Via the Consumerist, Bloomberg reports today in AARP's Stealth Fees Often Sting Seniors with Costlier Insurancethat AARP collects hundreds of millions of dollars annually from insurers who pay for AARP's endorsement. $497.6 million was added to the premiums charged to AARP members according to AARP's financial statement.
"One AARP member found out through rate shapping that his AARP car insurance rate was twice the average.
A New York Life $50,000 permanent life insurance policy for a 65-year-old man available through AARP costs $286.17 a month, Maurer found. He says the same man can buy a $50,000 policy for 51 percent less from Cincinnati-based Columbus Life Insurance Co."
Tuesday, January 6, 2009
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