FAQs

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

About Permanent Life with Living Benefits

If you are certified with a chronic condition, you have the option to receive half of the life insurance proceeds while you are living and leave the other half to your beneficiaries when you pass away. To qualify, you must be unable to perform 2 of 6 activities of daily living or have a cognitive impairment requiring substantial supervision.* You’ll get the money in one lump sum and can use it however you wish—to pay for medical and household expenses, in-home care, home modifications, or any other way you like.

If you never end up needing half the benefit amount while you’re living due to a chronic condition, then that means that your beneficiaries are protected for your full benefit amount.

No - after early payout of half your benefit amount, your future premium payments will be lowered, based on the benefit amount left.

Right now, AARP Permanent Life with Living Benefits from New York Life is available in select states and is expanding to more states throughout the year.

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.1

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

No. Permanent Life with Living Benefits allows you to keep coverage for your lifetime, as long as you make your payments and did not make material misrepresentations about your health on your application. At age 95 (or 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 payments.

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 have enough cash value, you can take a loan against your cash value to help with an unexpected expense. If you pass away before the loan is paid back, the loan amount and any interest due will be deducted from the death benefit.2

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.3

If death results from suicide in the first two years, benefits will not be paid.

A 30-day free look guarantees your satisfaction. There’s no risk with this AARPendorsed 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 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 Permanent Life with Living Benefits.

Yes, your rate is determined by your age when you apply and is guaranteed to never increase.

AARP Permanent Life with Living Benefits 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, Permanent rates stay the same over the life of the policy.

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 Permanent 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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This is a life insurance product that has a feature for an accelerated payment of the face amount in the event that you are certified as chronically or terminally ill.

* To receive payments for the chronic care acceleration benefit, you must have a permanent chronic illness for at least 90 consecutive days that leaves you unable to perform two of six activities of daily living without substantial assistance (bathing, dressing, eating, continence, toileting, and transferring) or with a permanent, severe cognitive impairment requiring substantial supervision. Before a claim is approved, New York Life requires proof of a chronic illness as described in the Certificate.

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 Loans accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest.

3 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 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.

Florida 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.

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