Applying for AARP Life Insurance is a straightforward process, but it’s important to understand the options available and the steps involved. AARP offers life insurance plans through New York Life Insurance Company, and these plans are tailored for AARP members aged 50 and older. Below is a guide to help you apply:
Types of AARP Life Insurance Plans
- Term Life Insurance:
- Provides coverage for a specific period (e.g., 10, 15, 20 years).
- Premiums are fixed for the term.
- No cash value accumulation.
- Permanent Life Insurance:
- Provides lifelong coverage.
- Includes a cash value component that grows over time.
- Premiums are typically higher than term life insurance.
- Guaranteed Acceptance Life Insurance:
- No medical exam or health questions required.
- Designed for seniors who may have health issues.
- Coverage amounts are lower, and premiums are higher.
Eligibility Requirements
- You must be an AARP member (age 50 or older).
- Your spouse or partner (age 45–80) may also be eligible, even if they are not AARP members.
- For term and permanent life insurance, you may need to answer health-related questions or undergo a medical exam.
Steps to Apply for AARP Life Insurance
1. Become an AARP Member
- If you’re not already a member, join AARP by visiting their website: www.aarp.org.
- Membership costs $16 per year (as of 2023) and provides access to discounts, resources, and insurance products.
2. Gather Necessary Information
- Personal details (name, address, date of birth, etc.).
- Health history (for term and permanent life insurance).
- Payment information for premiums.
3. Get a Quote
- Visit the AARP Life Insurance website: www.aarplifeinsurance.com.
- Use the online tool to get a quote based on your age, coverage amount, and type of policy.
4. Choose Your Plan
- Compare the available plans (term, permanent, or guaranteed acceptance).
- Select the one that best fits your needs and budget.
5. Complete the Application
- Fill out the application form online or over the phone.
- For term and permanent life insurance, you may need to answer health questions or schedule a medical exam.
- For guaranteed acceptance life insurance, no medical exam or health questions are required.
6. Review and Submit
- Double-check your application for accuracy.
- Submit the application and wait for approval.
7. Wait for Approval
- For term and permanent life insurance, approval may take a few weeks, depending on the underwriting process.
- For guaranteed acceptance life insurance, approval is typically immediate, and coverage begins shortly after.
8. Pay Your Premiums
- Once approved, you’ll need to start paying premiums to keep your policy active.
- Premiums can often be paid monthly, quarterly, or annually.
Key Features of AARP Life Insurance
- No Medical Exam for Guaranteed Acceptance: Ideal for seniors with health concerns.
- Flexible Coverage Amounts: Ranges from 10,000to10,000to100,000 or more, depending on the plan.
- Affordable Premiums: Designed to be budget-friendly for seniors.
- Cash Value (Permanent Plans): Accumulates over time and can be borrowed against.
- Portability: Coverage stays with you even if you leave AARP.
Pros and Cons of AARP Life Insurance
Pros:
- Tailored for seniors aged 50+.
- No medical exam required for guaranteed acceptance plans.
- Competitive rates for AARP members.
- Backed by New York Life, a highly rated insurer.
Cons:
- Coverage amounts may be limited compared to other providers.
- Premiums can increase with age, especially for term life insurance.
- Guaranteed acceptance plans have lower coverage limits and higher premiums.
Tips for Choosing the Right Plan
- Assess Your Needs: Determine how much coverage you need and for how long.
- Compare Quotes: Get quotes from multiple providers to ensure you’re getting the best rate.
- Read the Fine Print: Understand the terms, exclusions, and limitations of the policy.
- Consult a Financial Advisor: If you’re unsure which plan is best, seek professional advice.
Contact Information
- AARP Life Insurance Website: www.aarplifeinsurance.com
- Phone: 1-888-687-2277 (AARP Life Insurance Customer Service)
- AARP Membership: www.aarp.org
By following these steps, you can easily apply for AARP Life Insurance and secure coverage that meets your needs. Make sure to review all options and choose the plan that aligns with your financial goals and lifestyle.