Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.
The American Association of Retired Persons (AARP) is best known for offering resources and discounts to nearly 38 million members, focusing on people over the age of 50. But as you'll discover in our AARP life insurance review, AARP also has a range of health and financial tools, including life insurance.
AARP Life Insurance Review
Members can follow a few simple steps to buy life insurance through AARP's website. However, plans are underwritten by New York Life.
AARP life insurance comes with its share of benefits. Most importantly, it can be tailored to fit the budget and needs of most of its members. AARP offers both term life insurance and permanent life insurance policies for seniors.
Both companies remain trusted names in insurance. New York Life has received an A++ rating from AM Best for its financial strength, meaning it's as stable as a company of its size can be. This rating also indicates the company will likely be around for decades to ensure your claim gets paid on schedule.
In addition, New York Life agents are highly knowledgeable. So if you'd like to discuss other products, they can advise you on options. However, these specific programs are only offered to AARP members.
If you're an AARP member or considering joining and need to secure term or permanent life insurance coverage, read on to learn about the company's policies, how it works, and who can qualify.
AARP Life Insurance Plans Available
AARP offers both term life and permanent life insurance coverage through its partnership with the insurer New York Life. Guaranteed acceptance life insurance is also available, and none of its policies require a medical exam. However, the company may use medical records to determine your policy limit.
New York Life Insurance has many options for buyers of any age looking for a significant investment or retirement planning tool. However, AARP's partnership only encompasses a limited number of New York Life's smaller insurance plans targeted to seniors.
The chart below provides an overview of the types of life insurance you can purchase from AARP via its partnership with New York Life.
Types of life insurance | Coverage length | Builds cash value | Waiting period |
Level Benefit Term | Up to age 80 | No | No |
Permanent Life | Lifetime | Yes | No |
Guaranteed Acceptance | Lifetime | Yes | Yes |
Keep reading to learn more about the options available through AARP's partnership with New York Life.
AARP Level Benefit Term Life Insurance
AARP and New York Life offer a level benefit term life insurance product similar to competitors' term life insurance policies. This policy does not require a medical exam, and approved applicants can maintain coverage up to age 80. Consumers also have the option to exchange this coverage for AARP-endorsed group permanent life insurance without another medical exam.
It's important to note while a medical exam may not be required for conversion, coverage and premiums are subject to change. Life insurance companies may still pull medical records and ask medical-related questions.
Level benefit term life insurance from AARP is available in amounts up to $150,000, and most applicants can get a quote online in a matter of minutes. Buyers should expect to answer some medical questions, and the company will pull existing medical records as part of the qualification process.
AARP Permanent Life Insurance
Permanent life insurance from AARP is based on a fast and easy online quote. No medical exams are required to qualify, but this does not mean existing medical data is not used.
Consumers pay premiums toward their permanent life insurance policy until age 95, when AARP considers the policy "paid up." The death benefit will then remain fixed until a claim is made with no further financial burden on the policy holder.
Permanent life insurance from AARP also builds cash value you can borrow against during your lifetime. Many buyers also use accelerated death benefits to withdraw money to pay for medical bills and the cost of living when diagnosed with a terminal illness. Policies allow loans and other early withdrawals for different reasons. We recommend discussing details with a licensed New York Life agent.
Rates for permanent coverage are fixed, and the maximum available benefit is $50,000 for qualifying buyers.
AARP Guaranteed Acceptance Life Insurance
AARP also offers guaranteed acceptance life insurance policy, with no medical exam required. Note, however, this type of coverage requires a two-year waiting period. During that time, the full death benefit applies for accidental death, but death by natural causes only qualifies for a return of 110% of premiums paid.
This type of protection can stay in force up to the age of 95 as long as customers pay their premiums, and it builds cash value over time. The maximum death benefit for guaranteed acceptance life insurance with AARP is $25,000.
Additional Coverage Options Available Through AARP Life Insurance (Riders)
AARPoffers a limited selection of life insurance options throughNew York Life, but it also provides riders to customize plans. Additional riders available through AARP and New York Life include:
- AARP Term Rider Protect Plus: This rider lets customers increase coverage for a limited time with an attached term benefit. If you die within the predetermined term, your beneficiaries will receive the value of two policies. If you die after, it will default to the permanent policy value.
- Accelerated Death Benefit Rider: All life insurance policies from AARP offer an accelerated death benefit rider. It provides members with immediate access to half of their death benefit if diagnosed with a terminal illness with a life expectancy of 24 months or fewer. This rider is especially comforting for term policy buyers as the policy might otherwise lapse, resulting in no death benefit.
- Waiver of Premium: AARP offers a waiver of premium for customers who have been ordered to stay in a nursing home for at least 180 days. In short, you don't have to worry about making payments during this time.
In addition to these riders, AARP also offers the Guaranteed Exchange Option. This guaranteed option lets its term life insurance customers convert coverage to permanent life insurance with no health questions or medical exams required. But, again, rates and the death benefit are subject to change.
How Much Does AARP Life Insurance Cost?
Age, zip code, coverage limits, and how long you want your protection to last are a few of the things considered when it comes to the average cost of life insurance. The costs may not represent the full picture as a cheap term policy also expires without necessarily paying anything. Fortunately,AARPmakes it easy to get an idea of the cost of its plans online and from home.
