Affordable Life USA has provided affordable life insurance for seniors for over 25 years. One of the questions we are frequently get asked is: how do your premiums compare to AARP life insurance rates?
If you are looking for senior life insurance or need life insurance for parents, we are providing comprehensive AARP life insurance review to help you with your search. In our AARP life insurance review, we will evaluate each of their plans compared to purchasing individual coverage.
Many people are surprised to learn that the popular organization called AARP is only a marketing organization and not a life insurance company. In fact, the organization was originally set up by a life insurance agent as a strategic way to market affordable life insurance to seniors.
AARP is a large organization boasting over 38 million members ages 50 and over. They opened for business in 1958 and now have offices in all 50 states. In order to qualify for the AARP life insurance program you must also be an active member.
AARP New York Life Insurance Plans
If you get a AARP life insurance quote, the policy is actually being underwritten by New York Life. The AARP life insurance rates are based on group insurance rates offered by the New York Life group division.
The AARP New York Life insurance rates will be significantly higher compared to the policies which are sold by New York Life agents in the open market. New York Life is a well known insurer with an A++ (Superior) financial strength rating from A.M. Best.
The coverage offered by AARP New York Life insurance include both term and permanent life insurance. Both plans utilize simplified underwriting, which means New York Life insurance reviews only a few medical questions and you do not have to undergo a medical exam to qualify for coverage. There is also whole life insurance for which you cannot be turned down.
The AARP life insurance rates will vary depending on which plan you select. We will highlight the key features and provide sample rates for each of the four plans:
- AARP Level Benefit Term Life
- AARP Permanent Life
- AARP Guaranteed Acceptance Life
AARP Young Start Program
AARP Term Life Insurance
The official name of their term plan is called AARP Level Benefit Term Life. Do you want to know, what is level benefit term life ? Look no further, here are some of the key plan features and the AARP term life insurance rates chart:
- With AARP term life no medical exam is required
- Your acceptance is based on several general health questions
- AARP term benefit life insurance is expensive
- The AARP life insurance payments will go up in cost every 5 years
- The maximum coverage amount is $100,000
- The policy can issued between ages 50-75
- The AARP death benefits will remain the same but, coverage will expire at age 80
- The policy can be converted into a permanent life insurance policy
Unless you have a pre-exisiting medical condition, we normally would not recommend AARP term life insurance for seniors.
Mainly because the premiums are high and will continue to increase as you get older. The rates are determined by which five year age bracket you fall into and, each time you enter a new age bracket, the rates increase significantly (see below).
Another negative feature to keep in mind when considering AARP term is that the coverage ends when you turn 80. So, senior citizens living even a normal life expectancy will actually out live their coverage.
AARP Term Life Insurance Rate Chart
*Monthly sample of AARP term life insurance rates
aarp life insurance rates vs our term insurance
To compare term life insurance rates click “Get Quote” below:
AARP Whole Life Insurance
Want to know more about whole life insurance through AARP? No problem! Please read the plan details and take a peek at the whole life rates chart below:
- With AARP whole life insurance no medical exam is required
- Your acceptance is based on several general health question
- AARP whole life insurance is very expensive
- The maximum coverage amount is $50,000
- This whole life policy does build cash values
- The policy can issued from ages 50-80
- The A A R P life insurance payments will stay level and end at age 95
- The AARP death benefits will always remain the same
- Good plan for people in average health
Whole life insurance policies that have no medical exam required always require you to pay higher premiums. The AARP’s no medical exam whole life insurance policy is mainly for senior citizens looking for funds to cover a funeral and minor debts.
AARP’s whole life coverage also builds cash value over time. This cash value can be borrowed against when you have an emergency expense.
So, the A A R P simple issue whole life insurance is not cheapest life insurance for seniors. However, it can be an adequate option if you do have any prior medical conditions. If you are in decent health, it will always be easy to find cheaper senior life insurance rates.
AARP Whole Life Insurance Rate Chart
* Monthly sample of AARP whole life insurance rates
AArp whole life insurance vs our universal life
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AARP Guaranteed Acceptance Life
What is guaranteed acceptance life insurance? Here are details of this policy:
- You can qualify for AARP guaranteed acceptance life insurance with no medical exam or health questions asked
- This AARP New York life insurance policy is also very expensive
- The maximum coverage is only $25,000
- This whole life policy does build cash values.
- The A A R P life insurance payments will remain level and end at 95
- Graded death benefit which limits payouts during first 2 policy years
- The AARP death benefits will always remain the same
- Ideal if you need life insurance for parents in poor health to cover final expenses
So, the A A R P guaranteed acceptance whole life insurance is definitely not the cheapest life insurance for seniors! However, it can be your only option if you do have had a serious medical condition in your past.
The main difference with the AARP guaranteed acceptance policy is when the policy benefits will start. If you die during the first 2 years of coverage your beneficiary will not receive the full death benefit. Instead, your beneficiary will receive 125% of amount of premiums you had paid until your death
AARP Guaranteed Acceptance Life Rates
|Men age 50||$142||$273||$533||$794|
|Women age 50||$121||$229||$446||$664|
*Annual sample of AARP guaranteed acceptance life insurance
AARP Young Start Program
Here are the plan detail of the AARP Young Start Program, which is a whole life insurance plan for children:
- Your child or grandchild's acceptance is based on several general health questions with no medical exam required
- There are three levels of coverage $10,000, $15,000, and $20,000
- The policy can issued from ages 1- 18
- The A A R P life insurance payments and death benefits will always remain the same
- This whole life policy also builds cash values
If you need a small policy on a younger family member, AARP’s Young Start Program is good value. This type of policy helps out parents with funeral costs associated with a child dying early.
