AARP (New York Life) Life Insurance Review (2024)
AARP (New York Life) Life Insurance offers exclusive life insurance policies for AARP members, backed by New York Life. New York Life has an A.M. Best Rating of A++, the best possible rating available and is one of the oldest companies in the business. The AARP New York Life partnership offers both term and permanent life insurance options for members at competitive rates.
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Mary Martin
Published Legal Expert
Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...
Published Legal Expert
UPDATED: Aug 28, 2024
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AARP New York Life insurance is a partnership between AARP and New York Life insurance. The New York Life insurance company has created several unique life insurance policies, including both term and whole life, specifically for AARP members.
Knowing how to find the best life insurance company for you will save you money and give you peace of mind.
Keep reading to learn more about the available policies and whether you can trust New York Life with your life insurance policy.
Before jumping into this AARP (New York Life) Life Insurance review, enter your ZIP code above, and we’ll help you find local life insurance providers who may have plans more suited to your needs.
What types of life insurance does New York Life offer?
As mentioned above, there are four main affordable AARP (New York Life) life insurance policies.
Each has its pros and cons, so let’s take a close look and find which one might suit you best and you can decide if AARP (New York Life) life insurance quotes are in your budget.
Level Benefit Term Life Insurance
This term life insurance features affordable initial premiums that increase over time. This policy is approved based on an application that includes medical questions but does not require an in-person exam.
The policy provides anywhere from $10,000 to $100,000 in coverage and can cover you up to the age of 80. The level benefit ensures that your coverage will remain the same no matter when you might pass away.
Term policies are ideal for those who want a specific cost covered upon their deaths, such as funeral expenses. This can be a vital part of estate planning.
A good term policy can ensure your family will be financially able to tend to your end-of-life wishes without compromises or hardship.
Another benefit that New York Life offers with this term policy is an exchange privilege.
This means that any time before your term ends at age 80, you can convert your term insurance policy into a permanent life insurance policy.
This will change your rates, as permanent life insurance policy rates are generally higher, but a medical exam will not be required.
Permanent Life Insurance
If you’re looking for a policy with more predictable monthly premiums and coverage that never expires, permanent life insurance may be a better fit for you.
You can apply for up to $50,000 in coverage online, however, AARP does not state the max New York Life insurance coverage amount. They do provide the option of speaking to an agent if you want more than $50,000 in coverage.
This policy does not require an in-person exam but does include medical questions in the application.
Easy Acceptance Life Insurance
Easy acceptance insurance provides up to $25,000 in coverage for the rest of your life. This insurance policy does include an additional charge, called the extra mortality risk charge.
It’s likely because of this that the monthly premiums will be higher than you’d see with other types of insurance policies. However, the rates will not change throughout the life of your policy.
As the name implies, this type of life insurance is easier to get than many other types of policies.
If you have recently been diagnosed with a severe but not necessarily terminal illness, easy acceptance — sometimes called guaranteed life insurance — is a great option for you.
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Are AARP New York Life rates competitive?
Average insurance rates can be found if you request an AARP (New York Life) life insurance quote from the company’s site. Average rates for women are displayed below.
AARP New York Life Average Monthly Term Life Insurance Rates by Age and Coverage Amount for Women| Age | Average Monthly Rates for $10,000 Policy | Average Monthly Rates for $25,000 Policy | Average Monthly Rates for $50,000 Policy | Average Monthly Rates for $100,000 Policy |
|---|---|---|---|---|
| 50-54 | $11 | $18 | $29 | $52 |
| 55-59 | $13 | $22 | $38 | $69 |
| 60-64 | $17 | $32 | $58 | $108 |
| 65-69 | $21 | $44 | $81 | $154 |
| 70-74 | $33 | $74 | $141 | $272 |
The following table shows the average AARP (New York Life) life insurance rates for men.
AARP New York Life Average Monthly Term Life Insurance Rates by Age and Coverage Amount for Men| Age | Average Monthly Rates for $10,000 Policy | Average Monthly Rates for $25,000 Policy | Average Monthly Rates for $50,000 Policy | Average Monthly Rates for $100,000 Policy |
|---|---|---|---|---|
| 50-54 | $14 | $26 | $45 | $79 |
| 55-59 | $18 | $36 | $65 | $116 |
| 60-64 | $24 | $50 | $94 | $171 |
| 65-69 | $31 | $67 | $128 | $236 |
| 70-74 | $42 | $95 | $184 | $342 |
While rates acquired using a quick quote tool can’t be guaranteed, the average rates displayed above are well within the norm for term life insurance.
This would suggest that AARP New York Life’s rates are likely competitive.
However, it is always important to get your own quote when shopping around for life insurance, as your specific circumstances will greatly impact the rates you see.
It’s also important to note that these are just quotes for term life insurance, and if you’re looking for permanent life insurance, the rates may be very different.
Commendations and Complaints
When it comes to customer complaints about New York Life insurance, there is only good news.
According to the NAIC, New York Life currently holds a complaint index score of 0.03, which is a phenomenal score, significantly below the national average of one.
This score is determined by the number of complaints and the number of policies written. Given how large New York Life Insurance is, this is a good sign that customers are happy with what is being provided.
Another major indicator of how well customers will be cared for is the financial stability of a given company.
