{"id":598,"date":"2017-04-24T16:55:17","date_gmt":"2017-04-24T20:55:17","guid":{"rendered":"https:\/\/blq.wpengine.com\/blog\/?p=598"},"modified":"2023-07-20T12:06:36","modified_gmt":"2023-07-20T17:06:36","slug":"aarp-life-insurance-review","status":"publish","type":"post","link":"https:\/\/www.bestlifequote.com\/blog\/aarp-life-insurance-review\/","title":{"rendered":"AARP Life Insurance Review 2023"},"content":{"rendered":"<p>We all know we will eventually pass away, but thinking or planning for it can be very uncomfortable. Still, buying a life insurance policy provides protection for your loved ones or business partners when you pass.<\/p>\n<p>Though you\u2019ve probably heard of the AARP, you may not be aware that AARP offers several life insurance products exclusively to its members.<\/p>\n<p>How does an AARP policy stack up to the other life insurance companies available on the market? This complete review of AARP life insurance will cover everything you need to know.<\/p>\n<p><strong>In this review:<\/strong><\/p>\n<ul>\n<li><a href=\"#products\">Life Insurance Products<\/a><\/li>\n<li><a href=\"#rates\">AARP Life Insurance Rates<\/a><\/li>\n<li><a href=\"#ratings\">Company Ratings<\/a><\/li>\n<\/ul>\n<h2 id=\"products\">AARP Life Insurance Products<\/h2>\n<p>The AARP Life Insurance Program from New York\u00a0Life\u00a0Insurance\u00a0Company offers AARP members both term and permanent life insurance coverage.<\/p>\n<table class=\"dcf-table dcf-table-responsive dcf-table-bordered dcf-table-striped dcf-w-100%\">\n<thead>\n<tr>\n<th scope=\"col\">Policy Type<\/th>\n<th scope=\"col\">Coverage Amount<\/th>\n<th scope=\"col\">Premiums<\/th>\n<th scope=\"col\">Waiting Period<\/th>\n<th scope=\"col\">Medical Exam<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<th scope=\"row\">Whole<\/th>\n<td data-label=\"Coverage Amount\">$5,000 &#8211; $50,000<\/td>\n<td data-label=\"Premiums\">Fixed<\/td>\n<td data-label=\"Waiting Period\">None<\/td>\n<td data-label=\"Medical Exam\">No<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Term<\/th>\n<td data-label=\"Coverage Amount\">$10,000 &#8211; $100,000<\/td>\n<td data-label=\"Premiums\">Increase every 5 years<\/td>\n<td data-label=\"Waiting Period\">None<\/td>\n<td data-label=\"Medical Exam\">No<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Guaranteed Acceptance<\/th>\n<td data-label=\"Coverage Amount\">$2,500 &#8211; $25,000<\/td>\n<td data-label=\"Premiums\">Fixed<\/td>\n<td data-label=\"Waiting Period\">2 Years<\/td>\n<td data-label=\"Medical Exam\">No<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Young Start<\/th>\n<td data-label=\"Coverage Amount\">$10,000 &#8211; $20,000<\/td>\n<td data-label=\"Premiums\">Variable<\/td>\n<td data-label=\"Waiting Period\">2 Years<\/td>\n<td data-label=\"Medical Exam\">No<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 id=\"whole\"><strong>AARP Whole Life Insurance<\/strong><\/h3>\n<p>A permanent life insurance policy, also known as whole life insurance, is in effect for your entire life. As long as you make your monthly premium payments, your whole life policy coverage or death benefit will remain in effect no matter what health conditions you may acquire.<\/p>\n<p>This type of policy is generally more expensive than term because it locks whatever amount of coverage you choose in for life.<\/p>\n<p>It also provides a cash value you could borrow against. The difference borrowed would be deducted from the total payout once the policy is claimed.<\/p>\n<p>You can obtain an affordable\u00a0face amount\u00a0up to $50,000 with no\u00a0waiting period\u00a0or exam. Your rates are guaranteed and will never increase.<\/p>\n<h3 id=\"term\"><strong>AARP Term Life Insurance<\/strong><\/h3>\n<p>In most cases of \u201cLevel Benefit\u201d insurance with other companies, the rates do not increase throughout the entire policy term length.<\/p>\n<p>With AARP, however, the rates go up every five years, and even then they are not guaranteed.<\/p>\n<p>And while it can be considered a pro that no physical exam is required, applicants only have to answer three\u00a0health questions.