AARP Guaranteed Life Insurance from New York Life (2024)

FAQs

How long does it take for AARP life insurance to pay? ›

When the owner of a life insurance policy passes away, their beneficiary can receive a lump sum cash payment. But before the beneficiary can collect the money, they must first file a claim. On average, the claims process may take 1-2 months from start to finish.

Permanent Life Insurance Coverage

Guaranteed rates that never increase, and no medical exam, just health and other information. You can keep this insurance your entire life. You'll leave AARP and go to the website of a trusted provider.

Can I cash out my AARP life insurance? Unlike term insurance, which has no cash value, permanent life insurance policies allow you to access the cash value that has built up over time. However, there is a tradeoff. You're lowering the death benefit to your beneficiaries.

Yes. In addition to lifelong insurance coverage, a portion of your premium payments goes toward cash value that grows tax-deferred over time. Once you have enough cash value, you can take a loan against your cash value to help with an unexpected expense.

If you file the claim properly and provide all the necessary documents, you will typically receive the death benefit payout of a life insurance policy within a month. However, there are rare circ*mstances in which delays might occur.

Q: If my claim is approved, when will I get paid? A: Once your claim is approved, we process payments immediately. It takes about seven days for direct deposits to show up in your bank account or 7 – 10 business days to receive a check in the mail. Q: How do I set up direct deposit?

Guaranteed issue

The guaranteed acceptance whole life policy does not require answering health questions. Because your approval is guaranteed, there is a 24-month waiting period. If you die of natural causes during the waiting period, New York Life will only refund 110% of your premiums.

How much is AARP life insurance per month? AARP life insurance can cost as little as $11 monthly or as high as $900. The final price depends on the type of policy (whole, term, or guaranteed acceptance), product, age, gender, state of residence, and health.

New York Life, which underwrites AARP life insurance policies, is a trusted name in the industry. It features impressive third-party ratings, including an A++ from AM Best for financial stability, and a favorable complaint index score from the National Association of Insurance Commissioners (NAIC).

No, there is no waiting period once your coverage takes effect.

What life insurance company does AARP use? ›

The AARP Life Insurance Program is underwritten by New York Life Insurance Company, New York, NY 10010. AARP membership is required for Program eligibility.

Step 1: Call the AARP (New York Life) insurance phone number at 1-800-225-5695. Step 2: Tell a representative you would like to cancel your policy. Step 3: Give them your information and follow the instructions they provide. Step 4: Request an email verification that your AARP (New York Life) policy has been canceled.

The AARP Life Insurance Program from New York Life Insurance Company offers members both term and permanent group coverage. No physical exam is required. For most products, acceptance is based on your health and other information. Find out which coverage is right for you.

Term life is more affordable but lasts only for a set period of time. On the other hand, whole life insurance tends to have higher premiums but never expires. Knowing the differences between term and whole life insurance will help you choose a policy that works best for you and your lifestyle.

The bottom line

What you may find is that the combination of practical benefits and broader advocacy efforts by AARP make the cost of membership a worthwhile investment.

No, there is no waiting period once your coverage takes effect.

Generally, people seeking whole life insurance pay for it forever (i.e., until they die). But, you can choose to fund the entire cover in 10, 15, or 20 years. Although, doing so will extortionately raise your monthly premium for those years.

A term life insurance policy is the simplest, purest form of life insurance: You pay premiums for a set 10-year, 20-year, or sometimes 30-year time frame, and if you die during that time, a cash benefit is paid to your family (or anyone else you name as your beneficiary).