How To Cancel Your AARP Life Insurance Policy [2024] (2024)

FAQs

How do I cancel my AARP life insurance? ›

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.

Login to your AARP online account. If you don't have an account, it's free and easy to create one. Go to My Account and select the Account Details tab. Scroll down to AARP Membership Payment Details and click the link that says Cancel Automatic Renewal.

If you decide to cancel, contact your insurance company by phone or in writing to inform them of your decision. After this period ends, canceling the policy might involve more steps, particularly with permanent policies, where you might need to consider the impact on the cash value and any surrender charges.

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.

Explore the online portalMost of the insurance providers offer the option to cancel the term life insurance policy through their website or online portals. You can explore the website yourself or call an expert for assistance.

In most cases, there are no fees or penalties for canceling a term life policy. Also, any premiums you have paid will be fully refunded if you cancel anytime during the free look grace period, which lasts anywhere from 10 to 30 days when the policy is first issued.

A standard AARP membership costs $16 per year, whether you are joining or renewing. However, once you're an AARP member, you can save on membership fees by signing up for Automatic Renewal, which costs $12 for the first year, or by choosing a longer term of membership.

Give Us a Call. You can call us toll-free at 1-888-980-9483 and talk with a friendly specialist who's ready to help. The Member Relationship Associate who answers can quickly cancel or transfer the account of a deceased loved one.

Given that an AARP membership has a low annual cost and provides a wide range of benefits — some of which can directly save you money — becoming a member is often still worth it for seniors.

If you cancel or outlive your term life insurance policy, you don't get money back. However, if you have a "return of premium" rider and you outlive the policy, premiums will be refunded. If you have a convertible term life policy, you can sell it instead of canceling it.

What is the money you get if you cancel a life insurance policy called? ›

Cash surrender value is the actual amount of money you will receive if you choose to terminate a permanent life insurance policy before its maturity date, or before you die.

Most don't need coverage for their entire life. If you have ample savings and no one is dependent on your income, assets, and support, then it may be time to cancel the policy. However, permanent life insurance is not as easy to cancel, and you shouldn't stop paying premiums.

There's no risk with this AARP-endorsed coverage. You'll receive a Certificate of Insurance when coverage is approved. If you decide this coverage isn't for you, for any reason, you can return it within 30 days and receive a refund of any premium paid.

The membership account will be deactivated, and we will send you a confirmation of your cancellation request. If you request a refund, you will receive a refund for the remaining balance on the account.

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.

You can call us toll-free at 800-514-4564 and talk with a friendly specialist who's ready to help. The Member Relationship Associate who answers can quickly cancel the account.

Canceling during the free look period

Life insurance policies typically have a free look period of 10 to 30 days after your policy goes into effect. During this time, if you decide you no longer want the policy, there's no penalty for canceling.

AARP Permanent Life Insurance from New York Life is initially more expensive than term life because the rate is locked in for the rest of your life, as long as you continue paying your premiums.

Contact your insurer or agent to find the best way to cancel your policy. Some insurance companies permit you to cancel right over the phone or online. Other insurers may require written notification or a signed document.