<\/p>\n<p>This lack of thoroughness means that even if you are in\u00a0good health, you may not get the <a href=\"https:\/\/www.bestlifequote.com\/blog\/cheap-term-life-insurance\/\">lowest or most competitive\u00a0term\u00a0life insurance\u00a0rates<\/a>.<\/p>\n<p>Coverage also only lasts up to age 80, so seniors who are older are out of luck.<\/p>\n<h3 id=\"guaranteed\"><strong>AARP Guaranteed Acceptance Life Insurance<\/strong><\/h3>\n<p>This life insurance option is also known as a final expense or burial insurance policy.<\/p>\n<p>You can obtain coverage from $2,500 up to $25,000 with no\u00a0medical exam\u00a0required, making the\u00a0underwriting\u00a0process a little less stressful, especially if you&#8217;re not in great health.<\/p>\n<p>According to their <a href=\"https:\/\/www.nylaarp.com\/\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">site<\/a>, you just have to answer one\u00a0health question, though you will have a\u00a0two\u00a0year\u00a0waiting period.<\/p>\n<h3 id=\"young\"><strong>AARP Young Start Life Insurance<\/strong><\/h3>\n<p>The\u00a0Young Start\u00a0life insurance plan\u00a0offered is an AARP\u00a0permanent\u00a0life insurance\u00a0policy\u00a0that you can purchase on your grandchild 18\u00a0years old\u00a0or younger.<\/p>\n<p>You can get the following benefit amounts for your grandchild:<\/p>\n<ul>\n<li>$10,000 for $5.00\/month<\/li>\n<li>$15,000 for $7.50\/month<\/li>\n<li>$20,000 for $10.00\/month<\/li>\n<\/ul>\n<h3><strong>Rider Options<\/strong><\/h3>\n<p>Riders are additions you can tack on to your AARP whole life policies:<\/p>\n<ul>\n<li><strong>Waiver of Premiums: <\/strong>wave 180 days of your premiums should you become ill, disabled, or need to live in a nursing home.<\/li>\n<li><strong>Accelerated Death Rider or Terminal Illness Rider: <\/strong>covers you should you suddenly be diagnosed with a terminal illness and given 12 or fewer months to live, you can access 50% of your policy to help pay for expenses.<\/li>\n<\/ul>\n<h2>AARP Life Insurance Rates<\/h2>\n<p>Compared to other <a href=\"https:\/\/www.bestlifequote.com\/blog\/best-life-insurance-companies\/\">top life insurance<\/a> providers, AARP just isn\u2019t very competitive as far as rates go.<\/p>\n<p>Of course, the choice of what life insurance company you choose is ultimately yours, but you will likely end up paying more than you should with AARP.<\/p>\n<table class=\"dcf-table dcf-table-responsive dcf-table-bordered dcf-table-striped dcf-w-100%\">\n<thead>\n<tr>\n<th scope=\"col\">Policy<\/th>\n<th scope=\"col\">Monthly Premiums<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-label=\"Policy\">Term<\/td>\n<td data-label=\"Monthly Premiums\">$11 &#8211; $350<\/td>\n<\/tr>\n<tr>\n<td data-label=\"Policy\">Whole<\/td>\n<td data-label=\"Monthly Premiums\">$15 &#8211; $525<\/td>\n<\/tr>\n<tr>\n<td data-label=\"Policy\">Guaranteed Acceptance<\/td>\n<td data-label=\"Monthly Premiums\">$11 &#8211; $250<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><strong>Tips for Cheaper Life Insurance Rates<\/strong><\/h3>\n<p>Because we want to provide you with all the information you need to get a cheap plan, we want to provide you with some of the most common tips we give to our clients to secure the cheapest coverage.<\/p>\n<p>Here is the advice we give to most of our applicants.<\/p>\n<h4 class=\"blueback\">Compare Providers<\/h4>\n<p>You need to compare dozens of quotes. For most applicants, AARP isn\u2019t going to be the most affordable policy, which means that it\u2019s important that you find a company that will give you cheaper rates.<\/p>\n<p>If you\u2019re an older applicant that\u2019s looking for insurance protection, there are some companies that are going to give you much more affordable rates.<\/p>\n<p>You need to make sure when seeking the best insurance coverage to check out all of our available company reviews.<\/p>\n<h4 class=\"blueback\">Don&#8217;t Commit to a Captive Agent<\/h4>\n<p>Unless you want to go through the time-consuming process of getting quotes alone, the best way to gather the quotes is to join an independent agency.