New York Life must be on a revenue generation mission. My latest AARP magazine had an advertisement for their AARP group term insurance with an increased limit I hadn’t seen before. You can now “add to your family’s financial security with up to $100,000 in affordable life insurance” through this overpriced, hideous excuse for senior advocacy. Oops. Let my feelings out again.
We’ve run the numbers on $50,000 when that was the max and in previous posts found out just what a horrid deal they are offering. Now they want to double your pain. I just wonder how in the world spending far too much money for something “adds to your family’s financial security?”
If AARP and New York Life are anything, they are consistent. They have used the bully pulpit of advocacy for the elderly for as long as I can remember to pad their pockets. It amazes me 1. How they can do it with a clean conscience and 2. How they can do it legally at all? It seems to me if you turned someone in that was going door to door preying on the elderly selling a total rip off life insurance product they would be out of business in no time and probably sitting in a prison somewhere thinking up their next sick scheme.
The truly sad part about this is that AARP has the attention of most of the elderly in this country, not because they’ve done them well, but because they have branded themselves into our minds. They could sell good, fairly priced products and probably do better than they are right now because they would pull in a whole group of people who are too savvy to fall for their current game. They could do the right thing and win too.
Bottom line. The only way I can see this whole thing getting any worse is if Suze Orman goes on Oprah and comes up with some pea brain reason why it’s a good idea.