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2021 AARP Life Insurance Review

Beware here!!

If you’re above the age of 50, you may of encountered a piece of mail like this one shown above. As our agency has started, we have seen much uncertainty from our clients when coming in contact with this company. There’s many things that they become uncertain about, anywhere from increasing premium rates to coverage ending at age 80.

Nevertheless, Here below is how you find out to be an AARP member! I lay it out on the line the facts from AARP life insurance from New York Life. And it’s for you to decide if this may be the right coverage for you or loved one…

Does AARP even offer life insurance?

Yes, this life insurance company offers 3 products. All 3 types are underwritten by New York Life.

Below are some details, that are laid out…

Is AARP life insurance good?

That’s a great question!! Isn’t it?

To each its own. AARP has been around for quite some time, 1958 to be exact.

Below are some things to lookout for!

What is AARP level benefit term life insurance? -The Pros and Cons

AARP level benefit term life is a product that has an increasing premium at generally 2 years, no cash value, and coverage terminates at . Terminating, meaning there would be no death benefit, and premiums stop. The coverage will stop at that age!

AARP “Burial” Insurance for seniors

Does AARP offer whole life insurance?-The Pros and Cons

Now, the burial insurance that is offered from AARP, is a permanent life type product. The Rates are fixed, and coverage continues your whole life. Though, there are exceptions to the rule. For Instance, if death results from suicide within first two years, benefits will not be paid!

What are the three health questions for AARP Life Insurance?

With AARP, and no medical exam, there are health questions must be answered on the “level benefit term life and permanent life” application. The three health questions AARP Life insurance are:

  1. In the past two years, have you had treatment for or been diagnosed by doctors having heart trouble, stroke, cancer, lung disease or disorder, diabetes, liver, kidney disease, AIDS, AIDS Related Complex, or immune system disorder?
  2. In the past two years have you been admitted to or confined in a hospital sanitarium, nursing home, extended care, or special treatment facility in numbers?
  3. In the past three months, have you consulted a doctor or had treatment or diagnostic tests of any type?

In conclusion, with any “yes” answers to these questions, you do not qualify for coverage for any of the products. Also, there will be a prescription based questionnaire to be answered and filled out.

Furthermore, you may ask…

Does AARP life insurance have a cash value?-Can I borrow from my AARP life insurance?

Yes, the cash value is in addition to the permanent life policy. But there are some things that you would need to take into consideration…

This policy has a tax-deferred account that can grow with interest rates over time. Upon sufficient accumulation of cash, a loan can be taken out. However, the loan MUST be paid back before your passing! If not, a deduction will occur! The payout will be as follows:

Death Benefit – Loan (+interest)= Payout

Interested in knowing more?

Here are the…

AARP “burial” insurance rates

Firstly, term life insurance, let’s take a look on a male quoting for $50,000 in coverage. Keep in mind, these rates increase every two years.

Current Monthly Rates for $50,000Rates for Men
Issue Ages

Permanent Life Insurance Rates for a male acquiring $10,000 in coverage

Issue AgesRates for Men (non-tobacco use)

Guaranteed Acceptance Life Insurance

Issue AgesMonthly Rates

AARP Guaranteed Acceptance Life-The Pros and Cons

AARP does have a guaranteed issue plan. Just how it sounds, you will be accepted guaranteed. Unlike most guaranteed acceptance plans, these plans differ from most. The most important is price.