April, 30 2017

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AARP Life Insurance Review 2016

AARP Life Insurance Review 2016

Author
Users
  • Price
  • Underwriting
  • Financial Strength

AARP Life Insurance Review 2016

The Good: AARP’s life insurance program which is underwritten by New York Life Insurance Company, has an easy application process- only 3 health questions and no physical exam.  New York Life has an A++ A.M. Best Superior financial rating (the highest available out of 16 categories).  AARP and New York Life are very well-known trusted companies in America in 2016.

The Bad:  Rates can be expensive for many applicants.  Also, the premiums increase every 5 years on their term policy and coverage ends at age 80.  In addition, as with many guarantee issue policies from various companies- many people have posted complaints online about being unaware that the guaranteed acceptance life insurance has a two-year waiting period for natural causes.

The Bottom Line:  AARP has three main plans; Level Benefit Term Life Insurance up to $100,000 in which the price increases every five years and stops at age 80. Permanent Life Insurance up to $50,000 which cover lasts a lifetime and Guaranteed Acceptance up to $25,000 in which there is no medical exam or health questions.  he guaranteed acceptance policy has a two year waiting period before you’re covered for natural causesThe life insurance plans offered for by AARP and New York Life for seniors can be convenient but for healthy individuals looking for term life insurance the rates will likely be much cheaper from another carrier like Prudential, Transamerica, Voya ReliaStar or Mutual of Omaha.  There are other insurance plans and companies that can be significantly cheaper than the AARP plans.  As with all the companies we review, we recommend compare quotes and features from many different companies before purchasing a policy.  Do your homework to ensure your are receiving the best deal and just don’t rely on a brand name alone in securing the right policy.


About

Type: Mutual Company-New York Life

Underwriter: New York Life

Founded: 1845-New York Life

Website: nylaarp.com

Phone: (800) 865-7927

Mon – Fri: 8:00 a.m. to 10 p.m. (ET)

Sat: 9:00 a.m. to 5 p.m. (ET)

Address: 51 Madison Avenue, New York, NY 10010

AARP Life Insurance Ratings 2016: A++ (Superior) Highest of 16 possible ratings

Comdex Ranking: 100 out of 100

BBB Rating: B+ (New York Life)

Competitors: Colonial Penn, Mutual of Omaha Life Insurance, Globe Life, Foresters, 5 Star Life Insurance Company, Oxford, Americo, United Home Life, Monumental,Funeral Advantage, Standard Life, State Farm, Farmers, Allstate, Nation Wide, American Family Life Insurance, Progressive Life Insurance, ANICO, Allianz Life Insurance Company, Fidelity & Guaranty Life, American General Life, Banner Life, Protective Life, Primerica, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential, Midland, Cincinnati Life, Grange Life Insurance Company, Symetra Life Insurance Company, John Hancock, PennMutual, Principal, TIAA-CREF, Guardian, OneAmerica, Minnesota Life, RiverSource, Allianz Life Insurance Company, Thrivent Financial for Lutherans, AAA, Erie, Sagicor, Amica, Assurity,  Ohio National Life Group, New York Life, Northwestern Mutual, EMC National Life, Motorists Life, Pan-American Life, National Life Group, American Family, Shelter, HoraceMann, Group Life Insurance, Supplemental Life Insurance, Aflac, Voluntary Life Insurance, Unum,  MassMutual.

 

How Does AARP Life Insurance Prices Compare to the Competition?

$100k term policy purchased by a 60 year old female.  Prices over the next 20 years:

Premium at AgeAARPProtective LifeBanner Life 
60$124.17 $44$45
65$174.83 $44$45
70$265.83 $44$45
75$265.83 $44$45

By choosing the competition you this insured would save $974 year vs. AARP for this policy.

 

Guarantee Acceptance $10k Policy for a Male (2-year waiting period for natural causes)

 

AgeAmountCompanyPrice 
65$10kAARP$70.44
65$10kMutual of Omaha$66
65$10kGerber$74.50

The guarantee acceptance policy from AARP/NY Life is very competitively priced and has the security of NY Life having the best possible rating A++.

Instant quote from AARP/NY Life

 

Products:

Term Life Insurance-$10,000 up to $100,000

-No Medical Exam

-Only 3 Easy Health Questions

-Available for members 50-74

-Coverage ends at 80 years

-Premiums increase as you get older

Permanent Life Insurance-up to $50,000

-No medical exam

-Rates don’t increase

-3 simple health questions-most who apply are accepted

-Coverage lasts entire lifetime

Guaranteed AcceptanceUp to $25,000

-No medical exam

-No health questions

-Rates don’t increase with age

There is a 2-year waiting period for death due to natural causes.

 

 

 We want to hear from you about your experience with AARP Life Insurance.  Would you recommend them to others in 2016?  Please leave a comment and rating below.

One Comment

  1. They are expensive!

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