FAQs

Learn more about life insurance products, managing your coverage and account, filing claims, and find answers to other common questions.

About AARP Level Benefit Term Life Insurance coverage

You can easily get started with an online quote. See your rate in seconds, and then, depending on your state, you can apply online or request information to apply by mail.

No, you don’t have to see a doctor to take any medical tests. Your acceptance is based on your answers to health questions and other information you provide or give us permission to obtain.

No, there is no waiting period once your coverage takes effect.1

You can keep this insurance until age 80, provided premiums are paid when due and your Enrollment Form contains no material misrepresentations about your medical history.

Yes. You can exchange your AARP Level Benefit Term Life Insurance for AARP Permanent Life Insurance when insurance ends at age 80 or any time before that. The exchange privilege is guaranteed, and you will not be required to take any medical tests or answer a single health question. Rates will be based on your age at that time.

Yes. If you’re diagnosed with a terminal illness and given a life expectancy of 24 months or less,* you may access half of your benefit amount and use the money for whatever you need.

Please note that receipt of “living benefit” (accelerated death benefit) insurance proceeds may affect your eligibility for public assistance programs. Proceeds may be taxable. You may wish to consult your financial adviser and/or attorney to determine how this may affect your personal situation. Premiums will be lower when the benefit amount decreases by one-half.2

*12 months or less for NY.

There’s one exclusion. If death results from suicide in the first two years, benefits will not be paid. (In Washington, Missouri and North Dakota, specific state rules apply).3

A 30-day free look guarantees your satisfaction. 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.

Term life coverage can last for a set period of time and typically has initial rates that increase at set intervals. Typically, it does not build cash value. Permanent life coverage, also known as whole life insurance, can last your entire life and may have higher initial rates that do not usually increase as you get older. In most cases, it builds cash value over time.

Learn more about life insurance coverage.

Cost and Payments

To see your current monthly rate, simply get a quote for AARP Level Benefit Term Life Insurance. As you age, your rates will increase as you enter each new five-year age band.

Premiums will be waived after 180 consecutive days of a certain qualified nursing home confinement ordered by your doctor. No matter how long your stay lasts, your coverage will continue in full with no further premium payments from you.

The nursing home must be primarily engaged in providing skilled nursing care under the supervision of a licensed physician. Nursing home does not include a home or facility used primarily for rest; for the care of drug addicts or alcoholics; for the care and treatment of mental diseases or disorders; or for custodial care. Premiums will be waived until age 80 if you are in a nursing home. At that time, you can exchange your coverage for permanent life insurance.

Life Insurance Considerations

There’s no one “right” answer. Everyone’s different. How much insurance you choose depends on who — and what — you want to provide for. Adding up the cost of things you want this coverage to provide for is a good starting point. These might include things like funeral costs, any bills you may leave behind, or living expenses during a period of transition.

Maybe. If you’re not sure you have enough to take care of the people you care about, or if insurance that seemed like plenty in the past is looking less adequate today, AARP Level Benefit Term Life insurance from New York Life Insurance Company could be a smart choice to obtain more coverage.

Additional Information

Yes, New York Life Insurance Company offers the only life insurance endorsed by AARP and it is exclusively available to AARP members. In addition to this life insurance, we also offer AARP Long-Term Care Options from New York Life.

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details and manage their payments, beneficiaries, and more.

1 During the first two years, New York Life reserves the right to cancel your insurance if your Enrollment Form contains material misrepresentations about your medical history.

2 Texas residents: Death Benefits will be reduced if a “Living Benefit” is paid. The acceleration of life insurance benefits offered under this certificate is intended to qualify for favorable tax treatment under the IRC of 1986. If these benefits qualify for favorable tax treatment, the benefits are excludable from your income and not subject to taxation. You are advised to consult with a qualified tax advisor about circumstances under which you could receive acceleration of life insurance benefits excludable from income under federal law. Receipt of acceleration of life insurance benefits could also affect your and your family’s eligibility for public assistance programs (Medicaid, AFDC, SSI, or drug assistance). You are advised to consult with a qualified tax advisor and with social service agencies to determine how receipt of these benefits will affect your eligibility for public assistance. Premiums will be lower when the benefit amount decreases by one-half.

3 Missouri and North Dakota residents: The suicide exclusion applies only for one year.