Common Questions About Level Benefit Term Life Insurance

  • Will I need a medical exam for this coverage?

    No, you don’t have to see a doctor to take any medical tests. Your acceptance is based on your answers to a few health questions and other information you provide or give us permission to obtain.

  • Does this coverage have a waiting period?

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

  • How much life insurance should I have?

    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.

  • I already have life insurance, should I consider getting more?

    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 Level Benefit Term Life Insurance could be a smart choice to obtain more coverage.

  • How much does coverage cost?

    The rate chart on the AARP Level Benefit Term Life Insurance page shows the affordable current monthly rates. As you age, your rates will increase as you enter each new five-year age band. To see details, please review the rate chart.

  • How long can I keep this insurance?

    You can keep this insurance until age 80, provided premiums are paid when due and your Enrollment Form contains no material misrepresentations about your medical history.

  • Is there any way I can be insured past age 80?

    Yes. You can exchange your AARP Level Benefit Term Life Insurance for AARP-endorsed group permanent life insurance until insurance ends at age 80 or any time before that. The exchange privilege is guaranteed, and you will not be required to take any medical tests or answer a single health question. Rates will be based on your age at that time.

  • Are there any circumstances under which payments can be waived?

    Premiums will be waived after 180 consecutive days of a nursing home confinement ordered by your doctor. No matter how long your stay lasts, your coverage will continue in full with no further premium payments from you.

    The nursing home must be primarily engaged in providing skilled nursing care under the supervision of a licensed physician. Nursing home does not include a home or facility used primarily for rest; for the care of drug addicts or alcoholics; for the care and treatment of mental diseases or disorders; or for custodial care. Premiums will be waived until age 80 if you are in a nursing home. At that time, you can exchange your coverage for permanent life insurance.2

  • Does this coverage include a “accelerated death benefit”?2

    Yes. If you’re diagnosed with a terminal illness and given a life expectancy of 12 months (24 months in Texas and Illinois) or less, you may access half of your benefit amount. It will be paid directly to you, to use in any way you choose. (Not available in Massachusetts or Washington)

    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.

  • What isn't covered?

    There’s one exclusion. 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

  • How is my privacy protected?

    Please click here to view a copy of our privacy notice.

  • Is this life insurance program endorsed by AARP?

    Yes. New York Life Insurance Company has the only AARP-endorsed life insurance program that is available exclusively to AARP members.

  • What if I apply…and change my mind later?

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

  • How do I get started?

    Just request an AARP Level Benefit Term Life Insurance free information kit. It includes an application and complete information about how to apply.

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 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.