AAA Life Insurance Company Review


Rating: 8.8 / 10 (Excellent)
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How is AAA rated?
8/10
Financial Strength
10/10
Customer Experience
9/10
Policies
8/10
Flexibility
9/10
Help and Support
9/10
Online Presence

Founded in 1969, AAA Life Insurance Company has been providing life insurance and annuity products for the last 45 years. The company, based in Livonia, Michigan, currently offers term, whole, and universal life insurance to over 1,200,000 policyholders. Their website allows potential clients the possibility of purchasing life insurance in as little as 10 minutes, with no medical examination required, as well as affordable and customizable, fully underwritten policies with up to $5,000,000 in coverage.

Company Reputation

AAA Life Insurance Company has a solid financial reputation and has been doing business for the past 45 years. The company, although not accredited, carries a Better Business Bureau rating of A+.

Fidelity Life Association’s Financial Strength Ratings:

Standard and Poor’s

n/a

Moody’s Rating

n/a

A.M. Best FSR

A-

Fitch Ratings

n/a

Policies

AAA Life Insurance Company offers a variety of term, whole, and universal plans, as well as accident insurance and annuities, that can be customized to meet individual clients’ needs. The company offers quality products that are geared towards customer comfort and satisfaction, even providing in-home medical examinations when their policies require it.

ExpressTerm

TERM

Issue Age

18-75

Terms

10, 15, 20, 25 or 30 years

Coverage Limits

$50,000-$250,000

Application

Online

Benefits

Up to 50% of benefits early when diagnosed with less than a year to live

Free lifetime AAA membership for spouse if the policyholder dies during coverage term

Savings

Up to $60 per year for AAA members

Optional Riders

Child Term

Accidental Death

Medical Exam

Not required

 

Traditional Term

TERM

Issue Age

18-75, coverage ends at 95

Terms

10, 15, 20, 25 or 30 years

Coverage Limits

$100,000 to $5,000,000+

Application

With an agent

Benefits

Members may qualify for home/auto insurance discounts

Up to 50% of benefits early when diagnosed with less than a year to live

Option to convert

Premiums

Premiums stay the same until initial term period ends, after which they increase each year

Optional Riders

Child Term

Disability Waiver of Premium

Return of Premium

Travel Accident

Medical Exam

Required, in-home exam

 

Return of Premium

TERM

Issue Age

18-65, coverage ends at 95

Terms

15, 20, 25 or 30 years

Coverage Limits

$100,000 to $5,000,000+

Application

With an agent

Benefits

Members may qualify for home/auto insurance discounts

Up to 50% of benefits early when diagnosed with less than a year to live

Builds cash value over time

Option to convert

Premiums

Premiums stay the same until initial term period ends, after which they increase each year

Optional Riders

None

Medical Exam

Required, in-home exam

 

Simple Whole

WHOLE

Issue Age

From 15 days to 80 years

Terms

Permanent coverage

Coverage Limits

$5,000 to $250,000

Premiums

Premiums stay the same until age 100, after which they are no longer required

Application

With an agent

Benefits

Accumulates cash value over time

Members may qualify for home/auto insurance discounts

Up to 50% of benefits early when diagnosed with less than a year to live

Optional Riders

Child Term

Disability Waiver of Premium

Accidental Death

Travel Accident

Medical Exam

Not required

 

Guaranteed Issue

WHOLE

Issue Age

From 15 days to 80 years, acceptance guaranteed between the ages of 45 and 85

Terms

Permanent coverage

Coverage Limits

Up to $250,000, graded benefit the first two years.

Premiums

Premiums stay the same until age 100, after which they are no longer required

Application

By mail or over the phone

Benefits

Accumulates cash value over time

Annual policy fee waived for AAA members and spouses

Savings of up to $60 a year

Optional Riders

Travel Accident Endorsement

Lifetime Membership after 2nd year

Medical Exam

Not required

 

LifeTime

UNIVERSAL

Issue Age

From 15 days to 80 years

Terms

Permanent coverage

Coverage Limits

From $25,000 to $5,000,000+

Guaranteed level premiums

Premiums stay the same until age 100, after which they are no longer required

Application

With an agent

Benefits

Accumulates cash value over time

Up to 50% of benefits early when diagnosed with less than a year to live

Members may qualify for home/auto insurance discounts

Optional Riders

Child’s Term

Disability Waiver of Premium

Accidental Death

Medical Exam

Required, in-home

 

Accumulator

UNIVERSAL

Issue Age

From 15 days to 80 years

Terms

Permanent coverage

Coverage Limits

From $25,000 to $5,000,000+

Premiums

Premiums stay the same until age 100, after which they are no longer required

Application

With an agent

Benefits

Accumulates cash value over time

Up to 50% of benefits early when diagnosed with less than a year to live

Members may qualify for home/auto insurance discounts

Optional Riders

Child Term

Waiver of Monthly Deduction

Additional Insured

Accidental Death

Guaranteed Purchase Option

Primary Insured

Lifetime Membership Benefit

Medical Exam

Required, in-home

Additional Features

Depending on the policy of your choice, AAA Life Insurance Company offers the following optional riders:
Child Term
Accidental Death
Disability Waiver of Premium
Return of Premium
Waiver of Monthly Deduction
Travel Accident Endorsement
Lifetime Membership

Help and Support

AAA Life Insurance Company offers their customers online as well as over-the-phone support, and provides them with helpful online resources to help them understand and choose between coverage options. Customers may also reach the company by fax or written correspondence.

AAA Life Insurance Company – Final Thoughts

AAA Life Insurance Company is a good choice for life insurance if you are looking for a comprehensive range of customizable coverages that give you the option of taking the medical exam --when required-- from the comfort of your home. Their ExpressTerm product is something few other companies offer, which is a plan that can be purchased completely online, without the medical exam requirement. Although lesser-known, the convenience and variety of their products gives AAA Life Insurance Company an advantage over the competition.

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