AARP Life Insurance Review

AARP makes medical-exam-free life insurance available via New York Life. Those on a tight budget, those looking for extra coverage, or those who may be turned down for conventional insurance can find affordable solutions here.

AARP, on the other hand, gives $100,000 in maximum coverage, which is rather affordable. No-exam plans often have little insurance coverage.

You may be able to get better coverage for less money if you’re willing to sit for a test. However, if you must skip the test, you might look for an AARP policy.

AARP Information

AARP Life Insurance Review - AARP Life Insurance Logo
  • Policies Offered. Term, Permanent, Guaranteed Acceptance
  • Coverage Maximum. $100,000
  • Medical Exam Required. No
  • Available States. All 50 States
  • Age. Not Listed

Pros and Cons of AARP Life Insurance

Pros

  • Term life insurance premiums start at only $11 per month for assured acceptance.
  • Whole or level benefit term life insurance does not need a waiting period.
  • Comes with a 30-day money-back guarantee.
  • Available in all 50 States

Cons

  • New Jersey and Washington do not provide guaranteed admission, while Massachusetts and Washington do not offer expedited benefits.
  • The total death benefit will not be paid until the two-year waiting period has expired even if you have guaranteed acceptance.
  • Some states don’t allow online applications, so you’ll have to submit yours through mail if you live in one of them.

AARP life insurance rates

AARP’s costs range from $156 a month for $100,000 of coverage for persons over 50, depending on your age and health status. Up to the age of 80, premiums rise in five-year increments.

  • Age 50 – 54 – Woman: $52 & Man: $74
  • Age 55 – 59 – Woman: $80 & Man: $109
  • Age 60 – 64 – Woman: $125 & Man: $159
  • Age 65 – 69 – Woman: $175 & Man: $212
  • Age 70 – 74 – Woman: $266 & Man: $306 

Factors that affect your life insurance rates

There is no information on the rating levels available on the AARP’s New York Life life insurance policies website. This isn’t out of the ordinary for a life insurance company, but it exhibits less openness than other businesses.

High rates at other firms are caused by a number of factors:

  • Health history. A greater premium may be associated with a history of certain medical issues in one’s family.
  • Abuse of drugs or alcohol. People with a history of alcohol or drug misuse may be at greater risk.
  • Use of tobacco. Your rates may be affected if you’ve used tobacco or nicotine in the last year or so.
  • Health. If you’ve been diagnosed with cancer, a stroke, diabetes, kidney, liver, or heart disease, HIV, AIDS, or asthma during the last five years, your risk may be increased.
  • Reputation as a driver. DUI and DWI convictions raise insurance costs for anyone with a history of driving under the influence.

How to get a quote from AARP life insurance

AARP may be reached at 888-687-2277. If you’re not an AARP member, you may receive a quotation and enroll in life insurance online.

  1. To begin, click on Get An Estimate to see how much it will cost.
  2. Choose between term, permanent, or guaranteed acceptance for your insurance coverage.
  3. Provide your name, address, and phone number, as well as the amount of insurance you want.
  4. After that, click on Get a quick quotation to get started with your application.
  5. In order to join AARP, you must phone them at 866-238-6135 if you don’t already have a membership number.

AARP offers term and whole life

Simplified underwriting is offered by AARP on four different life insurance products. As a result, you won’t have to undergo a medical examination in order to be authorized for insurance coverage. It’s also possible to get an assurance of acceptance for the rest of your life without having to have a medical checkup or fill out a health questionnaire.

Plan

  • Child Policy. Coverage $10,000 up to $20,000
  • Guaranteed Accepted Whole Life. Coverage $2,500 up to 25,000
  • Term Life. Coverage $10,000 up to $100,000
  • Whole Life. Coverage $5,000 up to $50,000

To preserve your life insurance coverage over the age of 80, convert your AARP term life policy. As long as your term life insurance is with AARP, you may change it to a permanent group policy at any time up to the day you turn 81.

When applying for coverage, there is no medical exam or health information required of you. Your rates, on the other hand, will be determined by your age when you convert.

Does AARP offer burial insurance?

For seniors aged 50 to 80, AARP’s guaranteed acceptance policy offers burial insurance that doesn’t require them to take a health questionnaire or undergo an examination. You will, however, be required to pay AARP membership costs, which is an additional cost not required by other insurers. The coverage is limited to $25,000, which is standard for last expenditure insurance. All states except New Jersey and Washington offer AARP’s funeral insurance coverage.

AARP offers 3 policy add-ons

Compared to other organizations, AARP provides fewer policy customization options, but those options are still valuable. The following riders should be considered for inclusion:

  • Accelerated death benefit rider. If the policyholder is diagnosed with a terminal illness, this add-on, known as living benefits, allows the death benefit to be released early.
  • Rider who is under the age of 18. The Young Start plan is for children under the age of 18 and is separate from the rest of the AARP offerings.
  • Rider waiving the right to a higher price. If you are temporarily unable to make payments because of sickness, accident, or disability, this add-on waives your premiums while preserving your coverage.

AARP life insurance reviews and complaints

Even though the Better Business Bureau (BBB) does not accredit AARP, their customer service is well regarded. Other AARP services were the focus of BBB complaints, while there were some remarks regarding claims payments being delayed. Trustpilot evaluations place AARP in the center of the pack, citing a confusing website as a reason. AM The highest possible credit score is an A++.

New York Life, the insurer, has a BBB rating of A-, and consumers have given it a rating of 1.67 stars out of 5. In the last three years, 92 complaints have been lodged against the firm, a low number for an insurance provider.

How AARP life insurance compares to other insurers

One of the unique features of AARP insurance is that no medical test is required, making them ideal for folks who don’t qualify for normal policies that include examinations. There aren’t many insurance companies out there that provide exclusively no-exam coverage.

However, if you die within two years of initiating your insurance, the guaranteed-issue policy only pays you a portion of the death benefit. There is usually a waiting period attached to this coverage, however you may discover insurers that don’t.

New York Life Insurance is a respected brand with outstanding consumer and financial ratings above other life insurers, therefore these products have a good reputation. Rating sites including AM Best, the Better Business Bureau, J.D. Power, and Trustpilot give New York Life good scores.

Bottom line

It’s possible that coverage levels may be restricted for elderly and individuals with pre-existing diseases, but no-exam guaranteed acceptance policies are available via AARP.

Compare the insurance offered by AARP with those of other providers. Compare up to four businesses side by side, then get estimates from the ones you like the look of.

For another life insurance review, visit our review of AAA Life Insurance Review.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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