AARP is the top organization for people 50 years and older, offering services to American seniors such as marketing, education, travel and insurance. Founded in 1958, AARP has a membership of more than 38 million.
While AARP is not an insurance company, through partnerships with insurance companies it offers its members home and auto policies via the Hartford, Medicare supplement plans through Blue Cross Blue Shield and life insurance policies with New York Life. Founded in 1845, New York Life is one of the oldest and most respected life insurance companies in the U.S.
Through its partner, New York Life, AARP offers its members both permanent and term life insurance policies. For term life, either the member or their spouse may apply if they are between the ages of 50 and 74. Benefits vary, starting at $10,000 and going as high as $100,000. For whole life policies, applicants can be anywhere from 50 to 80 years of age. Policies require no medical exam.
- Retired people and seniors
- Those with preexisting conditions
- People buying life insurance for their grandchildren
- Supplemental insurance
- No medical exam
- Uniform pricing
- Widely available nationwide
- $100,000 benefit cap
- Term life premiums go up over time
AARP Life Insurance Ratings at a Glance
AARP, through New York Life, offers permanent life and term life insurance with simplified underwriting. For those who want life insurance without having to take a medical exam, AARP ranks 5 stars out of 5.
AARP also ranks highly in as much as all members qualify, unless they are over the age of 80 or have a terminal illness. Not only are AARP members guaranteed acceptance, their spouses and minor grandchildren qualify as well.
New York Life, which underwrites policies for AARP members, ranks as the highest group life provider for customer satisfaction in the J.D. Powers 2021 survey.
For term life insurance, members from age 50 to age 74 can apply. Coverage lasts until the insured’s 80th birthday. While the benefit remains the same, premium increases occur every 5 years. Term life qualifies for conversion to permanent life before the age of 80.
Permanent life insurance, or whole life, is available to AARP members between the ages of 50 and 80. Spouses can apply as early as age 45. Like term life, benefits remain the same. Unlike term life, monthly premiums do not increase. Whole life benefits go as high as $50,000.
For guaranteed acceptance life insurance coverage, applicants need to answer only one health question, although only a portion of the death benefit will be paid out for death by natural causes in the 2 years after the policy commences. Policies cap at $25,000 coverage.
AARP members can also purchase whole-life policies for their children and grandchildren, up to the age of 17. Coverage maxes out at $20,000. At age 21, the child or grandchild becomes the new policyholder.
If you have questions about your AARP life insurance policy through New York Life, you can call Monday to Friday between the hours of 8 a.m. and 8 p.m. (EST), or Saturday between 9 a.m. to 5 p.m., at 1-800-607-6957. Or, you can access your account online at nylAARP.com.
It also has an informative FAQ and learning center, answering questions from how to get started to how long you can keep your insurance.
AARP life insurance can run a little higher in price than others, but it’s important to remember that the company caters to seniors. What they lose in competitive pricing, they gain in customer acceptance. AARP guarantees members qualify for at least 1 type of insurance, no matter the preexisting conditions, as long as they are below the age of 80 and don’t have a terminal illness. Considering the circumstances, AARP life insurance pricing is quite affordable and ranks high.
AARP has tons of user benefits like guaranteed acceptance even without a medical exam. When buying coverage from AARP, you can buy multiple policies and possibly save money. Also, grandparents looking to set their grandkids up for financial success in the future are able to purchase policies for their grandchildren under the age of 17.
AARP also offers a super informative learning center. Their customer service is highly rated, meaning you’ll find the process of buying life insurance easy and pleasant -- and will continue to have the same experience as a policyholder.
While AARP doesn’t offer a mobile app that allows members to handle their life insurance - and it may not be the worst thing since its target demographic is built for pre-internet generations - it does offer an ARP app that allows users to stay current on the latest news that affects them. But AARP’s stellar customer service makes up for it. Plus, the application process is as simple as can be, so the lack of a mobile app is no issue when it comes to signing up and getting coverage.
AARP Life Insurance vs. Competitors
When it comes to comparing AARP life insurance with other companies, it’s not only price but what you get for your money. Because AARP is an organization for seniors, it focuses on senior benefits and making sure members of that population qualify. While many other companies may lure you in with the promise of lower rates, more often than not you’re not going to qualify for that lower rate, or even at all.
While AARP life insurance policies have caps, it’s possible to get more than one policy. That means if you get 2 policies:
- Term life max benefits — $200,000
- Whole life max benefits — $100,000
- Guaranteed acceptance benefits — $50,000
You will pay a bit more. As a senior, you’re expected to pay higher premiums. The good part is that AARP sponsors policies underwritten by New York Life, one of the biggest and best insurance companies in the business.
- securely through Ladder Life Insurance's websiteBest For:Adjustable coverage
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Coverage amounts vary by state.
- securely through Haven Life Insurance's websiteBest For:Under Age 64
Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY) and California (DTC-CA), it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.
Benzinga gives AARP life insurance an overall rating of 4.5 out of 5. While seniors get guaranteed acceptance, premiums can be a little high. Still, compared to its competitors, that’s par for the course. Bottom line — seniors are going to pay more, and AARP makes sure that if you need life insurance, you’ll get it.
Frequently Asked Questions
What is the best life insurance for seniors?
Like with any life insurance, you have to ask yourself: What is the need? If you need it for only a short while, then the more affordable term life is the option for you. If you want it for the rest of your life, then permanent, or whole life insurance, is the best way to go. If you have preexisting conditions, AARP’s guaranteed acceptance program is the right fit for you.
What is the AARP Life Insurance Program?
While AARP does offer life insurance to its members, it is not a life insurance company. All policies are underwritten by New York Life, one of the oldest and most reputable insurance companies in the business. Through special deals with New York Life, AARP makes it so seniors receive guaranteed life insurance coverage as long as they are 80 years or younger and don’t have a terminal illness.
For more on life insurance, be sure to check out these and other great articles at Benzinga.
How long does AARPs term life insurance last?
AARPs term life insurance is available to members who are 50 to 74 of age. It lasts until the member turns 80.
Submit Your One Minute Opinion
Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.