AARP Life Insurance Options from New York Life (2024)

FAQs

Is New York life insurance through AARP good? ›

About AARP Life Insurance

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.

Detail. AARP is not an insurance company or financial services provider, but we work with New York Life Insurance Company to offer products and services that have been researched and carefully evaluated to meet our high standards. We encourage you to contact them directly for more information.

How much is AARP life insurance per month? AARP life insurance can cost as little as $11 monthly or as high as $900. The final price depends on the type of policy (whole, term, or guaranteed acceptance), product, age, gender, state of residence, and health.

AARP Permanent Life Insurance from New York Life is initially more expensive than term life because the rate is locked in for the rest of your life, as long as you continue paying your premiums.

Insurance from AARP through The Hartford offers a variety of insurance coverages, helpful discounts and even a telematics insurance program. However, this insurance is only available to AARP members and their families, and it doesn't typically come at the cheapest rates when compared to other providers.

On average, the claims process may take 1-2 months from start to finish. The process begins when a policy holder's death is reported to the life insurance company.

No, there is no waiting period once your coverage takes effect.

Does coverage end at a certain age? No. AARP Guaranteed Acceptance Life insurance allows you to keep coverage for your lifetime, as long as you pay your premiums.

Members can apply for up to $50,000 in life-long coverage. Guaranteed rates that never increase, and no medical exam, just health and other information. You can keep this insurance your entire life. You'll leave AARP and go to the website of a trusted provider.

Retirees must balance life insurance benefits against the ongoing costs, especially if they lose their job-based coverage. If you retire with debt or still earn some income for your family, keeping life insurance in retirement is a good idea.

Who is the best life insurance company? ›

If retirement savings, investments and Social Security are enough to provide for final expenses and your survivors who still rely on your income—you may not need life insurance in your 60s. In some situations, however, having life insurance after 60 makes sense.

AARP offers three types of policies for final expense needs- Term life, permanent whole life, and guaranteed acceptance whole life. All plans don't require a medical exam, and they all pay out a tax-free cash benefit to your loved ones, which they can spend on anything (not just funeral expenses).

Permanent insurance, such as the Burtches' whole life policies, has both a death benefit and an investment component or cash value designed to grow over time. If a policyholder dies, beneficiaries get the death benefit. But the holder can access the smaller cash value earlier by “surrendering” the policy.

AARP offers big discounts tailored to its members

Through AARP, members can access reduced rates on gym memberships, fitness trackers and even telemedicine services — all of which may be crucial for staying healthy during your senior years. And, travel discounts have been, and remain, a cornerstone of AARP benefits.

Founded in 1845, New York Life Insurance Company (NYL) is one of the nation's well-established insurers that offers a large range of coverage options. Read on to learn more about New York Life, what it offers policyholders, the many types of plans you can buy, and more.

Cash value grows gradually over time, as you make payments on your coverage. The benefit to having cash value is that you can choose to borrow against it if you need to, even to pay the premiums on your contract, if you choose.