AARP Life Insurance Review 2022

AARP

AARP Life Insurance is not just an insurance company. It’s a community of people who care. It’s a place where you can come to find your counsel and find support in dealing with every facet of life when you’re older. You can come to AARP Life Insurance to find advice and information about Medicare, ARRA, Social Security, financial well-being, and much more.

(AARP) partners with New York Life to offer term and whole life policies without the need for a medical exam. We researched AARP financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare AARP life insurance policy options with the competition.

Company overview

AARP was founded in 1958 to provide senior citizens with access to quality health and financial services. With more than 38 million members, AARP is one of the largest nonprofit organizations in the United States, available to all US citizens age 50 and older.

AARP Life Insurance is a division of AARP, offering term and whole life policies underwritten by New York Life, one of the largest life insurance companies in the US. AARP allows users to get free quotes and sign up for policies online or by phone.

Available Plans

AARP Life Insurance offers four types of life insurance plans. All of them are available to AARP members without the need for a medical exam.

Term life insurance with level benefits

AARP offers term life insurance from $10,000 to $100,000 in coverage. Instead of choosing a specific term, term life insurance expires when you turn 80. To continue coverage, you can convert your term life policy to a permanent life insurance plan once you turn 80 (or any time sooner).

The policy is considered a “level benefit” plan because the death benefit stays the same over time, but the premiums go up as you get older.

Permanent life insurance

AARP members can apply for permanent life insurance coverage up to $50,000. This is a type of whole life policy that builds cash value over time, which can be borrowed from if needed. Coverage ranges from $2,500 to $50,000, which isn’t necessarily enough to cover major expenses like a mortgage, but can help cover end-of-life costs like burial and funeral costs.

AARP permanent life coverage is unique in that participants no longer have to pay premiums beginning at age 95.

Easy Acceptance Life Insurance

Easy Acceptance Life Insurance is a whole life coverage policy that will accept any applicant who is not terminally ill when they apply. Coverage ranges from $2,500 to $25,000, and similar to the permanent life insurance plan, participants no longer have to pay premiums beginning at age 95.

Participants who die within two years of the start of the policy do not receive the full benefit. Instead, beneficiaries receive 125% of the premiums paid.

Young Start Life Insurance

AARP members can purchase a permanent life insurance policy for their children and grandchildren who are 17 years old or younger. Policies range from $10,000 to $20,000 and build cash value over time.

The policy can continue into adulthood and once the child turns 21, the policy becomes their responsibility. If they choose to continue with the policy, they will be responsible for paying the premiums, but they will also have control over the assignment of beneficiaries.

Available riders

Many life insurance plans come with optional additional policy enhancements called riders. These insurance endorsements add additional benefits or personalized coverage options to insurance policies. Additional fees are usually billed as a small percentage of the policy premium or as a flat annual fee. Rates vary based on policy, product, and options selected.

AARP offers two riders that can be attached to your permanent life insurance policies.

Accelerated benefit

If an AARP permanent life policyholder becomes terminally ill with a life expectancy of 24 months or less, they can access up to 50% of the benefit while they still live.

New York residents must receive a life expectancy diagnosis of 12 months or less to access this benefit.

waiver of premium

AARP members with permanent life insurance who are confine to a qualify nursing home for 180 consecutive days may be eligible for a premium waiver. This rider is automatically include in permanent life insurance policies and lasts as long as the nursing home stay.

The nursing home must be primarily engage in providing skill nursing care under the supervision of a license physician.

Customer service: Phone support only

All AARP life insurance policies are carry by New York Life. This means that when you call customer service. You will speak directly to a New York Life representative instead of an AARP representative.

The AARP Life Insurance website has one place to make payments. Update your personal information, access important forms or manage beneficiaries. For direct customer service support, you can call New York Life directly for service and support at 800-607-6957.

AARP Life Insurance customer service hours are Monday through Friday from 8:00 a.m. to 5:00 p.m. M. To 8:00 p.m. and on Saturdays from 9:00 a.m. to 5:00 p.m. M. To 5:00 p.m. M.ET.

AARP Life Insurance does not offer live online chat support or 24/7 phone support.
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