Definition: Whole-life insurance with AARP (AARP Life Insurance) refers to an insurance policy that guarantees coverage for the entire duration of your life, including death.
In the context of whole life insurance, "whole" means the whole package, which includes all of your personal assets and liabilities in one lump sum payment when you retire or die. "Life" is the period during which the policyholder's income will be calculated on a monthly basis until they reach age 75. AARP Life Insurance guarantees coverage for this entire life span.
Whole life insurance with AARP provides a structured investment opportunity that combines the benefits of traditional life insurance with the flexibility of AARP Life Insurance, offering many benefits such as:
1.
Life assured
: The policyholder receives cash from their monthly pension benefit, which is guaranteed to pay out if they die.
2.
Monthly income
: The policyholder's monthly income remains constant until they reach age 75, when it pays out the full amount of the policy.
3.
Death benefit
: Upon death, the policyholder receives a fixed death benefit amount.
In addition to its financial benefits, whole life insurance with AARP also offers several other benefits such as:
1.
No premium tax
: No premiums are assessed on your contributions or withdrawals once you reach age 75.
2.
Variable income
: The policyholder can choose the amount of income they receive each month based on their individual circumstances and contributions.
3.
Flexible investment options
: Whole life insurance with AARP offers a variety of investment options that offer diversification and growth potential.
It's important to note that whole-life insurance policies are generally not a replacement for traditional life insurance, which provides guaranteed cash flows. Depending on your personal financial situation and goals, you may consider both options to ensure the best coverage and protection for your needs.
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