Seeing is believing. So we ran term life insurance quotes for a 53-year-old woman and a 65-year-old man. Prices are as follows:
Policy Type | Coverage amount | 53 yo woman | 65 yo man |
Whole | $5K | $15 | $34 |
Term | $10K | $11 | $31 |
Whole | $10K | $29 | $66 |
Term | $25K | $18 | $67 |
Whole | $25K | $66 | $158 |
Term | $50K | $29 | $128 |
Whole | $50K | $114 | $299 |
Term | $100K | $52 | $236 |
Term | $150K | $72 | $323 |
How to File a Claim with AARP Life Insurance
AARPandNew York Lifemake it easy for customers to file claims, displaying all the required information prominently on the AARP website. In addition, theclaims portalexplains the different options for filing a claim and what policyholders can expect.
Specifically, AARP encourages its members to file claims through the company's online portal. However, filing a life insurance claim by fax or mail is also possible.
You can fax all claims information to (855) 381-5010. Meanwhile, claims filed by mail should be sent to one of the following addresses:
Regular Mail
New York Life Ins. Co. AARP Operations
Attn: Claims Department
PO Box 30713
Tampa, FL 33630-3713
Express Mail
New York Life Ins. Co. AARP Operations
Attn: Claims Dept.,
Bldg. 3 - 1st Floor
5505 West Cypress Street
Tampa, FL 33607
Before starting a claim, AARP members need to download a claims packet from the website. Required information for a life insurance claim includes a certified death certificate, proof of guardianship for a minor beneficiary (if applicable), and executorship papers for the estate (if applicable).
Other documents may also be required depending on the type of claim (e.g., proof of accidental death).
AARP Life Insurance FAQs
Where can I get life insurance through AARP?
According to AARP, all AARP-endorsed life insurance is serviced by New York Life. So, ultimately, you'd be working with New York Life to complete your purchase.
Who underwrites life insurance policies offered through AARP?
New York Life underwrites all AARP life insurance policies.
Is New York Life a reputable company?
New York Life has been a reputable life insurance company in business since 1845. The company has an A++ rating from AM Best for its financial strength and is America's largest mutual life insurer.
Who can join AARP?
AARP membership is available to all individuals who are ages 50 and older. While non-US citizens can join AARP, memberships are limited to a year at a time. Pricing can also rise significantly compared to citizens.
AARP Life Insurance Competitors
Learn more about how AARP compares against other top life insurance companies.
AARP vs. Gerber Life Insurance
If you're specifically looking for permanent life insurance for seniors, you can also shop with Gerber Life Insurance. It sells guaranteed acceptance life insurance for individuals ages 50 to 80 with no medical exams required with death benefits of $5,000 to $25,000.
Each policy builds cash value that policyholders can withdraw for medical bills, modest costs of living, and more. Gerber also offers children's plans and accident protection and whole life policies for working-age adults. However, it does not provide term or whole options for seniors to match the policies offered byAARP.
Gerber Life Insurance currently has an A rating for its financial strength from AM Best.
Gerber Life Insurance Review
AARP vs. Protective Life
Protective Lifeoffers moretypes of life insurancethanAARP, including term life insurance, whole life insurance, and a few types of universal life insurance. Its available coverage limits are also significantly higher. For example,Protective Lifelets applicants purchase term life insurance ranging from $100,000 to $50 million.
However, buyers can expect more restrictions without a medical exam. AARP makes no medical exams a defining feature of its policies aimed at seniors. Protective Life doesn't publish limits as openly. Its no medical exam policies may be tailored more for young, healthy buyers looking to avoid a little hassle.
Like other popular life insurance companies, Protective Life has solid ratings for financial strength (currently an A+ rating from AM Best).
Protective Life Insurance Review
Why You Should Trust Us: How We Reviewed AARP Life Insurance
To write a comprehensive review of AARP life insurance offered through New York Life, we compared the company's life insurance offerings with similar policies from popular insurance providers.
We analyzed individual policies based on unique details, benefits, and drawbacks and considered the range of applicants who could qualify. To ensure our review is as comprehensive as possible, we only ranked companies based on the facts we gathered.
Our life insurance rating methodology breaks down life insurance products side by side to simultaneously give shoppers a number for each product. However, working with a professional life insurance agent is often the best way to find the right coverage for your family's needs and goals. Agents can look at your unique situation and make appropriate recommendations.
Who Should Consider AARP?
Because a full AARP membership is only available to those who are at least 50 years old, its life insurance offerings reflect those demographics. Policies from AARP tend to come with relatively low coverage amounts, and the premiums can be high.
However, AARP life insurance is available without a medical exam, and you can even get guaranteed acceptance coverage. More importantly, it offers options for seniors who struggle to find life insurance coverage.
With all this in mind, AARP offers some of the best life insurance for seniors with policies limited to final expenses. For example, buyers who qualify for $150,000 in coverage may leave enough to pay off other debts, add to beneficiaries' college funds, and more.
Freelance Writer
Holly Johnson is a credit card expert, award-winning writer, and mother of two who is obsessed with frugality, budgeting, and travel. In addition to serving as contributing editor for The Simple Dollar and writing for publications such as Bankrate, U.S. News and World Report Travel, and Travel Pulse, Johnson ownsClub Thriftyand is the co-author of "Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love."
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).