FAQs

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

About AARP Guaranteed Acceptance 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.

There’s no medical exam required for this coverage; you won’t have to see a doctor or take any tests. You won’t have to answer any health questions, either. Most who apply are accepted.

Yes. Because acceptance is guaranteed, there is a two-year limited benefit period.* Full benefits will be paid for accidental death from day one. However, in the first two years, death from natural causes will pay a limited benefit of 110% of premiums paid. (PA, MN, MO, and MT residents have different benefits payable; see below for details)1

No. AARP Guaranteed Acceptance Life insurance allows you to keep coverage for your lifetime, as long as you pay your premiums. At age 95 (or even sooner in some cases), your coverage is considered “paid up,” and will remain in effect for the rest of your life without any further premium payment.

Yes. In addition to lifelong insurance coverage, a portion of your premium payments goes toward cash value that grows tax-deferred over time. Once you accumulate enough cash value, you can take a loan against your coverage. If you pass away before the loan is paid back, the loan amount and any interest due will be deducted from the death benefit. Loans accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest.

Yes. If you’re diagnosed with a terminal illness and given a life expectancy of 24 months or less (12 months or less for NY), you may access half of your benefit amount and use the money for whatever you need.2 (Not available in Louisiana)

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

There’s no risk with this coverage. A 30-day free look guarantees your satisfaction. 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 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 Rates

To see your guaranteed monthly rate, simply get a quote for AARP Guaranteed Acceptance Life Insurance.

No. Your rate is determined by your age when you apply and is guaranteed to never increase.

AARP Guaranteed Acceptance Life Insurance from New York Life is initially more expensive than term life because the rate is locked in for the rest of your life, as long as you continue paying your premiums. Whereas Term Life rates rise whenever you enter a new five-year age band, Guaranteed Acceptance rates stay the same over the life of the policy. Because AARP Guaranteed Acceptance Life provides acceptance* without medical underwriting, the premium includes an extra mortality risk charge. Other medically underwritten products are also available.

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 Guaranteed Life insurance 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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* If you’re already insured with the Program, the full coverage amount may not be available.

1 Pennsylvania residents: Minimum benefits are paid as follows: (a) for issue age 45, 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, for death during the first year, the greater of 10% of the amount in force or 121% of premiums due and payable through the first year, 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 121% of premiums due and payable through the first year, and for death during the second year, the greater of 15% of the amount in force or 131% of premiums due and payable through the first and second years.

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.

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.

Montana residents: death due to accidental or natural causes during the first two years of coverage pays just a portion of the benefit amount. During this period, your beneficiary receives an amount equal to 110% of the premiums paid.

2 Living Benefit: 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.

Florida and New York Residents: Please note that receipt of “accelerated 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.

Texas residents: Death Benefits will be reduced if a “Living Benefit” (accelerated death 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.

Florida residents: The licensed agent in Florida is Jason Montgomery.

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