2024 AARP Life Insurance Reviews You Need To Know About
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
Welcome to our in-depth review of AARP Life Insurance, a program that has been serving seniors since 1958. AARP works closely with New York Life, one of the largest insurance providers in the U.S., to offer tailored life and burial insurance plans.
Although these plans are designed mainly for people over 50, they might also be a good fit if you’re younger. In this article, we’ll explore the unique aspects of AARP’s final expense insurance and compare it to other options in the market, helping you decide whether it’s the right choice for you.
Despite AARP’s longstanding reputation, it’s crucial to understand that they are not direct providers but a bridge to New York Life’s insurance products. We’ll break down the facts and show you how AARP’s offerings stand out, but also why you might find better value with other life insurance companies.
Keep reading to find out more about what makes AARP Life Insurance unique and to see if they deserve your consideration.
Who is AARP Life Insurance
AARP group is an interest group that places focus on issues affecting the aged population in the United States, especially those 50 years or older.
Is AARP a life insurance company?
It has several affiliate organizations, including AARP Foundation, AARP Services, Inc. Legal Counsel for the Elderly, AARP Financial Services Corporation, and AARP Insurance Plan.
AARP life insurance program is a state-regulated life Insurance program through NY Life that offers term and permanent coverage with simplified underwriting.
Is AARP burial insurance with no waiting period?
In other words, applicants do not have to go through the rigors of physical examination to qualify for coverage as acceptance is based on applicants’ health status and personal information.
The mission of AARP Life Insurance is to empower people to choose how they live as they grow older.
Boasting over 38 million registered AARA members, AARP has functional offices in all 50 states, accommodating members aged 50 and above.
Life Insurance Quotes For Seniors
Below are Sample Rates For AARP Life Insurance For Term, AARP Whole Life insurance rates, And Guaranteed Insurance. These are compared with each other.
We will use examples for life insurance for $25000 and $15000.
***Keep in mind, your rates will increase every 5 years
AARP/NY Life Life Insurance Rates
Whole Life Insurance For Seniors
Like AARP Term Life Insurance, AARP Whole Life Insurance has no waiting period requires no medical exam, and acceptance is based on several health questions.
AARP Whole Life insurance rates are really expensive, with a maximum amount of coverage is $50,000.
You can definitely find better simplified whole life insurance in New York. If you are a NY resident, reach out to us.
AARP Simplified Whole Life Quotes for Females:
| Age | $10,000 (monthly rates) | $25,000 (monthly rates) |
|---|---|---|
| 50 | $26 | $58 |
| 60 | $38 | $87 |
| 70 | $65 | $156 |
| 80 | $97 | $237 |
AARP Simplified Whole Life Quotes for Males:
| Age | $10,000 (monthly rates) | $25,000 (monthly rates) |
|---|---|---|
| 50 | $34 | $81 |
| 60 | $52 | $124 |
| 70 | $85 | $206 |
| 80 | $129 | $317 |
Here are the features:
| Feature | Detail |
|---|---|
| Policy Type | Whole Life |
| New Applied Age Range | 50-80 (Spouses: 45-80) |
| Coverage Options | $5,000-$50,000 |
| States Available | All |
| Cash Value | Yes |
| Health Questions | Yes |
| 2-Year Waiting Period | No |
| Exam Required | No |
| Policy Expires | Never |
| Prices Increase | Never |
| No Cost Terminal Illness Rider Included | Yes |
Does AARP life insurance have a cash value?
Unlike the Term Life Insurance plan, a Whole Life insurance Policy does build cash values, and Life Insurance payments stay level until a beneficiary clocks 95.
However, only a few individuals live up to 95, but the opportunity to stop making payments and continue to have coverage isn’t typical among whole life insurance companies.
It is an excellent plan for seniors, and it is mainly designed for senior citizens looking for funds to cover funeral expenses and pay off minor debts.
The plan builds cash value over time, which can be borrowed against whenever you have a sudden emergency expense.
It is a good option for those who have any prior medical conditions.
Furthermore, AARP Whole Life Insurance comes with two riders that offer financial assistance if a beneficiary becomes disabled or ill.
- WAIVER OF PREMIUM: If you face a disability or illness that requires you to stay in a nursing home, you won’t have today pay premiums for the entirety of your stay (or until you turn 80, whichever is sooner). You should bear in mind that premiums are only waived after you’ve stayed in a nursing home for six months, at least.
- ACCELERATED DEATH BENEFIT: For those diagnosed with a terminal illness for which they’ve been told they have less than 12 months to live can access up to 50% of the policy’s death benefit while they’re still alive.
AARP is a marketing tool for New York Life Insurance Company and certain products will expire at age 80. Be careful!
