The AARP Life Insurance Program offers a range of policies issued by New York Life Insurance Company specifically tailored for the group’s esteemed members.
AARP is a staunch advocate for older individuals, boasting a membership of over 37 million. While open to anyone, the availability of life insurance is restricted to members aged 50 or older, including their eligible spouses.
AARP Life Insurance Policies
Term Life Insurance
AARP members aged 50 to 74, along with their spouses aged 45 to 74, are eligible for this coverage, which remains in force until the insured reaches their 80th birthday. While the death benefit remains constant throughout the term, the annual premium increases as the insured person enters a new five-year age bracket. Term life policies can be converted to permanent insurance at or before the age of 80, with rates adjusted according to the age at the time of conversion.
The AARP term life insurance product offers coverage ranging from $10,000 to $150,000 (or $100,000 in New York), although higher coverage amounts may be available by contacting New York Life. Applicants are required to answer a few health-related questions and provide other health information but are not subjected to a medical examination.
Whole Life Insurance
AARP members aged 50 to 80, along with their spouses aged 45 to 80, are eligible for this policy. The annual premium remains consistent, and the coverage extends throughout the insured’s lifetime, with premium payments typically ceasing once the policy is considered paid up (typically at age 95). The online application offers coverage of up to $50,000, with the option for higher coverage amounts by contacting New York Life. Acceptance is determined based on responses to a few health questions.
Guaranteed Acceptance Whole Life Insurance
AARP members aged 50 to 80, along with their spouses aged 45 to 80 (50 to 75 in New York), can apply for this policy. Guaranteed acceptance is assured, and no health-related questions are necessary for approval. However, if the insured passes away due to natural causes within the first two years of the policy, only a portion of the death benefit (typically 110% of the premiums paid in most states) is disbursed. A full benefit is provided from the very beginning for accidental death. This policy offers coverage of up to $25,000, with the possibility of higher coverage options by contacting New York Life. It’s important to note that guaranteed acceptance whole life insurance is not available in all states.
AARP Customer Feedback and Satisfaction
Over a span of three years, AARP has received fewer complaints to state regulators than anticipated for a company of its size. This information is based on a NerdWallet analysis of data from the National Association of Insurance Commissioners, indicating a commendable level of customer satisfaction.