January 14, 2016

Is AAA Life Insurance a Good Deal?

I received an offer in the mail to buy AAA group life insurance.    The rates are pictured to the right.

That image is probably too small to read as shown but I'll cite some example prices.

$300k of coverage rates :

18-34 year old male (non-nicotine user) for $31.24 per month.
40-44 year old female is $31.57
50-54 year old male nicotine user at $266.92
70-74 year old female at $416.34

I went to Term4Sale.com to get some example quotes and this is the cheapest option from A+ rated insurers :

20 year old male for $14.70 a month
34 year old male at $15.66
40 year old female $17.82
44 year old female $25.93
50 year old male nicotine user $182.86
54 year old male nicotine user $266.85
74 year old female gave no options available.

Pretty much across the board, the AAA group rates are higher for the age groups I looked at.
Of course the quotes on Term4Sale are based on good health so your exact rate may differ depending on the details.   The AAA insurance offering does say they don't require an exam and they only as a few basic health questions.    AAA does also have options for people in their 70's which I didn't find on Term4Sale.  

It pays to shop around for this kind of thing.


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