Officer Life Insurance: Aaa Discounts And Benefits

AAA offers a range of life insurance policies, including term, whole, and universal life insurance. The company provides a variety of benefits and policy options, such as no-exam policies and member discounts. AAA's term life insurance includes the Traditional Term policy and the ExpressTerm policy, the latter of which is a simplified issue with a faster approval process and lower coverage. While AAA's whole life insurance offers permanent coverage, it is limited to $25,000, making it insufficient for income replacement or large expenses. Additionally, AAA's universal life insurance policies, LifeTime and Accumulator, differ in their rates, ability to grow cash value, and flexibility in premium payments. Understanding the impact of life insurance on S corporations' accumulated adjustments account (AAA) is crucial. Per Rev. Rul. 2008-42, premiums paid by an S Corporation on employer-owned life insurance do not reduce the Accumulated Adjustment Account. This is because the nondeductible expense is related to tax-exempt income.

AAA life insurance premiums and the OAA

AAA Life Insurance Company offers a range of life insurance policies, including term, whole, and universal life insurance. Term life insurance is the most affordable option, with coverage starting as low as \$8 per month. This type of policy is designed to last for a predetermined length of time, usually between 10 and 30 years, during which the premium remains the same. Term life insurance benefits can be used to pay for various expenses, such as housing, a child's education, outstanding debt, and daily living costs.

Whole life insurance is a permanent life insurance policy that offers lifelong coverage. AAA offers simplified issue and guaranteed issue whole life insurance policies, both of which have a maximum coverage amount of \$25,000. The simplified issue policy is suitable for those who are concerned about passing a medical exam or need coverage quickly, while the guaranteed issue policy is designed for seniors and individuals with pre-existing conditions who have trouble qualifying for traditional coverage.

Universal life insurance is another type of permanent life insurance offered by AAA. There are two types: LifeTime and Accumulator. The LifeTime policy has level premiums and lower rates, making it ideal for those who want to leave an inheritance or money for their family after their death. On the other hand, the Accumulator policy has higher rates, greater ability to grow the policy's cash value, and more flexibility in premium payments, which is suitable for those who intend to use the cash value during their lifetime.

It's important to note that AAA members get a discount on certain policies, and the company offers no-exam alternatives for term and whole life insurance, although with limited coverage and higher rates. Additionally, AAA's term life insurance policies can be upgraded with a return of premium rider, which refunds the premiums paid if the policy term is outlived.

Regarding the impact of officer life insurance premiums on the Accumulated Adjustment Account (AAA) and the Other Adjustments Account (OAA), per Rev. Rul. 2008-42, premiums paid by an S Corporation on an employer-owned life insurance contract do not reduce the S Corporation's AAA. Similarly, life insurance proceeds received by an S Corporation on the death of an employee or director do not increase its AAA. This is because the nondeductible expense is related to tax-exempt income, and as long as the premiums are considered expenses related to tax-exempt income, they will not affect the AAA.

AAA's ExpressTerm life insurance

AAA Life Insurance Company offers ExpressTerm Life Insurance, a convenient and fast way to get life insurance coverage. ExpressTerm is an online application process that allows individuals to apply for life insurance from the comfort of their homes. The entire process can be completed in just a few simple steps, making it a quick and easy way to obtain the necessary coverage.

One of the standout features of ExpressTerm is the speed at which applicants can receive coverage. For those who qualify, coverage can be obtained in as little as 10 minutes, providing near-instant peace of mind. If additional information is required, a licensed medical professional will conduct a quick medical exam at the applicant's convenience. This exam can be scheduled at a time and place that suits the applicant, ensuring a hassle-free experience.

With ExpressTerm, individuals can choose their desired coverage amount and term period. Coverage amounts range from $25,000 to $500,000, and term periods of 10, 15, 20, or 30 years are available. This flexibility allows applicants to tailor the insurance plan to their specific needs and budget. Additionally, AAA members benefit from a 10% discount on their monthly premiums, making the option even more attractive and affordable.

The application process for ExpressTerm is straightforward and user-friendly. Applicants simply need to answer questions about their health and insurance needs, name their beneficiaries, review and sign the application, and provide payment details. If a health screening is required, it can be completed quickly and conveniently. This streamlined process sets ExpressTerm apart from traditional life insurance options, making it a compelling choice for those seeking simplicity and speed.

In conclusion, AAAs ExpressTerm life insurance is an attractive option for individuals seeking a quick and convenient way to obtain life insurance coverage. With its online application process, near-instant coverage, flexible coverage amounts and terms, and exclusive discounts for AAA members, ExpressTerm offers a modern approach to life insurance that prioritizes the needs and convenience of its customers. By choosing ExpressTerm, individuals can rest assured that they are taking a proactive step towards protecting their future and the financial well-being of their loved ones.

AAA's Traditional Term life insurance

AAA Life Insurance Company offers a range of life insurance products, including Traditional Term Life Insurance. This type of policy is designed to provide affordable coverage for individuals who want to protect their loved ones financially. Here are some key features and benefits of AAA's Traditional Term Life Insurance:

Coverage Options:

With AAA's Traditional Term Life Insurance, you can choose from a range of coverage options to suit your needs. The policy offers terms of 10, 15, 20, or 30 years, giving you the flexibility to select the duration that aligns with your specific requirements. In terms of coverage amounts, AAA allows you to choose from a wide range, starting from $50,000 up to $5,000,000 and beyond. This customization ensures that you can find a plan that fits your budget and provides adequate protection for your family's future.

