AARP life insurance review 2024 (2024)

About AARP life insurance

AARP offers its members (starting at age 50) and their spouses or partners access to life insurance through New York Life. Members can get term, whole or guaranteed acceptance life insurance, all without taking a medical exam.

You can get more than just life insurance as an AARP member. The nonprofit organization, which has been around since 1958, offers access to home and auto insurance, travel benefits, entertainment discounts and more.

New York Life underwrites policies for the AARP Life Insurance Program. New York Life is one of the largest dividend-paying mutual companies in the nation and has the highest possible financial strength rating from AM Best.

Types of life insurance offered by AARP

AARP members can choose from three policy types available through New York Life: level benefit term life insurance, permanent life insurance and guaranteed acceptance life insurance.

AARP level benefit term life insurance

AARP term life insurance policies are available to members ages 50 to 74 years old and their partners (ages 45 to 74).

• $10,000 to $150,000 in coverage available ($100,000 for New York residents).
• Coverage lasts until age 80, as long as premiums are paid.
• Level death benefit, meaning it won’t change over time.

AARP term life insurance premiums increase with every five-year age band. For instance, your rate will stay the same between ages 50 and 54 but increase at age 55 and again at ages 60, 65 and 70. The last rate increase occurs at age 75.

You can get a quote and apply for AARP term life insurance online in most states, though you can also contact the company directly. There are no medical exams required, but you will need to complete a health questionnaire.

AARP whole life insurance

AARP whole life insurance is a type of permanent life insurance that will last your lifetime. Coverage is available to AARP members ages 50 to 80 and spouses or partners (ages 45 to 80). It features:

• Level premiums that don’t change over time.
• Guaranteed death benefit up to $50,000.
• Cash value component you can borrow against over time, but if the loan is not paid back before you die, the balance will be deducted from the death benefit.

Like AARP’s term life insurance, the permanent life insurance policy does not require a medical exam (the health questionnaire and additional review still apply) and you can get a quote online.

Guaranteed acceptance life insurance

If you can’t qualify for traditional term or permanent life insurance due to medical issues, consider AARP’s guaranteed acceptance life insurance.

To be eligible for guaranteed acceptance coverage, you must be an AARP member age 50 to 80 (up to 75 in New York). Your spouse or partner is eligible for coverage from age 45 to 80 (up to 75 in New York).

• Coverage is considered permanent and will last your lifetime as long as premiums are paid.
• Rates are level, meaning they won’t increase over time.
• Death benefit up to $25,000.
• Includes a cash value component you can access while alive, though if you die before the money is paid back, the balance will be deducted from the death benefit.

If you die within the first two years of purchasing a guaranteed acceptance life insurance policy through AARP, your life insurance beneficiaries will not receive the full death benefit. Instead, they’ll receive a limited benefit, such as 110% of premiums paid.

Guaranteed acceptance life insurance policies generally have higher premiums when compared to other policies. If you’re considering AARP life insurance, it’s worth seeing if you’re eligible for other products before purchasing a guaranteed issue policy.

Learn more: How does life insurance work?

AARP life insurance riders

Life insurance riders are optional add-ons that allow you to customize your life insurance coverage to better suit your needs. AARP members can take advantage of the following riders under the Term Rider Protect Plus program, which includes:

• Term rider — Allows you to increase the amount of coverage offered by an existing AARP life insurance policy. You can apply for any amount of additional coverage between $2,500 and the amount of your current life insurance coverage, up to a maximum coverage amount of $150,000.
• Accelerated death benefit — Gives you access up to half of your death benefit if you’re diagnosed with a terminal illness and have a life expectancy of 24 months or less.
• Waiver of premium — Waives your life insurance premium after you’ve been in a qualified nursing home for more than 180 consecutive days.

^{*Rider availability may vary by state and policy type.}

AARP life insurance reviews

AARP life insurance is issued by New York Life, which has a below-average number of complaints to state insurance departments, according to data made available by the National Association of Insurance Commissioners (NAIC).

New York Life also receives the highest ratings from each of the four major credit rating agencies, including AM Best (A++), Fitch Ratings (AAA), Moody’s Investor Services (Aaa) Standard & Poor’s (AA+).

Checking AARP life insurance reviews is just one way to ensure that you’re choosing the best life insurance policy for your needs. It’s also a good idea to shop around for coverage, comparing life insurance quotes from at least three different insurers.

How can I get AARP life insurance?

The AARP Life Insurance Program is only available to AARP members who are between 50 and 74 years of age. Members may find this to be a good option for senior life insurance.

You can get a quote online by logging into your AARP account, or by calling a New York Life representative.

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