Paul Sanchez
AARP Life Insurance is offered through a partnership with New York Life. It offers term life and whole life options, none of which require a medical exam. AARP members can get an instant quote and apply online or by phone. The processing time for a life insurance claim with AARP is typically 7 to 10 business days after New York Life receives a completed claim form and death certificate. This assumes that the claim is incontestable, meaning the insured's death occurred at least two years after the insurance date or reinstatement date. If the claim is contestable, a review will be conducted, which may extend the processing time.
| Characteristics | Values |
|---|---|
| Medical exam required | No |
| Maximum age for coverage | 80 |
| Minimum age for coverage | 50 |
| Maximum coverage amount | $50,000 |
| Minimum coverage amount | $5,000 |
| Time taken to process claim | 7-10 business days |
What You'll Learn
AARP life insurance for members aged 50-80
AARP life insurance is provided by New York Life Insurance Company, the only life insurance endorsed by AARP. The AARP Life Insurance Program is available exclusively to AARP members aged 50-80 and their spouses/partners aged 45-80.
AARP Permanent Life Insurance offers whole life coverage of up to $50,000. There are no medical exams, and acceptance is based on health and other information provided by the applicant. Rates are guaranteed and will never increase for any reason. AARP Permanent Life Insurance can be kept for the entirety of the applicant's life, as long as payments are maintained and there were no material misrepresentations about health on the application.
AARP Term Life Insurance offers coverage of up to $150,000, which ends at age 80.
AARP Guaranteed Acceptance Life Insurance offers coverage of up to $30,000 with no premium increases.
AARP members can get an instant quote and apply online or by phone. The application process does not require a medical exam, but acceptance is based on answers to health questions and other information provided by the applicant. There is no waiting period once coverage is approved.
The time it takes to process life insurance with AARP is not explicitly stated, but the availability of instant quotes and online applications suggests that the process is relatively quick and straightforward.
Life Insurance: Is LTC Rider Worth the Cost?
You may want to see also
No medical exam required
AARP offers permanent life insurance from New York Life Insurance Company, which is exclusively available to AARP members. This whole life insurance coverage offers valuable protection of up to $50,000. The best part? No medical exam is required.
The application process is simple and can be done online or by phone. You can get an instant quote and apply in minutes. All you need to provide is health and other information, and your acceptance is based on your answers to health questions. There is no waiting period once your coverage is approved, and you can keep this insurance for your entire life, as long as you make your payments and did not misrepresent your health on your application.
AARP's permanent life insurance offers guaranteed rates that never increase, so you can rest easy knowing your rate is locked in. This insurance also builds cash value over time, as a portion of your premium payments goes towards cash value that grows tax-deferred. This means that you can take out a loan against your cash value to help with unexpected expenses.
In addition, this policy includes an "accelerated death benefit." If you are diagnosed with a terminal illness and given a life expectancy of 24 months or less (12 months or less for NY), you can access half of your benefit amount to use as needed.
With its ease of application, guaranteed rates, and valuable benefits, AARP's permanent life insurance from New York Life is a great option for those seeking life-long coverage without the hassle of a medical exam.
Life Insurance: A Smart Financial Leverage for Your Future
You may want to see also
Online quotes and applications
AARP members can get an instant quote and apply online or by phone. The online quote process is simple and does not require a medical exam or health questionnaire. You can get a quote online by filling out a form on the AARP life insurance website.
The online quote process is tailored for members aged 50 to 80. It provides term, permanent, and guaranteed acceptance policies. Each offers coverage options that don’t require a medical exam, ensuring simplicity and peace of mind for AARP members.
The online quote process is also convenient for those with pre-existing conditions. With its no-exam policies, this program could be beneficial to seniors who might otherwise struggle to secure coverage due to health concerns.
The online quote process is straightforward. You can see your rate in seconds, and then, depending on your state, you can apply online or request information to apply by mail. It's important to note that online or phone applications may not be available in all states.
In addition to the online quote process, AARP also offers a phone application process. You can call New York Life at 1-800-865-7927 to get started.
Understanding Your Employer's Term Life Insurance Coverage Duration
You may want to see also
Coverage options and limits
AARP offers a range of life insurance options to its members, including term life insurance, permanent life insurance, guaranteed acceptance life insurance, and life insurance options to supplement retirement savings.
AARP Term Life Insurance
AARP Term Life Insurance from New York Life offers coverage of up to $150,000 that ends when the policyholder reaches the age of 80.
AARP Permanent Life Insurance
AARP's Permanent Life Insurance, also known as whole life insurance, provides lifelong coverage of up to $50,000 with no premium increases. This option allows policyholders to build cash value over time, as a portion of the premium payments goes towards a cash value that grows tax-deferred. Additionally, this coverage includes an "accelerated death benefit," which allows access to half of the benefit amount if the policyholder is diagnosed with a terminal illness and given a life expectancy of 24 months or less (12 months or less in New York).
AARP Guaranteed Acceptance Life Insurance
The Guaranteed Acceptance Life Insurance option provides coverage of up to $30,000 with no premium increases.
AARP Life Insurance Options
AARP also offers customized life insurance plans to supplement retirement savings. These plans can be tailored to meet the specific needs of the policyholder and their beneficiaries.
It is important to note that the availability and specifics of these insurance products may vary by state, and online or phone applications may not be available in all states. Additionally, AARP membership is required for program eligibility.
Superannuation and Life Insurance: What's the Connection?
You may want to see also
Filing a claim
Once the notice of loss is received, the claim will be assigned to a claim inspector for processing. The beneficiary will need to provide a completed claim form and a certified death certificate. If the insured died in a foreign country, a 'Report of Death of a US Citizen Abroad' form will also be required. This can be obtained from the US Embassy.
If the claim is not contestable, payment is usually mailed within 7-10 business days of receiving the completed claim form and death certificate. If the claim is contestable, a review will be conducted, and any benefit distribution will be determined upon completion.
AARP Life Insurance also offers an accelerated death benefit. If the insured is diagnosed with a terminal illness and given a life expectancy of 24 months or less (12 months or less for NY), the beneficiary can access half of the benefit amount.
Life Vision Insurance: Manhattan's Comprehensive Coverage Plan
You may want to see also
Frequently asked questions
AARP states that claims can take seven to ten business days to review. After that, you may be asked to provide further documentation.
To file a claim with AARP Life Insurance, policyholders can begin the process online. You will need your contract number, as well as the deceased’s birth date and Social Security number. AARP will also ask for your mailing address, email, and phone number.
The beneficiary will need to provide a fully completed claim form and certified death certificate.