Locked-in Premiums:

One of the standout features of AAA's Traditional Term Life Insurance is the locked-in premiums during the initial term period. This means that your insurance premiums will remain the same for the entire duration of the initial term, providing cost stability and predictability. With no unexpected increases in premiums, you can confidently plan your finances and ensure that your coverage remains affordable throughout the term.

Return of Premium Rider:

AAA also offers a Return of Premium (ROP) rider with their Traditional Term Life Insurance. This rider provides an added benefit—if you outlive the term of the policy, AAA will refund all the premiums you have paid. This feature ensures that you don't lose out financially if you don't need to make a claim during the policy term, adding extra value to your life insurance coverage.

Personalized Assistance:

When you opt for AAA's Traditional Term Life Insurance, you have the option to work with an experienced agent who can provide personalized assistance. This agent can guide you through the process, ensuring that you select the right coverage options and riders to meet your specific needs. They can also help you navigate the insurance landscape and make informed decisions about your policy.

Peace of Mind:

Ultimately, AAA's Traditional Term Life Insurance is designed to give you peace of mind. By providing valuable protection for your future and your loved ones, it helps safeguard your plans and aspirations. Whether it's covering housing expenses, a child's education, outstanding debt, or daily living costs, the benefits from this policy can ensure that your family has the financial support they need in your absence.

To summarize, AAA's Traditional Term Life Insurance offers affordable coverage with locked-in premiums, customizable term lengths and coverage amounts, and the added benefit of a Return of Premium rider. With personalized assistance from experienced agents and a focus on protecting your future, this policy provides peace of mind and helps secure the financial well-being of those you care about most.

AAA's Simplified Issue Whole Life Insurance

AAAs Simplified Issue Whole Life Insurance is a reliable, affordable whole life insurance policy that provides permanent coverage without the need for a medical exam. It is designed for individuals seeking lifelong coverage for final expenses, guaranteed premiums, and benefit amounts, as well as a simplified application process.

With this policy, you can choose coverage amounts ranging from $5,000 to $25,000, and your policy will accumulate cash value over time, guaranteed. The coverage is permanent, and your payments will not increase as long as they are paid on time. Additionally, you have the option to borrow against the policy's value, further enhancing your financial security.

Simplified Issue Whole Life Insurance from AAA is ideal for those who need lifelong coverage for final expenses. It offers peace of mind, knowing that your loved ones will be taken care of after you're gone. The guaranteed premiums and benefit amounts provide stability, and the absence of a medical exam simplifies the application process.

This policy is a good fit if you are seeking permanent coverage with guaranteed premiums and benefits, and you don't need more than $25,000 in coverage. However, if you require a higher coverage amount or desire flexible premiums, AAA offers alternative options such as LifeTime Universal Life and Accumulator Universal Life.

To summarize, Simplified Issue Whole Life Insurance from AAA offers a straightforward, affordable, and permanent solution for individuals seeking lifelong coverage for final expenses. With no medical exam required and guaranteed premiums, it simplifies the process of securing peace of mind for yourself and your loved ones.

AAA's Guaranteed Issue Whole Life Insurance

AAA Life Insurance Company offers Guaranteed Issue Whole Life Insurance, a permanent policy that helps secure your family's financial future. This simple, reliable coverage is available to those aged 45 to 85 and offers several benefits, including:

Quick and Easy Acceptance

With no medical exam or health questions required, you can get guaranteed acceptance if you are between the ages of 50 and 85. This makes it an ideal option for seniors or those with pre-existing medical conditions who may have trouble qualifying for traditional coverage.

Locked-in Rates

Once you are locked in, your monthly policy premiums will never increase as long as they are paid when due. The rates available to you will get higher as you age, so locking them in early preserves your best rate.

Up to $25,000 in Coverage

The Guaranteed Issue Whole Life Insurance policy offers up to $25,000 in benefits, which can help cover final expenses such as funeral costs or outstanding debts.

Peace of Mind for Your Family

This policy provides guaranteed lifelong coverage right away, giving you and your family peace of mind. Your beneficiaries will be taken care of, regardless of the cause or timing of your death.

AAA Member Benefits

AAA members and their spouses can save $60 per year on this policy. Additionally, after your policy has been in place for at least two years, you and your spouse will receive a free lifetime AAA membership.

Travel Accident Benefit

With the travel accident endorsement, your beneficiaries will receive double the payout if you die in a covered travel accident. This benefit is automatic and comes at no additional cost.

Graded Benefit Feature

The graded benefit feature ensures that your beneficiaries will receive the total benefit amount from day one for accidental death. If you suffer a non-accidental death within the first two years of coverage, your beneficiaries will receive 100% of the level monthly premiums you paid, plus 30%. After two years, the full amount of your coverage is paid, regardless of the cause of death.

Frequently asked questions