The Ultimate AAA Life Insurance Company 2024 Review
Written by Daniel Ray, Life Insurance Expert |
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Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you are looking at AAA Life Insurance Company and you are reading this, it means you are probably sitting at home on a Friday night wondering what the hell to do. We all know that feeling. But I have found the answer! You can be killing two birds with one stone by watching your favorite show while browsing through some of the best AAA life insurance company reviews online.
All of these companies will provide you with reliable quotes and information on their plans so that you can pick which one suits your needs best! So go ahead and grab a drink, get comfy in bed or take off those shoes because we’re about to dive into this ride together!
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Who Is AAA Life Insurance Company
One of the first insurance companies, AAA Insurance Company has been in business for over 100 years.
The company began as The Automobile Club of St. Louis and grew quickly across Missouri opening regional offices throughout its state. Even at a young age, Harry S Truman sold many memberships prior to pursuing his military career (and later presidency).
One major innovation that set this organization apart was their roadside service program introduced back in 1911! The company continued to grow and expand throughout the next several decades. It absorbed many smaller auto clubs in 1969, becoming a part of AAA that offers both life and annuity products today with its large insurer status.
AAA Life Insurance Reviews
AAA Life Insurance Company is headquartered in Livonia, Michigan, and provides its customers with both savings for the future as well as protection of their assets.
The company has been involved in several community efforts over the past decade including raising money or other support to serve people fighting cancer, diabetes, heart disease, Alzheimer’s Disease Association & American Heart Association.
Life insurance quotes are available on the website, by phone, or in-person with an agent.
The company is known for its outstanding customer service to policyholders who can expect information regarding their coverage through any of these means.
AAA Company Ratings and BBB Grade
AAA Life Insurance is one of the top-rated companies in its industry with a rating of A-, and it has closed 18 complaints through the BBB over three years.
At the end of August, there were 18 complaints against this company. Eighteen complaints had to do with product and service issues; five were about advertising/sales problems; another five were billing or collection related at that time.
What type of life insurance does AAA offer
With a term life insurance policy, the insured pays premiums to receive coverage from AAA Life Insurance Company for a specific period of time. If you pass away within that timeframe, loved ones and survivors will be paid out according to your plan’s terms.
A permanent life insurance policy not only protects your loved ones but also offers a greater payout. It continues beyond retirement age without requiring further premium payments, differing from policies that provide temporary protection against mortality risk (loss).
Term Life Insurance Coverage
A term life insurance policy, which is a type of pure death-benefit protection plan for an individual or family that expires after a set period. There are several types available via AAA including:
Term with Return of Premium
A return of premium policy covers individuals for amounts ranging from $100,000 to over $1 million.
These plans cover the insured throughout their entire life along with additional premiums paid to receive money back at the end if they survive long enough.
Traditional Term Life Insurance
Life insurance is an option to cover your family in case anything happens.
Choose from 10, 15, 20, or 30-year coverage terms with a minimum $100K death benefit. Enjoy stable premiums with no increases for the product’s lifespan.
You can convert this traditional term product into a permanent form if desired.
AAA Express Term Life Insurance
One of the most unique features of AAA Life Insurance Company is that they are available online. They offer coverage from $25,000 to 250,000 in term lengths with 10-30 years being available.
Also, 18-75-year-olds can apply for one of these many amazing products!
AAA Permanent Life Insurance Coverage
There are two types of life insurance options that AAA offers: whole and universal.
Whole life plans have fixed premiums and build cash value over time, returning it after death. They can be costlier than other forms due to this savings component.
Universal policies do not have any money accumulating in them; instead, this policy is good to purchase if you want a cheaper form without growing an internal fund like with whole-life or term/limited payouts where all return goes towards beneficiaries upon death.
Simplified Whole Life Insurance
A whole life insurance policy is easy to obtain and only requires the answering of a few health questions.
This plan allows for early access if diagnosed with a terminal illness, and has coverage between $5,000-$25K.
Guaranteed Acceptance or Graded Benefit Whole Life Insurance
The guaranteed issue plan suits individuals aged between 45 and 85 well. The policy offers coverage without any medical exam or health questions, while also guaranteeing the premium rates.
AAA Universal Life Insurance Coverage
AAA offers two types of universal life insurance: the Accumulator Universal Life and the LifeTime Universal Life policy.
