FAQs

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

About AARP Permanent 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.

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.2

No. AARP Permanent Life Insurance 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.

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. (In Washington, Missouri and North Dakota, specific state rules apply).3

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

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

AARP Permanent 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, Permanent rates stay the same over the life of the policy.

Premiums will be waived after 180 consecutive days of a certain qualified 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.

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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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 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” 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.

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