AARP’s Young Start Program allows parents to purchase affordable whole life insurance coverage on child. The premiums will always remain level for as long as the policy remains active. During this time the policy’s cash value will grow and can be also withdrawn if your child ever needs money.
AARP Young Start Program Rates
*AARP young start program monthly rates
How do AARP Life Insurance Rates Compare?
Before you consider buying through the AARP life insurance program, we strongly suggest you do take the time to do some comparison shopping!
If you are a senior looking for life insurance the most important factor to consider is your health when applying for coverage.
If you are in average health or better, it is always going to be much cheaper to obtain coverage with a policy in the open market.
Some of our policies will require a brief medical examination in order to qualify for coverage, but offer a substantial cost savings in return for you good health.
TIP: Compare the plans and prices before purchasing life insurance!
- First, you will need to obtain both of the AARP term and AARP permanent life insurance rates by either using the AARP life insurance login on their website, or by calling the AARP life insurance phone number.
- Then, read the details of both term and whole life below to determine which type of insurance is best suited for your unique needs.
- Finally, compare either our term or whole life insurance rates using our life insurance calculator. Simply click "Get Quote", and your rates and plans will appear instantly!
Term Life Insurance
The most affordable type of life insurance policy is called term insurance. This coverage is often used to protect your income or pay off the mortgage if you die during a specific time period.
It is also very important to have premium which fits your budget over the future life of your policy. Remember, the AARP term life insurance rates goes up in cost every 5 years, and becomes extremely expensive after only a few years.
If you look at the AARP term life insurance rate chart you can clearly see that the rates for coverage are expensive!
On the other hand, our individual term plans from companies like Banner Life offer guaranteed level premiums for 10, 20 or even 30 years.
Not to mention, you can also select a larger death benefit with the ability to convert your term coverage to permanent life insurance in the future.
This can make it difficult to obtain a true "apples to apples" comparison between AARP term life insurance quotes versus our individual life insurance prices.
Just remember, our insurance companies allow you to lock in your premiums for longer periods of time, and are are still much cheaper then AARP term life insurance rates.
aarp Term life insurance rates vs our term insurance
Would you like compare AARP term life insurance rates vs our coverage?
Press “Get Quote” on our life insurance calculator below:
If you feel you need term life insurance or even need life insurance for parents, also consider reading another informative article called term life insurance for seniors.
Universal or Whole Life Insurance Insurance
If you are only looking for a small universal or whole policy to pay final expenses, there are also much cheaper alternatives to the AARP life insurance rates for seniors.
So, what is a cheaper alternative compared to AARP whole life insurance?
Guaranteed universal life insurance! Universal life insurance is low cost permanent cash value life insurance policy with guaranteed premiums and death benefits which last for your entire lifetime.
Most individual universal life insurance polices start at $25,000 of death benefit, and can be tailored to your needs and budget. The best life insurance companies for seniors offer liberal underwriting and also offer great rates include carriers like North American Life, Midland, and Protective Life.
AArp whole life insurance vs our universal life
Would you like compare AARP life insurance rates for seniors vs our coverage?
Press “Get Quote” to get instant pricing on universal life insurance:
Would you like to know what the typical life insurance rates by age for both a $25,000 and a $50,000 whole life policy? Here are sample universal or whole life insurance rates for seniors with coverage lasting until age 100:
Universal or Whole Life Insurance for Seniors
|Death Benefit||Death Benefit|
*Month rates for non-smoking males with coverage until age 100.
AARP Life Insurance Reviews from Customers
It is good to know that AARP is offered by New York Life which does have an A++ (Superior) financial strength and claims paying ability rating from A.M. Best.
However, the term and whole plans with A A R P utilize simplified underwriting, which means New York Life insurance reviews only a few medical questions and you do not have to undergo a medical exam to qualify for coverage.
Getting life insurance with no medical exam required is a more lenient process because coverage is approved based on how you answer a few questions on their application.
New York Life’s program with the AARP receives a significant number of critical reviews with how death benefits are administered.
When you die, your beneficiary will need to file a claim in order to receive your policy’s death benefit. This process gets complicated if you pass away during the first 2 years of coverage because New York Life is able to investigate and contest the circumstances of your death.
Since, many of their policies are sold to senior citizens, many policyholders pass away during the initial two year period. If you research AARP life insurance reviews online, you will learn that many beneficiaries experience challenging investigations.
So, when applying for coverage make sure to answer all of the questions as honestly and completely as possible. It is also recommended to give your beneficiaries a copy of your policy. The details of your application including your answers to all the medical questions are included in your policy. This will make it easier on your beneficiaries when they eventually file a claim.
As you can tell from our AARP life insurance review, it is really not hard to find affordable life insurance for seniors only looking for small whole life policies.
AArp life insurance Quotes vs. individual life cost?
Want to learn how AARP life insurance quotes compare to our quality independent life companies?
Press “Get Quote” for both term and permanent life insurance rates:
Best Life Insurance Companies
Remember, the actual cost of your life insurance comparison will be based on your age, heath, and the amount of coverage you need.
|COMPANY||BBB ||AM Best ||JD Power|
|Mutual of Omaha||A+||A+||766|