Guaranteed Acceptance Insurance
AARP Guaranteed Acceptance Life Insurance Plan is available to those between the ages of 50 and 80.
Applicants can qualify for this plan with no medical exam or health questions asked about pre existing conditions. It is ideal if you need life insurance for parents in poor health to cover final expenses.
In fact, AARP New York Life Insurance is expensive. The most it will pay is $25,000.
The plan also builds cash values with cash insurance payments staying level till the senior clocks 95.
However, if policyholders pass away during the first two years of coverage due to a non-accident, your beneficiary will not receive the full death benefit.
They will rather receive 125% of the value of premiums that have been paid to that point.
Waiting periods are relatively standard for guaranteed acceptance coverage as insurance providers try to avoid huge payments if terminally ill patients sign up.
AARP permanent life insurance policy is not cheap life insurance for seniors.
However, it can be your best option if you have experienced a severe medical condition in the past.
AARP Guaranteed Acceptance Quotes for Females:
| Age | $10,000 (monthly rates) | $25,000 (monthly rates) |
|---|---|---|
| 50 | $23 | $59 |
| 60 | $31 | $147 |
| 70 | $87 | $215 |
| 80 | $112 | $278 |
AARP Guaranteed Acceptance Quotes for Males:
| Age | $10,000 (monthly rates) | $25,000 (monthly rates) |
|---|---|---|
| 50 | $45 | $110 |
| 60 | $80 | $199 |
| 70 | $108 | $268 |
| 80 | $145 | $360 |
Here are the features of AARP Guaranteed Acceptance:
| Feature | Detail |
|---|---|
| Policy Type | Whole Life |
| Applied Age Range | 50-80 (Spouses: 45-80) |
| Coverage Options | $5,000-$25,000 |
| States Available | All except AK, LA, NJ, & OR |
| Cash Value | Yes |
| Health Questions | No |
| 2-Year Waiting Period | Yes |
| Exam Required | No |
| Policy Expires | Never |
| Prices Increase | Never |
| No Cost Terminal Illness Rider Included | Yes (after 2 years) |
Term Life Insurance
AARP Term Life Insurance policy requires no medical exam, also known as AARP LEVEL BENEFIT TERM LIFE, does not require any medical exam before applicants can be enrolled, and acceptance is based on several general health questions.
It is quite expensive with relatively high premiums unlike level simplified issue life insurance companies such as Mutual of Omaha, which increases as you get older, and the maximum coverage amount costs up to $100,000.
These life insurance final expense policies can be issued between ages 50 – 75 and expire at age 80, while death benefits usually remain.
So, unless you have a pre-existing medical condition, AARP term life insurance is usually not recommended for seniors due to its relatively high rates and premiums, which continue to increase as you get older, and it ends once you clock 80.
Also, keep in mind, your premiums will increase every 5 years! At this stage of life, do you think this is the right product for you? NO! Not at all.
AARP Term Life Insurance Quotes For Females
| Age Range | $10,000 (monthly rates) | $25,000 (monthly rates) |
|---|---|---|
| 50-54 | $11 | $18 |
| 55-59 | $13 | $22 |
| 60-64 | $17 | $32 |
| 65-69 | $21 | $44 |
| 70-74 | $33 | $74 |
AARP Term Life Insurance Quotes For Males
| Age Range | $10,000 (monthly rates) | $25,000 (monthly rates) |
|---|---|---|
| 50-54 | $14 | $26 |
| 55-59 | $18 | $36 |
| 60-64 | $24 | $50 |
| 65-69 | $31 | $67 |
| 70-74 | $42 | $95 |
Term Life Features:
| Feature | Detail |
|---|---|
| Policy Type | Term Life |
| Age Range | 50-74 (Spouses: 45-74) |
| Coverage Options | $10,000-$150,000 ($100K in NY) |
| States Available | All |
| Cash Value | No |
| Health Questions | Yes |
| 2-Year Waiting Period | No |
| Exam Required | No |
| Policy Expires | 80 |
| Prices Increase | Every 5 years |
| No Cost Terminal Illness Rider Included | Yes |
Compare AARP to Competitors
| Age | No-Med Term Life Insurance | Simplified Issue Whole Life Insurance | Whole Life Guaranteed Insurance |
|---|---|---|---|
| 50 | $18.58 | $63.25 | $65.68 |
| 55 | $24.49 | $78.07 | $86.44 |
| 60 | $31.30 | $99.47 | $95.38 |
| 65 | $45.19 | $126.77 | $127.28 |
| 70 | $91.40 | $169.20 | $148.32 |
| 75 | Not Available | $237.58 | $208.82 |
| 80 | Not Available | $330.40 | $308.48 |
Is AARP A Good Final Expense Insurance For My Parents
What is the best final expense insurance policy for my parents? If you are an adult child looking to find the right burial insurance product for your mom or dad.
