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Product Features
AARP Guaranteed Acceptance Life from New York Life Insurance Company
can serve as a source of cash to help pay off outstanding mortgages
or loan balances...increase a surviving spouse's retirement nest
egg...offset final illness and funeral expenses...or leave a legacy
for children or grandchildren. Proceeds can also tide a beneficiary
over until pension or Social Security benefits become available.
You can't be turned down* for
AARP Guaranteed Acceptance Life from New York Life Insurance Company.
There is no physical examination
and no health questions to answer. Coverage can be retained for life.
Who Is Eligible?
AARP members age 50 to 80 may apply for this coverage. Spouses of
AARP members may apply beginning at age 45.
Premiums
Premiums are based on your age at issue. Rates are not guaranteed;
however, New York Life guarantees you can never be singled out for
a rate increase. Your rates can change only if they are changed
for all others in the same class of insureds under this group policy.
For example, a class of insureds is a group of people with the same
issue age and gender.
Permanent Coverage
Once you are insured under this Program and after the first two
years, your benefits remain level for as long as coverage remains
in force. Coverage can be retained for life.
Paid-Up Feature
Once you reach age 95, your premiums will be paid in full. Even after payments end,
protection continues for life.
Limited Benefits First 2 Years
Because acceptance is assured**, AARP Guaranteed Acceptance Life pays limited benefits for the first
two years for death resulting from other than accidental causes.
During the first two years, beneficiaries would receive an amount equal
to 125% of premiums paid. After two
years, the full benefit amount would be paid in any event. (Also
during the first two years, benefits will not be paid for death
resulting from suicide.)
What is Not Covered
If death results from suicide in the first two years, benefits will not be paid, a refund of premiums is made. There are no other
exclusions imposed by this plan.***
Important Feature
After a two-year waiting period, insured AARP members and their
spouses are automatically protected by the AARP Life Insurance Program's
"Living Benefit" feature.
Living Benefit: If an insured member
is diagnosed with a terminal illness and has a life expectancy of
12 months (for Illinois residents 24 months) or less, half the benefit amount can be immediately accessed.
Proceeds may be used in any way the insured member sees fit.**** (Benefit not available in Massachusetts.)
When Coverage Takes Effect
Once your Enrollment Form is approved, you will be sent a personalized
Certificate of Insurance summarizing your benefits. (Complete terms
and conditions are set forth in the group policy issued by New York
Life to the Trustee of the AARP Life Insurance Trust.) You may take
up to 30 days to review the coverage without obligation. If not
completely satisfied, simply cancel and receive a full refund of
any premiums paid.
Free Information Kit
It's easy to learn more. New York Life will send you a free information
kit and personalized quote, containing costs, eligibility, renewability,
limitations and exclusions. To find out how to better protect your
family, call toll free 1-800-865-7927 or write:
The AARP Life Insurance Program from New York Life
P.O. Box 30709 -- Department WEB
Tampa, FL 33633-0964
 An
In-Depth look at AARP Guaranteed Acceptance Life -
FL, TX Residents
An
In-Depth look at AARP Guaranteed Acceptance Life -
NY Residents
An
In-Depth look at AARP Guaranteed Acceptance Life -
OH, WI Residents
*
Subject to Program Coverage Limits.
**
Pennsylvania residents: The standard benefit is payable (125% of premiums paid during the first two years) unless the minimum death benefit payable is greater during the first two years. The description of the minimum death benefit payable to the beneficiary is as follows: (a) for issue age 45 minimum benefits are paid as follows: for death during the first year, 15% of the amount in force and for death during the second year, 40% of the amount in force; (b) for issue ages 46 through 55 minimum benefits are paid as follows: for death during the first year, 10% of the amount in force and for death during the second year, 30% of the amount in force; and (c) for issue ages 56 or over, for death during the first year, a minimum benefit of 120% of premiums due and payable through the first year is paid and for death during the second year, the greater of 15% of the amount in force or 130% of premiums due and payable through the first and second years is paid.
For Minnesota residents: the minimum benefit payable is 400% of premiums due and payable through the first year, if death occurs during the first 2 years.
For Missouri residents whose age at issue is 76 or over, a minimum benefit of 50% of the amount in force is paid, if death occurs during the first two years.
*** Missouri and North Dakota residents: The suicide exclusion applies only for one year.
****Please note:
that receipt of "living benefit" insurance proceeds may affect your
eligibility for public assistance programs. Proceeds may be taxable. You may wish to consult
your 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.
Young Start is a service mark of New York Life Insurance Company.
The AARP Life Insurance Program is underwritten by New York Life Insurance Company
(NAIC #66915), New York, NY 10010.
AARP membership is required for Program eligibility. Specific products, features and/or
gifts are not available in all states or countries. New York Life Insurance Company is
licensed in all 50 states. (Group policy forms AA-08, AA-15, AA-44, AA-45, AA-48, AA-52,
AA-53, AA-54 and Individual policy forms ILUV and ILJUV4)
Residents of California: The agent is Michael Horan - license #0B58435.
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