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AARP life insurance review 2021
Offered through New York Life, none of these plans require a medical exam — so you can get coverage sooner.
finder.com's rating: 3 / 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 |
No info available |
|---|
Review by
Rhys Subitch
rhys.subitch@finder.comRhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over 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 in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.
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.
This article was reviewed by Andrew Flueckiger, a member of the Finder Editorial Review Board and certified insurance counselor and licensed insurance agent in five states.
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 |
Factors that affect your life insurance rates
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.
AARP offers term and whole life
AARP offers four types of life insurance with simplified underwriting. This means you’ll only answer health questions instead of taking a medical exam to get approved for coverage. Plus, you’ll have the option to opt for a guaranteed acceptance whole life policy that forgoes both the health questionnaire and medical exam.
| 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 |
You can convert your AARP term life to keep coverage past 80
While AARP’s term life policies expire at 80, it offers members the option to convert their term life policy to a permanent group life policy anytime before your 81st birthday.
You won’t have to take a medical exam or answer any health questions to get coverage. However, your rates will be based on your age at the time you convert.
Does AARP offer burial insurance?
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.
AARP offers 3 policy add-ons
AARP offers fewer riders to help customize your policy 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 isn’t accredited with the Better Business Bureau (BBB), but it has a high rating for the way it interacts with customers. Complaints on the BBB mostly had to do with AARP’s other services — though there were some comments about delayed claims payments. Over at trust pilot, reviews rate AARP middle of the road, citing a hard-to-navigate website.
| AM Best financial rating |
A++ |
| BBB accredited | No |
| BBB rating | A+ 1.25/5 out of 56 customer reviews |
| Trustpilot score | 2.6/5 out of 9 customer reviews |
| Customer reviews verified as of | 30 June 2021 |
The underwriter, New York Life, has an A- rating with the BBB, and customers have awarded it 1.67 out of 5 stars. There have been 92 complaints filed against the business in the past three years, which is relatively low for an insurance company.
How AARP life insurance compares 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.
Get quotes from other 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.
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.