About AARP Life Insurance Policies
Members of AARP, a non-profit organization offering services and discounted programs for people over 50, are eligible for AARP life insurance policies through New York Life Insurance Company. Four life insurance plans are available, depending on the desired coverage and needs. Interested individuals answer a few health questions, but are not required to have a medical exam for insurance acceptance.
AARP level benefit life insurance is available to members to provide life insurance coverage from $10,000 to $50,000. There is no waiting period, so coverage begins immediately and this insurance cannot be cancelled without member authorization. The premiums are based on member age when issued and increase in five-year age brackets until age 80, when the insurance ends, however benefits remain the same for the length of coverage. Extra protection term life insurance is similar to level benefit term insurance but provides additional life insurance coverage from $50,500 to $100,000.
Permanent life insurance offers $10,000 to $50,000 of life insurance coverage for members belonging to AARP and their spouses. Initial premiums are based on the age of the member at issuance and premiums will not increase over time due to health or age. Premium payments end at age 95, but coverage continues for life and members may borrow against the cash value. This insurance is not available to New York residents.
Guaranteed acceptance life insurance provides $2,500 to $15,000 of life insurance for AARP members and their spouses. This insurance coverage continues for life even though premium payments end at age 95. The rates stay the same regardless of aging and any changes in health. Benefits are limited for a period of two years and after this time; benefits are guaranteed not to decrease. All AARP members are approved for acceptance with this life insurance policy, except residents of Washington and New Jersey.
Members belonging to AARP may purchase young start life insurance for their children or grandchildren up to the age of 17. This insurance provides $5,000 to $20,000 of life insurance coverage that the recipient can keep for life. The premiums stay at the childhood rate and do not increase, as the recipient gets older.