Life insurance does not have an immediate return. When you invest in an insurance policy, you’re depending on that company being able to fund it years, sometimes decades later.
According to A.M. Best, New York Life has a stable financial outlook and its current financial strength rating is A++, the highest rating that A.M. Best affords.
Considering both of these facts, it’s clear that New York Life has a good reputation with its customers and the financial world in general and would therefore be a trustworthy company to do business with.
What other products does AARP New York Life offer?
AARP New York Life insurance also offers the Young Start Life Insurance policy. This permanent life insurance policy is for any child under the age of 18, and premiums start at only five dollars per month.
Once the policy is purchased, your children or grandchildren can keep the policy for the rest of their lives. This can be a great way to start them off on the right foot financially and protect your family well after you are gone.
The plan does not require a medical exam, and the premiums won’t change based on their hobbies or health later in life.
Currently, the plan offers coverage of up to $20,000 with premiums of $10 per month, $15,000 for $7.50 per month, and $10,000 for $5 per month.
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Who is AARP New York Life?
AARP New York Life refers to the partnership of AARP with the insurance company New York Life.
If you are unfamiliar with either organization, you may be wondering, “What is AARP?” and ‘”What does AARP stand for?” The acronym AARP stands for American Association of Retired People.
AARP works to help retired individuals make the most of this new stage in their life by providing discounts and programs to keep them active and thriving.
New York Life funds the life insurance policies and is the only AARP-partnered provider of life insurance.
New York Life was founded in 1845 and is now one of the largest and oldest insurance companies in the United States.
The company currently holds an A++ rating from A.M. Best for its financial strength and an aaa for its long-term credit rating. The A++ rating is the highest offered by A.M. Best.
When partnering with AARP, New York Life designed several exclusive policies for the organization’s members.
These policies are ideal for older individuals and are meant to be more affordable than alternative options on the market for those aged 50 to 80.
These products include term life insurance, permanent life insurance, easy acceptance life insurance, and young start life insurance.
Seamless Claims Process With AARP (New York Life) Life Insurance
Ease of Filing a Claim
AARP (New York Life) Life Insurance offers a user-friendly claims process that caters to the convenience of its policyholders. Policyholders have multiple options to file a claim, including online, over the phone, and through mobile apps. The company’s commitment to accessibility ensures that customers can choose the method that suits them best, making it easy to initiate the claims process promptly.
Average Claim Processing Time
A crucial aspect of any insurance policy is the speed at which claims are processed. AARP (New York Life) Life Insurance aims to provide a swift and efficient claims experience. While specific processing times may vary depending on the nature of the claim and the supporting documentation, the company strives to handle claims promptly to ease the financial burden on policyholders during difficult times.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback plays a significant role in evaluating an insurance company’s performance. AARP (New York Life) Life Insurance prides itself on delivering fair and transparent claim resolutions and payouts.
To assess the company’s track record in this regard, it’s essential to consider customer reviews and testimonials. These insights from policyholders can provide valuable information about the company’s commitment to meeting its obligations.
Exploring AARP (New York Life) Life Insurance Cutting-Edge Digital and Technological Features
Mobile App Features and Functionality
AARP (New York Life) Life Insurance recognizes the importance of digital convenience in today’s fast-paced world. The company offers a mobile app that provides policyholders with a range of features and functionalities.
These may include the ability to view policy details, make premium payments, check the status of claims, and even access educational resources related to life insurance. The mobile app enhances the overall customer experience by putting essential tools at policyholders’ fingertips.
Online Account Management Capabilities
In addition to the mobile app, AARP (New York Life) Life Insurance offers robust online account management capabilities through its website. Policyholders can log in to their accounts securely to manage various aspects of their policies.
This may include updating personal information, reviewing policy documents, and tracking payment history. The online portal simplifies policy management, allowing customers to make informed decisions and stay in control of their coverage.
Digital Tools and Resources
AARP (New York Life) Life Insurance goes beyond the basics by providing digital tools and resources designed to empower policyholders. These may include online calculators to help customers estimate their insurance needs, educational articles and guides on life insurance topics, and interactive tools to explore policy options.
By leveraging technology, the company equips its customers with the knowledge and tools necessary to make informed decisions about their life insurance coverage.
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AARP New York Life: The Bottom Line
If you’re looking for a dependable company to provide life insurance in your later years, and you’re already an AARP member, New York Life insurance from AARP is a great place to start.
Even if you’re not currently an AARP member, it’s quick to sign up and become eligible for the policies listed above.
New York Life is a trustworthy company, and it provides several life insurance options, so there’s a good chance you’ll be able to get the coverage you’re looking for.
While these policies do not have the highest payouts, the company’s website does suggest contacting agents directly if you’re looking for coverage higher than the $100,000 listed.
AARP New York Life insurance is a solid option, and the best way to see if it’s the right fit for you is to get your own quote from the company’s website or speak with one of its agents.
However, before you buy AARP (New York Life) life insurance, consider shopping around.
According to the Insurance Information Institute, given how competitive life insurance companies can be, you should always shop around to ensure you’re getting the best rates available.
Now that you’ve finished this AARP (New York Life) Life Insurance review, enter your ZIP code below and we’ll pull up local rates to help you continue your search.