With these policies, there is more flexibility than with whole life as it pertains to premium payment options and where those premiums go.
In fact, you can either accumulate cash value or use up all your money each year on coverage for yourself (Accumulator) versus earmarking a set amount every month toward paying off loans over time through the interest that accumulates (LifeTime).
Other Insurance and Financial Products Offered By AAA
AAA Life Insurance Company not only provides life insurance but also annuities. With an annuity, you can save for retirement in a tax-advantaged way with the added perk of providing income during your retirement years so that money will never run out!
An immediate annuity is an insurance contract that provides you with a constant stream of income. You can either deposit your own cash or roll over money from another retirement account such as 401(k)s and IRAs to purchase one.
Once the funds are in, they will begin paying out immediately after which point they provide steady monthly payments for life without ever needing additional premiums paid into them again unless otherwise specified by law.
Deferred annuities provide a way to build up savings over time. Inside the annuity, funds can grow on a tax-deferred basis which lets them compound exponentially in value.
Then at some point, you will begin receiving income from it like with a personal pension plan. The unexpected nature of accidents makes them a risk to take.
Accident insurance from AAA Life Insurance Company can help provide financial support in the case that an accident occurs, which is why it’s beneficial for anyone who faces this type of situation.
Key Benefits Offered By AAA Life Insurance Company’s Accident Insurance
The benefits of AAA Life Insurance Company’s accident insurance coverage include:
Hospitalization
The AAA plan covers an insured individual for up to $375 per day for non-travel-related accidents and up to $1,500 per day for travel-related accidents. These benefits may also cover 365 days of hospitalization due to such incidents.
Recuperation
A recuperation benefit on the AAA accident plan can offer up to $1,500 per day in benefits that will help with recovering from a travel-related or non-travel-related accident.
The insurance pays these benefits for 365 days if someone is prematurely released from hospital care due to financial concerns following an injury.
ER and Urgent Care
If you hold the AAA accident policy, it allows for an annual benefit of $1,500 for emergency room and urgent care received during travel-related events.
Additionally, this insurance plan permits the use of up to $375 per year for non-travel-related events.
Loss of Life Do to Accident
The loss of life can be devastating, but if it occurs while the insured is traveling on a regularly scheduled airline flight they may receive up to $500,000.
The insurance company may pay a $250,000 benefit for accidents that cause loss of life when the insured drives or rides in a private car (or truck), motorcycle, or a self-propelled motor home.
This would also apply even if he/she had been traveling as a fare-paying customer on public transportation such as train(bus), airplane(air taxi) and this amount has no minimum age requirement.
FAQs
AAA offers several types of life insurance policies:
– Term Life Insurance: Coverage for a specific period with the option to convert to permanent insurance.
– Whole Life Insurance: Permanent coverage with a fixed premium and cash value accumulation.
– Universal Life Insurance: Flexible premium and coverage amounts with a cash value component.
AAA Life Insurance policies often come with the option of member discounts, fast application processes, and some policies may not require a medical exam.
AAA Life Insurance is generally rated well in terms of financial stability, indicating its ability to pay out claims. It’s advisable to check the latest ratings from independent rating agencies for up-to-date information.
Yes, non-AAA members can purchase life insurance policies from AAA Life Insurance Company, though AAA members may have access to additional benefits or discounts.
Evaluate your insurance needs, consider the type of policy that best suits those needs, compare premiums, and review any additional benefits or riders offered.
AAA is known for its customer service and efficient claims processing. They offer various channels for customer support and claim submission.
Yes, AAA offers various riders like accidental death benefits, waiver of premium for disability, and term conversion options, depending on the policy.
AAA is known for its user-friendly application process, with online quotes and streamlined application procedures for many of its life insurance products.
While AAA offers competitive policies, it’s always advisable to compare their offerings with other life insurance companies to ensure you find the best policy for your specific needs and budget.
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Conclusion
You might be surprised to find that there are actually a lot of life insurance companies that offer better policies than AAA life insurance companies.
But by considering your needs and budget, you can get affordable coverage from the right company for you! We’ve compiled a list of some top-rated companies, so check them out and see if they have what you need by filling out the form on the right.
If not, we recommend calling us to compare rates with multiple providers on one call. Ready? Let’s go! Get Quote!
