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AARP life insurance review 2021
You could qualify for guaranteed coverage for life with no medical exam required.
finder.com's rating: 3.5 / 5 ★★★★★
Bottom line: AARP offers no-exam guaranteed acceptance plans for seniors or people with pre-existing conditions, though coverage amounts may be limited.
50 to 80
Issue Age
$10,000 to $100,000
Coverage
No
Medical Exam Required
Details
| Policies | Term, Permanent, Guaranteed Acceptance |
|---|---|
| Coverage maximum | $100,000 |
| Term lengths | 5 year banded terms |
| Medical exam required | No |
| Available states | All 50 states |
| Issue age | Not listed |
Pros
- Premiums start at $11 for guaranteed acceptance or level benefit term life
- No waiting period with whole or level benefit term life
- 30-day moneyback guarantee
Cons
- Guaranteed acceptance isn’t available in New Jersey and Washington, and accelerated benefits aren’t available in Massachusetts and Washington
- Guaranteed acceptance won’t pay the entire death benefit until the two-year waiting period ends
- Online applications aren’t available in all states and you may have to apply by mail
| Riders |
Accelerated death benefit rider Child rider Waiver-of-premium rider |
|---|
Expert review
Review by
Rhys Subitch
rhys.subitch@finder.comRhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
Expert review
AARP offers life insurance policies through New York Life that don’t require a medical exam. It provides low-cost options ideal for budget buyers, those wanting supplemental coverage or those who may be denied a standard policy.
However, AARP offers maximum coverage at $100,000, relatively low for the price you pay. Low coverage is typical for no-exam policies anywhere.
If you’re willing to take an exam, you could pay a lower price for higher coverage with another company. But if you need to bypass the exam, consider one of AARP’s policies.
AARP life insurance rates
AARP offers rates for people at least 50 years old averaging $156 per month for $100,000 in coverage, depending on factors like your age and health. Premiums increase over time in 5-year age brackets up to age 80.
| Age | Man | Woman |
|---|---|---|
| 50-54 | $74 | $52 |
| 55-59 | $109 | $80 |
| 60-64 | $159 | $125 |
| 65-69 | $212 | $175 |
| 70-74 | $306 | $266 |
What affects my rate with AARP?
AARP’s life insurance plans through New York Life don’t offer details about their rating tiers online. This isn’t unusual for a life insurer, but it shows less transparency than companies with this information.
Some factors lead to high rates with other companies:
- Health history. A family medical history with certain conditions could cause a higher premium.
- Substance abuse. People who have experienced alcohol or drug abuse within five years may see higher rates.
- Tobacco use. Tobacco or nicotine use in the past 12 months may affect your rates.
- Health. You may see higher rates if you’re diagnosed with cancer, stroke, diabetes, kidney, liver or heart disease, HIV, AIDS or asthma in the past five years.
- Driving record. People with DWIs or DUIs on their driving record typically see higher rates.
How to get a quote from AARP life insurance
You can contact AARP by phone at 888-687-2277. Otherwise, if you’re an AARP member, you can get a quote and sign up for life insurance online.
- To begin, click Get A Quote.
- Then select the type of policy you’d like to apply for: term, permanent or guaranteed acceptance.
- Provide some personal info, your desired coverage amount and contact info. Then click Get instant quote and apply.
- If you are not an AARP member, you’ll need to call AARP at 866-238-6135 to get more information regarding a membership.
What types of life insurance does AARP offer?
AARP offers term life insurance with lower starting rates that increase over time and don’t build cash value, a less common feature for this type of policy. Most term life policies offer level premiums.
AARP also offers whole life policies for lifelong protection with cash value building at higher initial rates, though higher rates aren’t unusual for this policy.
The company specializes in four no-exam policies, an unusual specialty for a life insurer:
| Plan | Coverage | Medical exam | Waiting period | Rate increase | Coverage max length | Monthly cost | Disclaimers |
|---|---|---|---|---|---|---|---|
| Child policy | $10,000– $20,000 | None | Two years | Rates may increase | For life | $5–$10 | Child owns the policy at age 21 |
| Guaranteed acceptance whole life | $2,500–$25,000 | None | Two years | No | For life | $11–$227 | Premiums end at age 95 |
| Term life | $10,000–$100,000 | None | None | Yes, based on fixed 5-year age bands | Age 80 | $11–$306 | Guaranteed ability to convert to permanent life insurance at age 80 |
| Whole life | $5,000– $50,000 | None | None | No | For life | $15–$522 | Premiums end at age 95 |
Does AARP offer burial insurance?
Yes. AARP’s guaranteed acceptance policy is marketed as burial insurance for seniors ages 50 to 80, and it doesn’t require a health questionnaire or exam.
However, you’ll pay AARP membership fees, an added expense that other insurers don’t require.
Like most final expense policies, the coverage is capped at $25,000. AARP’s burial insurance policy is available in all states except New Jersey and Washington.
What riders can I add to my life insurance policy?
AARP offers fewer riders than you might find with other companies, though helpful ones. Riders to consider adding:
- Accelerated death benefit rider. Also known as living benefits, this add-on offers an early release of death benefits if the policyholder is diagnosed with a terminal illness.
- Child rider. The Young Start plan covers children younger than 18 years old and isn’t included with the other AARP programs.
- Waiver-of-premium rider. This add-on waives premiums while maintaining coverage if you can’t make payments due to a temporary illness, injury or disability.
AARP life insurance reviews and complaints
AARP holds high BBB ratings based on how the business interacts with customers, which signals good customer support. Among many reviews online, customers seem happy with AARP’s customer service when asking policy questions. Some customers wish that AARP’s rates were cheaper compared to other brands.
But like other companies, you’ll find negative comments on delayed claims payments. Customers also warn about the guaranteed approval policy’s waiting period: If you die within the first two years insured, AARP pays only some of the death benefit.
| AM Best financial rating |
A++ |
| BBB accredited | No |
| BBB rating | A+ 2/5 out of 5 customer reviews |
| Customer reviews verified as of | 18 January 2021 |
How does AARP compare to other insurers?
AARP’s policies stand out in that none require you to take a medical exam, catering to people who don’t qualify for standard policies with exams. It’s unusual to see an insurer with only no-exam policies in its lineup.
However, its guaranteed-issue policy only pays part of the death benefit if you die within two years of starting your policy. The waiting period is common for this policy, but you can find insurers that get rid of it.
That said, these policies are issued through New York Life Insurance, a reputable brand with high customer and financial ratings above other life insurers. New York Life gets high marks from rating sites like AM Best, the Better Business Bureau, J.D. Power and Trustpilot.
Compare life insurance companies like AARP
See how AARP policies stack up against others in the market. Check the Compare box to see up to four companies side by side, then get quotes from your top picks.
Frequently asked questions about AARP life insurance
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry. AARP receives a three and a half out of five stars for limited policy customization options compared to its competitors.