AARP – New York Life

AARP – New York Life provides burial insurance options as means to cover medical expenses, funeral costs, or other bills that may be left behind.

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7.5
Grand Score
8
User Score
7.5
Grand Score
8
User Score
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The AARP Life Insurance Program from New York Life Insurance Company is endorsed exclusively by the AARP for members who are 50-80 years old. The program offers valuable life and burial insurance options if you are searching for a reputable company. The AARP is an organization that has built its foundation and reputation on advocating for seniors. Currently, the company has more than 37 million members. 

New York Life is one of the largest life insurance companies in the world. Together with the AARP program, it offers term and permanent life insurance with simplified underwriting practices that do not require applicants to undergo a medical exam to qualify. Only AARP members and their spouses are eligible for policies, however, individuals who are not members but meet the age requirement can apply for coverage and pay the $16 annual membership fee.

Grandfolk Scoring
Waiting period 8/10
Customer service 9/10
Medical exam 10/10
Maximum coverage 4/10
Coverage age limit 10/10
Living benefits 10/10
Exclusions 10/10
Rate increases 6/10
Cost 8/10
Ease of enrollment 10/10
Coverage 10/10
Waiting period
Does coverage have a waiting period?
Full benefits will be paid for accidental death from day one.
Customer service
Availability of and ease of access to customer service?
8 AM-8 PM EST Mon-Fri, 9 AM-5 PM EST Sat
Medical exam
Medical exam required to obtain coverage?
No, there is no medical exam, medical testing or health questionnaire .
Maximum coverage
What is the maximum coverage available for burial insurance?
The maximum coverage is $25,000.
Coverage age limit
Who is eligible for burial insurance coverage?
You are eligible for coverage if you are between the ages of 45-80.
Living benefits
Are chronic and terminal illness benefits included with burial insurance?
Yes. If diagnosed with a terminal illness and given a life expectancy of 12 months or less (24 months in Texas and Illinois), you may access half of your benefit amount. It will be paid directly to you to use in any way you choose (Not available in Massachusetts or Washington).
Exclusions
What isn’t covered?
Death from suicide in the first two years of coverage
Rate increases
Will the rates increase each year?
Only if they are changed for all others in the same insured class
Cost
Monthly premium
Varies depending on age and other factors
Ease of enrollment
Ways you can enroll
Online or by phone
Coverage
What services are covered?
Burial insurance, accelerated death benefit
Age Score:
5
50-64 Years
5
65-74 Years
2
75-84 Years
1
85-Older

Burial insurance is one of the most important purchases you will make for the future of your loved ones. A burial insurance policy is meant to serve as a resource to relieve your loved ones of the burdens related to debt and other unpaid expenses you may have. Maintaining a policy should not pose a burden, however, if you have a Guaranteed Acceptance Life Insurance Policy (burial insurance), you can expect your premiums to increase as you advance in age. If you are enrolled in this plan, you should expect a premium increase annually.

Rate increases could present a challenge if you have a fixed income or live within a strict budget. In comparison, some companies offer rates that do not increase during the policy’s term. Also, burial insurance policies are only available to individuals ages 80 and under. Once you reach the age of 80, you will need to acquire a different policy. While acquiring life insurance after the age of 80 is possible, it will be significantly more expensive.

Health Score:
10
Poor Health
9
Fair Health
8
Good Health
8
Great Health

The AARP – New York Life Insurance program features insurance options with simplified underwriting. The simplified underwriting process relieves applicants from the requirement of a qualifying medical exam. Some life insurance policies with other companies require full medical underwriting. Simplified underwriting has gradually become more popular, because of the shorter application process it allows. The shorter process gives you the peace of mind of getting financial protections in place quickly in case you need them. This type of underwriting process can be beneficial if you are experiencing a declining health condition but also need insurance. Though there is a risk of higher premiums or coverage denial, applying is a simple process that is worth considering.

Pros:

  • Individuals with health issues can qualify for coverage. No medical exam is required for any of the policies.
  • An applicant can receive a quote and complete the application process online in most states. 
  • AARP is backed by a life insurance company with superior financial strength and a solid foundation. 
  • There’s no risk with this AARP-endorsed coverage. A 30-day ‘free look’ guarantees your satisfaction. 
  • Nearly two million AARP members are already insured through the AARP Life Insurance Program. 

Cons:

  • Burial insurance premiums may increase through the policy’s term as the insured ages. 
  • To qualify for the AARP Life Insurance Program, an applicant must also be an active member of the AARP.
  • New York Life’s program with the AARP receives a significant number of critical reviews with regards to claims handling.

Bottom Line:

The AARP – New York Life Insurance Program features a selection of life insurance policies issued by New York Life Insurance Company. The exclusive insurance options are reserved for AARP members and their spouses. AARP Life Insurance Program coverage is underwritten by New York Life Insurance Company. This company has the highest rating (A++ Superior) for their exceptional financial strength.
 
While AARP – New York Life Insurance may be suitable for some, those shopping for the best burial insurance rates would probably find a better deal with other insurance companies. While AARP – New York offers a simplified underwriting process, your rates will almost certainly be higher if you go this route. We recommend that you do your due diligence when comparing life insurance companies. A little comparison may save you a significant amount of money. 
 

Frequently Asked Questions:

Does your term coverage include an ‘accelerated death benefit?’
Yes. If you’re diagnosed with a terminal illness and given a life expectancy of 12 months or less (24 months in Texas and Illinois), you may access half of your benefit amount. It will be paid directly to you to use in any way you choose (not available in Massachusetts or Washington).

How do I get started?
You can go online or call to request an AARP Life Insurance free information kit. It includes an application and information about how to apply. You may also receive a quote and complete the application process online. 

What if I apply and change my mind later?
There’s no risk with this AARP-endorsed coverage. A 30-day ‘free look’ guarantees your satisfaction. You’ll receive a Certificate of Insurance when coverage is approved. If you decide that this coverage isn’t for you for any reason, you can return it within 30 days and receive a refund of any premium paid.
 

More Information:

Product Details 


Overview: Designed exclusively for AARP members, New York Life offers an expanded portfolio of AARP-endorsed life insurance products with simplified underwriting. In some cases, underwriting may not be required.

Package Details: 

Optional Accessories or Add-on Services: N/A

 

Additional Company Details

 

Contract Details: N/A

Warranty: N/A 

Accreditations: The AARP Life Insurance Program is not accredited with the Better Business Bureau. 

Company Details: The AARP (American Association of Retired Persons) has been around since 1958. Today, the company has more than 37 million members. The organization advocates for seniors in the areas of income security, health care, employment and protection from financial abuse. New York Life Insurance Company is one of the largest life insurers in the world. In 2016, the company boasted more than $500 billion in total assets.  

Contact

The AARP Life Insurance Program
New York Life Insurance Company
5505 W. Cypress Street
Tampa, FL 33607
Phone: 800-865-7927
Website: http://www.nylaarp.com/

T. Mashae Pearson - Senior Advisor

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