AARP Life Insurance Review
AARP Life Insurance policies are some of the most expensive on the market today.
Although AARP provides many benefits to its members, we strongly suggest exploring your other options before making a policy purchase.
AARP Life Insurance Overview
- All policies are underwritten and issued through New York Life
- Policies available : Term, Whole Life, & Guaranteed Acceptance
- No medical exam for all policy options
- Up to $100,000 in term coverage & $50,000 Whole Life
- Ages 50 to 80
- Two year waiting period on guaranteed acceptance policies
- Some of the most expensive policies on the market
AARP Life Insurance Program Through New York Life
AARP is not a life insurance company. Therefore, they do not issue or underwrite their policies. Instead, they have partnered with the New York Life Insurance Company to provide an exclusive offer for AARP members.
While an ‘exclusive offer’ sounds great, the policy options are less than ideal primarily because New York Life has some of the highest premium rates on the market today.
Life Insurance Options Through AARP
Members of AARP have three life insurance options. One term, and two whole life options.
Level Benefit Term Life
- Ages: 50 – 74
- Coverage Amounts: $10,000 to $100,000 in protection
- Coverage Period: Protection expires age 80
- Rates: Increase over time
- No Medical Exam: There is a medical questionnaire & MIB background check – not everyone qualifies
Term life insurance is best suited for younger, working-aged individuals to guard against early death. Older individuals are primarily seeking whole life coverage.
The AARP term life insurance policy expires at age 80, and the rates increase over time. Neither of which is a good thing. While this policy may fit specific individuals, we strongly suggest looking elsewhere.
Permanent Whole Life
- Ages: 50 – 80
- Coverage Amounts: Up to $50,000 in protection
- Coverage Period: Never expires, last a lifetime
- Rates: Rates are fixed & are guaranteed never to increase
- No Medical Exam: Medical questionnaire & MIB background check – not everyone qualifies
The AARP whole life insurance policy provides guaranteed funds to help reduce or eliminate end-of-life expenses.
New York Life is not very friendly towards individuals in poor health; therefore, we suggest individuals with pre-existing medical conditions look for more favorable companies.
Easy Acceptance Life Insurance
- Ages: 50 – 80
- Coverage Amounts: Up to $25,000 in protection
- Coverage Period: Never expires, last a lifetime
- Rates: Rates are fixed & are guaranteed never to increase
- No Medical Exam: & No health questions whatsoever
The AARP Easy Acceptance Life Insurance policy is provides guaranteed coverage for all individuals aged 50 – 80. You cannot be turned down due to health reasons.
There is a two year waiting period before the full death benefit is available. Therefore, if you die within the first two years, your beneficiary receives back all premiums paid plus a small additional percentage.
AARP has one of the most expensive guaranteed acceptance policies on the market. Many other providers offer lower rates and higher coverage amounts. We strongly suggest exploring other providers for more attractive policies.
Do AARP Members Get a Discount on Life Insurance?
We have already pointed out that buying life insurance from AARP is expensive. Despite the high rates, many members still believe they are receiving a discount on their coverage.
We’re here to tell you that AARP members do not receive a discount on life insurance. Their partnership with New York Life is a benefit of convenience, not a financial discount. New York Life determines monthly premiums based on a calculated mortality rate and the size of the policy that you’re seeking.
Individuals who buy life insurance from AARP pay more than they have to. If you’re looking for cheaper rates, we strongly suggest working with one of our independent agents.
Ratings & Reviews
AARP: As an organization, AARP holds high ratings by consumers as well as outside rating institutions. They have an A+ Rating with the BBB, which is great for 38 million members.
New York Life: NY Life holds high financial ratings with all the major rating institutions.
| S&P | Moody’s | Fitch | A.M. Best | |
| AA+ | Aaa | AAA | A++ | |
| Very Strong | Highest Quality | Exceptionally Strong | Superior |
Although financially strong, the BBB and Consumer Affairs both show many less than ideal customer reviews New York Life.
Explore Your Options & Find A Better Policy Elsewhere
AARP is a fantastic organization that provides many great benefits to its members. The value of which far outweighs the yearly $16 membership.
However, when it comes to buying life insurance, we strongly suggest exploring all your options before moving forward with a policy purchase.
Our independent agency can find you a better policy and lower premium rates with several other top-rated carriers. We can find you more coverage, lower premium rates, and easier applications.
We’ve helped thousands of seniors protect what matters most. And we’d love to help you too!
Explore your options today. Fill out the form on your screen see how AARP Life Insurance quotes compare to top providers.
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