<\/p>\n<p>If you contact a typical insurance agent, they can give you one quote from their company.<\/p>\n<p>With us, we can offer you more than 30 quotes all at once.<\/p>\n<h4 class=\"blueback\">Improve Your Health<\/h4>\n<p>The last tip we offer to our clients is to improve their health by quitting some bad habits.<\/p>\n<p>If you\u2019re a smoker, we highly suggest quitting for at least one year before you apply for coverage.<\/p>\n<p>If you\u2019re an older applicant who smokes, be prepared to pay a lot more for your plan.<\/p>\n<h4 class=\"blueback\">Calculate How Much Coverage You Actually Need<\/h4>\n<p>Don\u2019t buy life insurance without adding up your needs.<\/p>\n<p>To start, begin by seeing how much your family would have to pay off.<\/p>\n<p>Calculate all of your unpaid bills. Your\u00a0<a href=\"https:\/\/www.bestlifequote.com\/blog\/how-to-estimate-how-much-life-insurance-you-need\/\">life insurance needs to be sizable enough to pay off your debts<\/a>.<\/p>\n<p>Once you have this number, you have your starting point.<\/p>\n<p>The next number you need to put in your life insurance equation is your paycheck.<\/p>\n<p>More specifically, several years&#8217; worth of paychecks. Your policy is designed to replace your salary.<\/p>\n<p>Every year our clients tell us stories about\u00a0loved ones\u00a0passing away and being left with debts.<\/p>\n<p>Don\u2019t let you or your family become another one of these stories.<\/p>\n<h2 id=\"ratings\">AARP Life Insurance Company Ratings<\/h2>\n<p>When you\u2019re reviewing a life insurance company, it\u2019s a good idea to check out the company\u2019s financial strength.<\/p>\n<p><img decoding=\"async\" class=\"alignright size-medium wp-image-3435\" src=\"https:\/\/www.bestlifequote.com\/wp-content\/uploads\/2017\/04\/aarp-485-300x65.jpg\" alt=\"AARP Logo\" width=\"300\" height=\"65\" srcset=\"https:\/\/www.bestlifequote.com\/wp-content\/uploads\/2017\/04\/aarp-485-300x65.jpg 300w, https:\/\/www.bestlifequote.com\/wp-content\/uploads\/2017\/04\/aarp-485-768x168.jpg 768w, https:\/\/www.bestlifequote.com\/wp-content\/uploads\/2017\/04\/aarp-485-1024x223.jpg 1024w, https:\/\/www.bestlifequote.com\/wp-content\/uploads\/2017\/04\/aarp-485.jpg 1976w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Here\u2019s what we found on AARP\u2019s\u00a0<a href=\"https:\/\/www.bestlifequote.com\/blog\/new-york-life-review\/\">New York\u00a0Life\u00a0Insurance\u00a0Company<\/a>:<\/p>\n<ul>\n<li><strong>BBB:<\/strong> A+ rating though it is not accredited with the BBB<\/li>\n<li><strong>A.M. Best:<\/strong> A++<\/li>\n<li><strong>Fitch Ratings: <\/strong>AAA<\/li>\n<li><strong>Standard and Poor:<\/strong> A++<\/li>\n<li><strong>Moody:<\/strong> Aaa<\/li>\n<li><strong>J.D. Power:<\/strong> 8th out of 24th<\/li>\n<\/ul>\n<p>They scored outstanding marks on all fronts, making them a financially sound company to choose from compared to the best life insurance companies in the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We all know we will eventually pass away, but thinking or planning for it can be very uncomfortable. Still, buying a life insurance policy provides protection for your loved ones or business partners when you pass. Though you\u2019ve probably heard of the AARP, you may not be aware that AARP offers several life insurance products [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[87,86],"tags":[],"table_tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/posts\/598"}],"collection":[{"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/comments?post=598"}],"version-history":[{"count":0,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/posts\/598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/media\/3795"}],"wp:attachment":[{"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/media?parent=598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/categories?post=598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/tags?post=598"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/www.bestlifequote.com\/wp-json\/wp\/v2\/table_tags?post=598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}