Don't Waste Your Money: Compare life insurance policy prices - Toledo News Now, Breaking News, Weather, Sports, Toledo

Don't Waste Your Money: Compare life insurance policy prices

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(Toledo News Now) -

If you are 40 years old, you can get a term life insurance policy for next to nothing these days, but if you are over 65, it's a lot harder and a lot more expensive. Which insurance plan should you choose?

If you are a senior, or have an older parent, you know that life insurance policies are no longer cheap when you reach the age of 65. That's why many people have been turning to AARP for their life insurance. After all, they trust AARP. But some new reports are questioning that trust.

Seniors Swamped By Offers    

Is your mom or dad celebrating their golden years? Or are you entering retirement? If so, you're probably inundated by mailings for annuities and life insurance. It can be overwhelming.

Enter the AARP, its reassuring name, and its 40 million members. It now offers its own branded term life insurance. It's biggest selling point: No medical exam required. You just fill out a health questionnaire. What could be easier?

But critics, including some members of Congress and websites like Consumer Affairs, say AARP is making a fortune off its insurance products, and say there are many cheaper options.

Doesn't That Stink?

So from the "doesn't that stink" file comes finding you can get the same amount of life insurance from other companies for significantly less.

That's the claim of a new report by Consumer Affairs, which says the problem is that many seniors don't comparison shop the AARP plan. If they did, they could save hundreds of dollars over the life of the policy. 
    
There's nothing wrong with AARP life insurance, but if you run a comparison at insure.com or Insweb.com, you may find you can get more for less.

Not Bad, But...

The good news: The AARP vets all its programs very carefully, so you don't have to worry about being taken for a ride by a scammer. Its policies pay out as promised, and your money is in good hands.

This may just be a reminder to do your own research, so you don't waste your money.

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