision.
We can do this for you quickly and easily, and without you having to meet in person with a life insurance agent. If you are ready to begin the process of protecting those you care about, then all you need to do is just simply fill in the quote form on this page.
Should you find that you still have any additional questions or concerns regarding the purchase of life insurance coverage - or even if you just happen to have a question about life insurance in general - please feel free to call us directly via phone. Our life insurance experts can be reached toll-free at 541-400-9040.
We understand that the purchase of life insurance can seem a bit overwhelming. However, this process can be made so much easier when you are working with an ally on your side. So, contact us today - we're here to help.