Informative Facts: AARP Insurance From New York Life

AARP New York Life Insurance offers 4 life insurance plans for its members. A person who is age 50 or older and a member of AARP can participate in the AARP Permanent Life, Level Benefit Term Life, Guaranteed Acceptance Life and Young Start life insurance programs. These plans are provided through AARP Insurance and underwritten by New York Life Insurance.

AARP Permanent Life

Permanent Life provides coverage for life. The premiums for the policy are based on age and the benefit amount does not decrease. There is no physical exam and acceptance is based on 3 medical questions on the application.

AARP Level Benefit Term Life

The Level Benefit Term Life program offers a term life product that stays in-force until age 80. Premiums stay level for the first 5 years and an applicant has to only answer 3 simple medical questions for acceptance. This plan can be used to provide a benefit to pay off a mortgage or other expenses that arise after death.

AARP Guaranteed Acceptance Life

The Guaranteed Acceptance Life program offers protection to AARP members who may not otherwise qualify for life insurance. Under this program, participation is guaranteed and premiums are based on the age of the insured. The benefits are limited to 125 percent of the premiums paid in the first 2 policy years, and then the face amount of the policy thereafter.

AARP Young Start

The Young Start program allows AARP members to provide insurance coverage based on the lives of their grandchildren, age 3 weeks to 17 years old. The program offers a permanent life insurance plan with coverage amounts of $5,000 to $20,000 and rates starting at $2.50 to $10.00 per month.

 

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