For the benefit of the group’s members, New York Life Insurance Company offers a variety of plans through the AARP Life Insurance Program.
With more than 37 million members, the AARP represents the interests of senior citizens. Although anyone can join, life insurance is only available to people 50 and older. AARP Services Inc., a taxable subsidiary of the nonprofit, generates revenue through the sale of insurance and other goods it recommends.
- New York Life, which underwrites AARP life insurance policies has good financials and third-party ratings
- Options for no-exam term and permanent life insurance policies
- Final expense insurance is available
- Easy to get a quote and submit an application online
- Most policies have low coverage limits
- Only three policy types available
- Must be an AARP member to purchase coverage
AARP life insurance policies
The AARP program offers permanent and term life insurance with simplified underwriting, which means applicants must just respond to health-related questions rather than a medical examination in order to be eligible. Additionally, whole life insurance is available through the scheme, with universal acceptance. Only AARP members and their spouses may apply for insurance, although anyone who is at least 18 years old may join at that time by paying the $16 annual membership fee.
Term life insurance : Term life insurance is available to AARP members aged 50 to 74 and their spouses aged 45 to 74, and the policy can provide coverage up to age 80. Although the death benefit remains constant throughout the course of the policy, the annual premium goes up every time the covered individual moves into a new five-year age bracket. Candidates cannot tell with certainty how much they will pay for insurance in later age bands because the costs are not guaranteed. Before the age of 80, a term life insurance policy may be changed to permanent coverage. Age will determine the costs for permanent insurance. The $10,000 to $150,000 (or $100,000 in Montana and New York) in coverage amounts offered by the AARP term life insurance can be increased by calling New York Life. Applicants answer a few health questions and provide other health information, but do not have to take a life insurance medical exam.
Guaranteed acceptance whole life insurance: AARP members and their spouses who are between the ages of 50 and 80 are eligible to apply for guaranteed acceptance whole life insurance. Acceptance is certain, and no health-related inquiries are necessary for approval. However, if the insured passes away within the first two years of the policy, just a portion of the death benefit (110% of the premiums paid in most states) is paid out. For an accidental death, the full benefit is given starting on the first day of coverage. The advertised amount of coverage is up to $25,000, however larger alternatives for coverage are available by calling New York Life. Not all states offer guaranteed acceptance for full life insurance.
Whole life insurance:Members of AARP between the ages of 50 and 80, as well as their spouses, may apply for whole life insurance. Although you can cease paying premiums after the policy is deemed paid up, the annual cost remains flat and coverage lasts the entirety of your life (typically at age 95). The online application offers coverage up to $50,000, but higher amounts are available by phoning New York Life. Acceptance is determined by the responses to a few health-related questions.
Customer feedback and satisfaction from AARP
According to a NerdWallet review of information from the National Association of Insurance Commissioners, over the course of three years, AARP has received fewer complaints from state regulators than would be anticipated for a business of its scale.
In J.D. Power’s 2021 U.S. Life Insurance Study, which looked at customer satisfaction across 21 companies, AARP placed ninth overall.
AARP life insurance login – www.nylaarp.com login You need life insurance for your spouse (wife/husband), family (children/relatives) or for