Simple questions, but some complicated answers may lie ahead. Life insurance can be a hard decision to make. But don’t worry – we’re here with the lowdown on all your options, so you have an easy time doing research and choosing what’s right for you. You should start by asking yourself: How much coverage do I need? What type of policy would work best? And who am I buying this policy with? One question people often ask is whether AAA life insurance is legitimate. Is this company a good choice for your coverage?
AAA is a legitimate insurance carrier. The company’s financial stability is excellent. It sells a variety of universal, whole, and term life insurance policies. You do not have to be a member of AAA to purchase a policy.
Are you considering AAA life insurance? Then, you’ve come to the right place. We’ll take a look at what AAA life insurance is, its benefits and drawbacks, and whether or not it’s a legitimate option for you. Read on to learn more!
How Long has AAA Life Insurance Been Around?
AAA Life Insurance Company was established in 1969 by the AAA organization best known for roadside assistance and travel services. You can purchase term life, whole life insurance, and universal policies without being an official member of this prestigious club. Still, there are some savings if you’re one.
Who is the CEO of AAA Life Insurance?
Tim Condon is the AAA Financial Corporation’s president and CEO. AAA is a subsidiary of AAA Financial that provides life insurance, home insurance, auto insurance, motorcycle insurance, boat insurance, personal umbrella liability insurance, and other financial products to AAA members. Most AAA member services do not require extra cost to AAA members. AAA also sells its products online directly to non-members. AAA Financial is in Heathrow, Florida. In addition, AAA Life Insurance has call centers located throughout the country. AAA’s financial strength rating is A- (Excellent) by A.M. Best. AAA Life Insurance Company of Illinois’ financial strength rating is A++ (Superior).
What Kind of Life Insurance Does AAA Offer?
Permanent whole life, term life, universal life, guaranteed life, and accident insurance are just a few of the financial products that AAA provides. You can buy some policies over the Internet, or you may visit a representative in person. AAA offers a variety of term life insurance policies. Still, AAA Life Insurance is best known for its lifetime whole and universal life products. AAA has a variety of annuity products, including variable and fixed index annuities. In addition, AAA offers some mutual funds. AAA Financial is also an auto insurer, offering AAA members discounts on AAA member benefits.
What are the Benefits of AAA Life Insurance?
AAA Life Insurance certainly isn’t the cheapest life insurance carrier out there. But AAA does offer specialty life insurance policies that can fit your specific needs. For example, AAA offers term life coverage. This term life coverage is annually renewable. Term premiums provide more death benefits than whole life premiums paid under similar plans with other carriers at no additional cost. AAA’s universal life policy provides you with preferred rates on loans, withdrawals, and dividends. These loans, withdrawals, and dividends can help reduce your policy’s cash value accumulation. They will also still provide protection during your lifetime. AAA’s whole life insurance policies provide a cash value accumulation without any need for you to pay additional premiums during the accumulation years. Finally, AAA’s guaranteed life policy is an excellent choice if your health is not as good as it once was. These policies have no health questions but offer reduced benefits during the first two years of having the policy. You should avoid guaranteed issue life policies if at all possible. AAA has partnered with Policy Loans, LLC and National Life Group to offer AAA Life Insurance products loans.
AAA doesn’t have an excellent reputation when it comes to customer service. Still, they pride themselves on providing their customers with reliable protection and claims processing. AAA offers several unique benefits, including:
- AAA members receive a 5% discount off AAA Term Service-Owned life insurance premiums (AAA will provide you with a AAA membership card to show your AAA agent).
- AAA Term Service-Owned life insurance can be purchased online, or you can speak to an AAA representative over the phone. AAA provides free brochures via mail and on their website.
How Much Does AAA Life Insurance Cost?
AAA’s life insurance premiums are not cheap. Still, AAA does offer several discounts for AAA members that may help lower your premiums. You’ll also need to meet certain medical requirements to qualify for coverage with AAA Life Insurance Company. To get a quote on life insurance from AAA, contact one of their agents by phone or website. The information you provide determines your price quote. Keep in mind that AAA life insurance premiums are pretty high compared to other life insurance carriers.
Does AAA Have a Death Benefit?
If you die due to an accident, your beneficiaries will receive 100% of the base premiums you paid up to two years after your policy’s inception, plus 35%. After two years, your whole life insurance policy benefit will be paid in full due to death of any cause.
Does AAA Life Insurance Have Cash Value?
Premiums can be avoided and even accumulated using a policy from AAA Life, which offers a unique approach to accumulating cash value. Help safeguard your family’s financial stability and security with AAA Life.
The AAA Life Insurance cash value account earns a competitive interest rate, adding a layer of security for your loved ones. In addition, the money you pay towards your AAA Life Insurance premiums will accumulate over time with AAA’s unique approach to life insurance. In addition to traditional life insurance, AAA offers whole life insurance policies at competitive rates as term policies. In addition, the cash value can grow tax-deferred or tax-free depending on how long the policyholder chooses to keep their policy in force.