Before you purchase AARP life insurance, understand that AARP is a product we replace on a daily basis.
Often times you are sold a term product, this product will expire at age 80. Now you are older and perhaps have some health issues.
In fact, adult children take over the necessary documents for their parents and find out that their parent’s life policy expired already and that their parents do not have coverage at all. Don’t find out the hard way!
If you don’t believe me, see for yourself and call them.
AARP New York Life insurance phone number is (800) 850-2658.
This is why you financially need a LEVEL product that will remain the same for the rest of your life!
Your Life Insurance Coverage will never EXPIRE! EVER!
Is New York Life The Same as AARP
New York life is a well-known Insurer with an A++ financial strength rating from A.M. Best.
The AARP Life Insurance Program from New York Life is endorsed by AARP and is the only life insurance program developed exclusively for AARP members.
However, AARP’s life insurance policies are underwritten by NYL.
It offers coverage to seniors that have pre-existing medical conditions or would have difficulty getting life insurance elsewhere.
The coverage offered by AARP New York Life insurance includes both term and permanent insurance policies.
Both plans utilize simplified underwriting, which implies that New York Life insurance reviews only a few medical questions.
Be warned, Unlike Level Simplified Products, with AARP life insurance, YOU WILL BE OVERPAYING BY UP TO 30%!!!!
Applicants do not have to undergo a medical exam to qualify for coverage unless they have a significant health impairment or medical condition.
Seniors with poor health conditions have an option with AARP guaranteed acceptance whole life.
Keep in mind, what you may think will only qualify for a guaranteed issue product, may indeed qualify for day one coverage with an A+ rated level benefit carrier such as Mutual of Omaha, Royal Arcanum, or AETNA.
This is a New York life insurance policy because applicants get automatic approval with no medical questions asked.
In addition, you can use funeral homes as the beneficiary which makes it an ideal funeral parlor beneficiary if you choose and is great for cremation insurance plans.
AARP New York Life Insurance Plans
AARP New York Life Insurance comes with different life insurance plans with special rates based on the New York Life group division’s group life insurance rates.
The AARP life insurance rates vary depending on your selected plan. Burial Insurance AARP and New York Life offer group term and whole life insurance policies for seniors, as well as whole life insurance coverage for minors.
All of their AARP life insurance policies are either simplified issue whole life insurance or guaranteed acceptance policy, which means there are no medical exams and coverage is issued quickly.
This is good for seniors looking for burial insurance with unmanaged diabetes.
The four major AARP life insurance plans with their key features and sample rates will be highlighted as follows:
- AARP Level Benefit Term Life
- AARP Whole Life
- AARP Guaranteed Acceptance Life
- AARP Young Start Program
As you can see, AARP life insurance quotes are not competitive with the best rates on term and whole life, but they are with guaranteed insurance.
Young Start Program
AARP’s Young Start Program allows you to purchase whole life insurance coverage for a child or grandchild that is younger than 18 years of age.
Like the previous plans, there are no medical exams required as acceptance is based on several general health questions and the policy also builds cash value.
AARP’s policies Young Start Program provides 3 levels of coverage including $10,000, $15,000, $20,000 for death benefits with a monthly premium of $5.00, $7.50, and $10.00 respectively.
The plan is intended to shield parents and relatives from the costs associated with a child dying early.
AARP’s life insurance policy is different from others because it does not stop when a child turns 21. The price you pay for the insurance does not go up either, as long as you keep the policy.
In fact, the implication is that while the policy’s cash value will grow relatively slowly, it can continue to grow for decades and can be accessed if your child or grandchild decides to have it.
If a guardian eventually passes away, the child or grandchild won’t have to pay life insurance premiums to keep coverage in place until they turn 21.
At that point, premium payments will continue to be set according to the amount of initially purchased coverage.
AARP’s Young Start Program provides good value for those in need of a small policy on a younger family member. It’s the best bet that will aid parents with funeral costs associated with a child dying early.
Furthermore, if you’re looking to save on your retirement, then this is the plan for you! AARP membership costs $12-$16 per year and includes many benefits including access too our exclusive discounts.
If you are a Senior and need any assistance. CLICK HERE.
FAQ
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Conclusion
AARP is a group that focuses on all the issues affecting people over 50 years old. It’s also a York life insurance company!
This article should give you enough information to decide whether or not this might be the right life insurance plan for you and your family.
Just enter in some basic information, like how much coverage you need, who would receive it if something happened to you, and more into our quote generator tool at the top of this page- we’ll do the rest!
So what are you waiting for? Get a free quote now!
