Most people who are aware of AARP believe it as an organization that advocates for seniors and retired people, however, the truth is, individuals can apply for regular membership at age 50, a long way from being a senior or retired. The AARP (American Association of Retired Persons) is an organization that advocates for its members and markets assorted products and services. How they pick which products or services is up for discussion, but it is reasonable to believe they will not put their name on the line if a product or service isn’t deserving of their seal of approval, especially for AARP Final Expense Insurance.
For AARP’s endorsement for No Exam Life Insurance, they have selected to go with New York Life, a highly-rated and extremely trustworthy life insurance company that offers affordable life insurance rates for seniors.
New York Life Insurance
New York Life Insurance Company has been servicing its clients since 1845 and during the course of their 170 years of service has never failed in paying a covered claim or fulfilling the company’s obligations. In fact, the organization has an industry -leading cash reserve of more than $23 billion.
New York Life is organized as a mutual insurance company which means that their policyholders own the company instead of stockholders. As a mutual company, the insurer has paid out dividends to its policyholders every single year since they were launched in 1854. In fact, clients who own participating products such as whole life are allowed to vote in the board of director’s elections and share in the yearly dividend payout.
As a result of New York Life’s standards of operation and the insurer’s ability to maintain considerable reserves, A.M. Best, Fitch, Moody’s, and Standard and Poor have each given their best rating available to the insurance company, and all four maintained their stable outlook on the organization’s ratings. Out of 800 life insurance companies that do business in the U.S., only two of them have the highest ratings available, and New York Life continues to be extremely pleased with the company’s designation.
Based in New York City, New York Life continues to be a Fortune 100 company, is the largest mutual life insurance company in the United States, and is one of the premier life insurers in the world. The organization offers life insurance solutions, retirement income solutions, long-term care insurance, and various securities products, and mutual funds.
New York Life’s Life Insurance Rates for Seniors
Undoubtedly, while being a supporter of seniors and retirees, AARP is going to make certain they provide no exam life insurance, and New York Life is the insurance product they advocate to their members.
While conventional fully underwritten insurance coverage will be the most budget-friendly insurance for those members looking to cover their final expenses, debt, and loss of income, final expense policies continue to be very popular because of the effortlessness in buying. Not having to deal with insurance medical exams and blood testing is a priority for many seniors along with obtaining a policy that is issued quickly and inexpensively. AARP (New York Life) provides several insurance policy types to pick from.
- AARP Level Benefit Term Insurance
The Level Benefit Term policy is considered temporary life insurance that provides coverage for individuals up to age 80. It is provided with a low-cost premium that goes up every five years until you become age 80. Individuals eligible for coverage are age 45 and older, and available death benefits are $10,000 to $100,000.
Since this insurance is marketed principally to seniors, there is no medical exam needed and only a handful of medical questions on the application. While being supported by one of the biggest insurers in the world is a very good thing, just a little bit of browsing shows the rates are a little pricey.
- AARP Permanent Life Insurance
The permanent life insurance promoted by AARP is whole life insurance that remains in force for a lifetime, offers a guaranteed premium, and accumulates cash value that the policyholder can have access to through policy loans that are not required to be repaid. Any outstanding loan balance will be subtracted from the death benefit that will be paid to your designated beneficiary.
Face amounts for the Permanent Life Insurance are from $5,000 to $50,000 and make it a. Just like with their term policy mentioned above, there is absolutely no medical exam required, and the insurance application contains only a handful of health questions.
- Guaranteed Acceptance Life Insurance
This is the AARP Final Expense product. It is available in benefits levels of $2,500 up to $15,000. Because this is guaranteed issue life insurance, there is a two-year waiting period before the insurance company will pay out the whole death benefit for death from natural causes. In many cases, if the policyholder dies from natural causes during the waiting period, the insurer will pay a death benefit equivalent to the sum of premiums paid into the policy. If the death is the result of an accident, however, the insurer will pay the full death benefit from the first day of coverage. There is no medical exam necessary, and there aren’t any medical questions on the application.
Docktor’s Insurance Review of AARP Insurance Rates for Seniors
Pros: Since the AARP (New York Life) Final Expense life insurance offering has several types of life insurance that are written through one of the largest mutual life insurance companies in the world, policyholders can be confident that the company pay their claims and provide exceptional customer service.
Cons: Although there are no obvious negative issues with AARP Final Expense (New York Life), it is always best to compare life insurance rates for seniors with all the insurers that Docktor’s Insurance represents to make certain that you can take advantage of the best value according to your circumstances.