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AARP Life Insurance Review 2024 | U.S. News
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Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.
Underwritten by New York Life, the AARP Life Insurance Program provides coverage exclusively to AARP members ages 50 and older. The program offers term, whole, and guaranteed life insurance without a medical exam. Coverage is available in all 50 states and Washington, D.C.
Pros:
Policies issued through New York Life, rated A++ (Superior) by AM Best for financial strength
Medical exams are not required
Cons:
Term life protection ends when the policyholder turns 80
Sales and customer service not available on weekends
The AARP Life Insurance Program is available to AARP members between the ages of 50 and 80, and their spouses between the ages 45 and 80. AARP's offerings cater to the needs of older adults, particularly those with pre-existing conditions. With its no-exam policies, this program could be beneficial to seniors who might otherwise struggle to secure coverage due to health concerns.
AARP offers three policies for members aged 50 and above: term, permanent, and guaranteed acceptance life insurance.
Term Life Insurance
Term life insurance provides coverage for a set amount of time, and can help your beneficiaries manage expenses such as funeral costs, unpaid bills, and other financial obligations after your passing.
AARP's term life insurance provides coverage from $10,000 to $150,000 for members ages 50 to 74, and their spouses ages 45 to 74. Coverage lasts until you turn 80. To continue coverage after 80, you can exchange your term life policy for a permanent life policy.
With term life, policyholders might see a rise in premiums over the policy term. However, there is no waiting period for coverage to begin, and no medical exam is needed. Enrollment requires a health questionnaire and access to other medical information.
Permanent Life Insurance
Whole life insurance is a type of permanent life insurance that spans your entire lifetime and grows in cash value over time, provided policy premiums are paid on time.
AARP's permanent life insurance offers coverage from $5,000 to $50,000 for members between 50 and 80 and spouses between 45 and 80. According to the website, AARP permanent life premiums are locked in for life. Like term life, no medical exam is required, but there is a health questionnaire.
Guaranteed Acceptance Life Insurance
AARP’s second whole life policy, Guaranteed Acceptance, does not require a medical exam or a health questionnaire. Coverage is guaranteed for members ages 50 to 80 and their partners ages 45 to 80. The death benefit is capped at $25,000, and payouts are limited for the first two years. Beneficiaries will not receive the full death benefit if you pass away during that time.
In addition to whole and term life policies, AARP provides two additional riders:
AARP Term Rider Protect Plus
This rider is added to an existing AARP term life insurance policy, and raises your coverage limits until your policy ends at age 80.
Guaranteed Exchange Option
This feature is included in AARP’s term life insurance policy, and allows you to exchange your coverage from term to whole life insurance without proving your insurability.
AARP members can get a free quote and purchase life insurance directly through AARP’s website or by speaking with a licensed New York Life agent.
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AARP’s no-exam policies might be a good choice for seniors with pre-existing conditions. Furthermore, New York Life, which underwrites AARP's life insurance policies, has high ratings for financial strength. This ensures the company can comfortably meet its policy obligations.
Note that coverage is only available to AARP members aged 50 to 80. Also, those looking for coverage amounts over $150,000 will need to look elsewhere for life insurance.
AARP offers three additional insurance products through affiliate insurers:
Homeowners: Provided by The Hartford, this policy covers your house, condo, or personal property located in a rental unit. You can receive a discount by bundling your home and auto insurance through AARP. This coverage is not available in all states.
Auto: Also provided by The Hartford, this auto insurance policy includes a disappearing deductible and accident forgiveness.
Pet: Offered through Fetch by the Dodo, pet insurance plans can cover injuries and illnesses, emergency vet visits, prescription medication, and boarding fees for your pets.
Policy enrollment and customer support is provided by New York Life. Those looking to purchase a policy can apply at www.nylaarp.com or call (800) 607-6957. Customer support can be reached through your online account portal or by calling (800) 850-2658.
You can be disqualified or denied term or whole life coverage based on your answers to health questions on the application. If you are denied coverage, you may choose to apply for a guaranteed acceptance life insurance policy.
To file a claim with AARP Life Insurance, policyholders can begin the process online. You will need your contract number, as well as the deceased’s birthdate and Social Security number. AARP will also ask for your mailing address, email, and phone number. According to AARP, claims can take seven to ten business days to review. After that, you may be asked to provide further documentation.
None of AARP’s life insurance policies require medical exams, though its term insurance and one of its whole life insurance policies do require answering health-related questions for application. AARP’s Guaranteed Acceptance policy does not require health questions or a medical exam.
Why You Can Trust Us: 28 Life Insurance Companies Researched
At U.S. News & World Report, we rank the Best Hospitals, Best Colleges, and Best Cars to guide readers through some of life’s most complicated decisions. Our 360 Reviews team draws on this same unbiased approach to rate the products that you use every day. To build our ratings, we researched more than 28 life insurance companies and agencies and analyzed 13 third-party review sources. Our 360 Reviews team does not take samples, gifts, or loans of products or services we review. All sample products provided for review are donated after review. In addition, we maintain a separate business team that has no influence over our methodology or recommendations.
When you use our links to buy products, we may earn a fee but that in no way affects our editorial independence.