AAA Term is a good choice if you only need ten years or less of coverage. Once your AAA Term policy expires, you can convert it to an AAA Whole life policy (with no physical exam). This new coverage can provide coverage until you die or reach 100 years of age. To know whether AAA life insurance is right for you, speak to an AAA Life Insurance agent today.
How Do I Claim Life Insurance from AAA?
800-922-8228 is the phone number for customers of AAA Insurance. The claim process may begin by calling this number. First, fill out the necessary claim forms. To ensure the best possible outcome, you must include any documentation your insurance company requires. Providing correct information will help guarantee a smooth process and reduce any surprises down the line. To request a duplicate policy/certificate, a policy owner may call 1-800-684-4222.
What is the claims procedure? Forward claim notice to AAA Life Insurance Company, 17900 N. Laurel Park Drive, Livonia, MI 48152, fax it to 1-888-223-1509, or email claimssvc@aaalife.com. AAA life insurance policies can be claimed by a family member or AAA representative in the event of a claim. AAA also offers online tools and resources to help you file a claim. AAA provides several life insurance policies, including term and whole life. AAA even provides many riders for your AAA life insurance policy to help you customize your coverage.
Does AAA Charge a Late Fee?
AAA does not charge a late fee in many instances. However, if you don’t pay premiums on time, AAA may cancel a policy in states where a time limit is not required. They may do this after any applicable grace periods have expired.
When AAA Life Insurance Cancels a Policy What Happens to the Cash Value?
AAA life insurance policies are guaranteed renewable, so the insurance can’t cancel the policy as long as premiums are current. AAA does, however, recommend that policyholders “review their coverage every 12 months and take action if your life situation has changed or needs have evolved.”
What Should I Do if My Premiums Are Due?
However, AAA recommends that you work with an AAA customer service representative to help smooth any issues to avoid cancellation. AAA may waive the missed payment fee if only one month late, but not if more than one payment has been missed. In addition, AAA recommends that you mail your premium payments in because “automatic withdrawals are subject to processing delays.”
What Happens when AAA Life Insurance Needs My Medical Records?
AAA life insurance will pay claims after a policyholder’s death, as long as all premiums have been paid. However, AAA might require original medical records or other information to be sent in before paying a claim. If you send in medical records for this purpose, AAA does not promise to return them.
Can You Pay AAA With Credit Card?
The American Automobile Association (AAA) accepts Visa, MasterCard, Discover, American Express credit cards, and debit cards. Checking account payment is also available through the AAA’s direct deposit option. AAA customers can also pay AAA with money orders, personal checks, AAA vouchers (gift cards), AAA credit card gift cards, AAA travel card gift cards (for AAA Plus members only), AAA member reward dollars (only available to AAA Plus members), or via paper check.
Can You Get Life Insurance at AAA?
AAA provides guaranteed issue whole life insurance with a coverage limit of up to $25,000. Those between 45 and 85 are automatically eligible unless the policyholder dies within the first two years. Suppose the insured passes away due to an accident before their policy has ended. In that case, AAA may not pay out the entire amount.
Life Insurance AAA Reviews
NerdWallet gave it a 3.5-star rating. However, customers had mixed feelings about AAA’s policies. Many customers praised AAA for quick response times. In contrast, others reported that staff seemed unprepared when they could finally get in touch with someone after waiting days or weeks. Additionally, AAA offers life insurance coverage without blood work or a physical exam, which some customers love. Still, others said it made it difficult to compare prices because AAA did not match competitors’ rates if their policy required these steps.
AAA Life Insurance Policies
To be eligible for a long-term policy from AAA, you must complete medical inquiries and agree to a possible examination. Depending on your age, you may be able to get a policy for anything from $50,000 to more than $5 million. To get life insurance without going through a medical examination, AAA offers ExpressTerm, which entails answering health questions (AAA may require a health examination in some cases). Your policy’s coverage levels range from $25,000 to $500,000. Online purchasing is available for ExpressTerm plans.
Traditional and ExpressTerm life insurance have 10-, 15-, 20- and 30-year coverage durations, respectively. As a result, AAA members may save up to 10% on premiums if they combine traditional term life with other types of insurance.
How Long Does AAA Take to Send a Settlement Check?
After achieving a resolution, it may take up to 6 weeks for the insurance carrier to submit a check. AAA sends an eligibility letter with everything needed to file a claim and receive a settlement check for any covered policyholder who has passed away. The eligibility letter includes contact information and related forms that. You will want to fill out these forms fully and accurately as soon as possible. In addition, the insurance agency may have an expedited process available, so a claim review is processed as quickly as possible. However, the process may take longer if AAA needs to review the documentation and ensure all required materials are received or complete before proceeding.
