AARP Does Not Offer Life Insurance They Just Mark Up New York Life

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Kim Wilhelm CEO of Final Expense Direct Life Insurance
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Written by Kim Wilhelm

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Last Updated 24 May 2022

Just about every American senior has heard about AARP. From prescription discounts to Medicare supplements, AARP has a wide range of benefits that make the membership fees worth it to most seniors.

But did you know AARP has partnered with New York Life to offer life insurance for seniors? The AARP Life Insurance Program from New York Life Insurance Company is only available to existing or new AARP members.

New York Life is one of the oldest and well-respected life insurance companies in the industry.

aarp from new york life logo

For over 175 years, New York Life has been helping families secure life insurance individually and through employee benefits.

Now, after partnering with AARP, New York Life can offer tailored life insurance for seniors. But is it the best choice for your life insurance needs?

Find out what the AARP Life Insurance Program from New York Life offers and if it’s the right choice for you.

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AARP New York Life Final Expense Insurance

Seniors who don’t already have life insurance often only need enough to pay for their end-of-life expenses and funeral costs. That’s why senior life insurance is usually called final expense insurance

These products offer lifetime permanent coverage with premiums that never go up and coverage that never goes down. The policies can also build cash value over time, which you can use while you’re alive for any reason.

AARP New York Life Burial Insurance

Senior life insurance may also be called burial insurance, because coverage amounts are often low, but enough to pay for your burial needs. 

The AARP New York Life program offers two life insurance plans and up to $50,000 in coverage protection. This amount would pay for even the most elaborate burial, with some left over for your beneficiary to use to pay final expenses or for any other reason.

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AARP New York Life Insurance Company Life Insurance For Seniors

When you buy life insurance for seniors, you must fall within a certain age range to be eligible for these exclusive policies. With AARP, you can apply if you’re between the ages of 50 and 74. 

Your health determines which AARP New York Life insurance plan you qualify for. 

The most they can approve you for is $25,000 in protection. And if you die in the first two years, your beneficiary will only receive the premiums you paid into the policy plus interest, which is defined by your state. If after the first two years, then they will receive the full .

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AARP New York Life Senior Life Insurance - Simplified Issue

AARP New York Life permanent senior life insurance is a simplified issue whole life insurance policy. Though you don’t have to take a medical exam, you will have to answer a few questions about your health to be approved.

As part of the application, you’ll have to disclose if you have consulted, tested, treated, or medicated for any condition in the last three months. 

aarp life insurance review

The application also asks if you’ve been confined or admitted to a hospital, extended care or treatment facility, or nursing home in the last two years.

You will also have to answer yes or no to being diagnosed, treated, or medicated for the following pre-existing conditions:

If you answer yes to any of the questions, you aren’t immediately disqualified, but you stand a strong chance of being denied. If you’re unable to answer no to all or get denied, then the guaranteed acceptance life insurance plan is your best choice with AARP.

AARP Guaranteed acceptance life insurance


AARP New York Life Senior Life Insurance - Guaranteed Acceptance

The AARP New York Life senior guaranteed acceptance life insurance policy is for those who don’t qualify health wise for simplified issue. There isn’t a medical exam or health questions to answer, and you’re guaranteed to be approved.

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AARP New York Life Funeral Insurance

Funeral insurance is another name for final expense life insurance for seniors. Some funeral homes offer funeral insurance, but beware that you typically can’t choose the insurance company. This means you could end up paying a lot more than you would with another company.

Funeral homes also offer prepaid funeral plans, which allow you to choose your funeral details and pay it down over time. While this is an attractive offer, your funeral expenses will rise each year with inflation. If you don’t die right away, your estate or loved ones will have to pay the increased costs to continue with the funeral you planned.

AARP New York Life Insurance Costs

While AARP and New York Life are reputable companies, they might not offer the best rates for senior life insurance. If you aren’t already an AARP member, your first month’s premium will include a $16 annual fee to become one. You will also be billed $12 annually — besides your life insurance premiums — to renew your AARP membership.

Let’s look at some of the AARP New York Life insurance costs for seniors to see if they’re your best option.

Shopping for senior life insurance rates can be tedious and overwhelming. When you work with an independent agency broker, they handle the shopping for you.
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AARP New York Life Senior Life Insurance Costs - Simplified Issue

If you qualify for the simplified issue policy with AARP New York Life, the rates are cheaper because they use your health to determine eligibility.

For a $10,000 final expense life insurance policy, a 50-year-old man would pay $34 per month. A woman of the same age and the same policy would only pay $26 per month.

Sounds like a great deal, right?

Well, for the same policy, the same man would only pay $29 per month with Mutual of Omaha. The same woman would pay $24. And with Mutual of Omaha, you’re eligible up to age 85.

You could also get cheap rates with Liberty Bankers Life, which would be just $1 more than Mutual of Omaha. Plus, Liberty has more lenient health guidelines, meaning more seniors can qualify for cheaper rates. You can also apply up to age 80.

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AARP New York Life Senior Life Insurance Costs - Guaranteed Acceptance

Now, let’s look at a 70-year-old man and woman applying for a $10,000 guaranteed acceptance senior life insurance policy with AARP.

The man would pay $108 per month, while the woman would pay $87 per month. When gender is a factor, women typically pay less than men because they have a longer life expectancy.

But with AIG, seniors can apply up to age 80 and get cheaper rates. The man would pay $98 per month and the woman, $74 a month. 

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Let Final Expense Direct do the Shopping for You!

At Final Expense Direct, we work with some of the best rated final expense life insurance companies like AIG, Mutual of Omaha, and Liberty Bankers Life. As an independent agency, we can help you find the best company for your needs.

When you call us, you get connected directly with a live agent without having to jump through automated hoops. Your agent will ask you a few questions to gauge your coverage needs and health status so they can help you find the best policy and price for your age and budget.


aarp life insurance review

Conclusion

AARP and New York Life are highly regarded in their respective fields, but their life insurance program pricing may not be the best for your age and health.

When you work with an independent agency like Final Expense Direct, we can shop through our long list of final expense companies, help you decide on the best plan, and get you covered in just one phone call.

Let us help you get the life insurance you need and peace of mind knowing you’re covered and won’t be a financial burden to your loved ones when the good Lord calls you home.

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INSTANT FINAL EXPENSE QUOTES

  • Get quotes FAST
  • More affordable than you think
  • Compare quotes from top companies
  • Know what you qualify for before you buy!