AARP New York Life Insurance Company Review (2022)
Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina.
He has also earned an MFA in screenwriting from Chapman Univer…
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Written by
Jeffrey Johnson
Insurance Lawyer
Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.
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Reviewed by
Benji Carr
Former Licensed Life Insurance Agent
UPDATED: Feb 4, 2022
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The Facts of Life
AARP provides life insurance coverage through New York Life
AARP New York Life offers term life and whole life policies
AARP New York Life has been rated an A++ by A.M. Best
AARP offers no-exam life insurance for members through New York Life. The term and whole life policies feature affordable rates but few options and only one rider. However, New York Life is rated an A++ by A.M. Best and has few complaints.
Knowing more about AARP New York Life will help you decide if this option is a good fit.
Before starting this AARP New York Life review, enter your ZIP code to find free life insurance rates in your area.
What are the AARP New York Life monthly rates?
The cost of life insurance is a primary factor for many customers when choosing a company. Insurance companies use various factors to determine a customer’s risk, and higher-risk people will experience higher rates. Some of the factors used to determine rates include:
Age
Gender
Health
Occupation
Life insurance companies usually place customers into risk classes based on these factors. The risk classes used by most companies include:
Preferred plus
Preferred
Standard plus
Standard
Substandard
Preferred plus customers present little risk and are likely to live a long life, resulting in lower rates. Meanwhile, customers in the substandard class usually have pre-existing health conditions that might limit their lifespan, resulting in higher rates.
The best way to determine if a company is affordable is by looking at its average rates. The following chart shows the average monthly AARP New York Life insurance rates for a 50-year-old male’s whole life policy.
Average Monthly AARP New York Life Rates for a 50-Year-Old Male Whole Life Policy
Coverage AmountAverage Monthly AARP New York Life Rates
$2,500$9
$5,000$17
$10,000$33
$25,000$79
$50,000$157
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The following chart shows the same information for a 50-year-old female’s whole life plan.
Average Monthly AARP New York Life Rates for a 50-Year-Old Female Whole Life Policy
Coverage AmountAverage Monthly AARP New York Life Rates
$2,500$7
$5,000$13
$10,000$25
$25,000$60
$50,000$119
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As you can see, the monthly rates increase as the policy value grows. Also, rates are lower for females than for males. However, you can find affordable AARP New York Life insurance quotes.
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What coverages are offered by AARP New York Life?
AARP offers members term life and whole life plans through its association with New York Life. None of the policies require a medical exam, but two of the three policies require that applicants answer health questions.
The organization’s term life insurance policy is available for AARP members between 50 and 74 years old and their spouses between 45 and 74 years old. The coverage lasts until the insured’s 80th birthday.
The plan features a level death benefit through the term. However, rates increase every five years, and they aren’t guaranteed. So you won’t know how much the increase will be until it happens.
The standard value of an AARP term life plan is $10,000 to $100,000. However, higher amounts might be available if you call New York Life. Additionally, members can convert a term life plan into a whole life policy before the insured turns 80.
The whole life insurance policy is available for AARP members between the ages of 50 and 80 and their spouses between the ages of 45 and 80. The rates for these policies remain the same, and the coverage lasts for the rest of your life.
The maximum value of the policy from an online application is $50,000. However, like the term life option, you can get more coverage by calling New York Life.
AARP life insurance also offers a guaranteed acceptance whole life option. Applicant age levels are the same as the traditional whole life plan, but the company guarantees acceptance without a medical exam or a health questionnaire.
If the insured person dies of natural causes within two years of the start of the policy, it pays only a portion of the benefit. However, the insured receives the full payout from the first day of coverage for accidental deaths.
These plans have a limit of $25,000 because the company knows less about the applicant’s health. You might be able to receive more coverage by calling New York Life, but they might require that you fill out a health questionnaire.
Does AARP New York Life offer any riders?
Most life insurance companies offer customers various options to add to a policy. These options are called riders and allow policyholders to customize their plans.
The only rider offered by AARP and New York Life is the accelerated death benefit rider. This option allows customers to access up to 50% of the benefit before death if they’re diagnosed with a terminal illness and given less than 24 months to live.
How is AARP New York Life rated?
Credit rating agencies review and rate insurance companies on financial strength. These ratings allow customers to determine the likelihood of receiving a payout when they file a claim. Since AARP doesn’t issue the policies, only New York Life has received ratings.
New York Life has been rated an A++ by A.M. Best, an AA+ by S&P, an AA by Fitch, and an AAA by Moody’s. These are among the best ratings in the industry and indicate that the company will provide a payout whenever AARP members file a claim.
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Does AARP New York Life have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about insurance companies. Examining these reviews allow customers to determine a company’s quality of service.
Similar to financial ratings, the NAIC hasn’t reviewed AARP. Additionally, since AARP doesn’t issue the policies itself, looking at the complaints made about New York Life will help you determine the quality of service you’ll receive.
At the time of this review, the BBB has received 118 complaints about New York Life during the past three years. Of those 118 complaints, 85 have been about the company’s products and services.
According to the NAIC, New York Life has 34 complaints. Additionally, the company’s complaint index ratio is 0.16, indicating far fewer complaints than a company of a similar size.
How can you file AARP New York Life claims?
Members who buy AARP New York Life insurance can file claims online or by phone. The quickest way to file a claim is by filling out an online form. Members can find the form on the AARP Life Insurance Program website.
Additionally, you can file a claim by calling the company at 800-695-5165. However, representatives are only available between 8 a.m. and 5 p.m. (EST).
How can you cancel an AARP New York Life policy?
Members can only cancel an AARP New York Life Insurance Company policy by calling the company at 800-225-5695. This requirement is common among life insurance companies because they want the opportunity to change your mind.
Members can cancel term life plans immediately, but members won’t get a refund. However, New York Life will refund the accumulated cash value or pre-paid payments if members surrender a whole life plan before the maturity date.
Members can also receive a 30-day free-look period, allowing them to cancel without penalty.
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What are the pros and cons of AARP New York Life?
Every insurance company has positives and negatives. Knowing these pros and cons allows customers to decide on the best option for their life insurance needs.
Positives of the AARP Life Insurance Program include no medical exams, transparent pricing, and low-cost coverage for children. Members also have the option of a guaranteed acceptance plan, ensuring coverage regardless of health.
Negatives of the program include a third party issuing coverage, the AARP membership requirement, and low coverage maximums. However, as previously mentioned, you might be able to obtain more coverage by contacting New York Life.
Who is AARP New York Life?
The American Association of Retired Persons (AARP) was founded in 1958 to provide health insurance for teachers before the introduction of Medicare. Today, AARP members receive various benefits that include insurance and discounts.
New York Life began in 1845 and has grown to become one of the biggest life insurance companies in the country. AARP partnered with New York Life in 1994 to provide life insurance for its members.
AARP New York Life: The Bottom Line
AARP provides term life and whole life insurance to its members through a partnership with New York Life. The AARP Life Insurance Program offers no-exam policies for an affordable price. Additionally, the association with New York Life ensures coverage from one of the top life insurance companies.
Learning more about AARP New York Life will help you determine if this option is best for you.
Now that you know about AARP New York Life, enter your ZIP code to get free life insurance quotes in your area.
