How to Purchase AARP Life Insurance

By Michael Hinckley

  • Overview

    Life insurance is an important safeguard for you and your loved ones in the event of your death, but many people over the age of 50 find it difficult to purchase life insurance with reasonable premiums. AARP members, however, are afforded such coverage with highly competitive rates. Knowing how to purchase this insurance is an important step toward securing your family's peace of mind.
    • Step 1

      Join AARP. Contrary to its name, a person does not have to be retired in order to join the AARP. He should merely be over 50 years of age. In fact, a member's spouse is also eligible even if she is only 45. There is a small fee associated with joining and maintaining membership. Once membership is established, you can have access to all the AARP's life insurance and other benefits. Contact the AARP at 1-800-566-0242 or through the reference link in our Resources section. The cost of membership is around $12 per year.
    • Step 2

      Choose a type of policy. AARP has negotiated with New York Life to offer two different types of life insurance coverage; term life and "permanent" life insurance. Term life is available for a certain period of time, called a "term" which is typically 20 years long. As long as you make payments and as long as the policy has not expired, you are covered in the event of your death. Permanent life insurance lasts as long as you make payments on your insurance policy and has no expiration date, though the monthly costs may be higher than for term life insurance. "Permanent" life insurance policies are usually best for the younger members of the AARP while Term offers the best coverage for older members.


    • Step 3

      Select coverage amounts. Both kinds of insurance policies offered by AARP's partner, New York Life, are available in amounts ranging from $2,500 to $100,000. The amount you choose will affect the total premiums you must pay. Consider how much your funeral expenses are going to cost. Add from there if you wish to leave your beneficiaries any extra. Typical life insurance policies are valued at $50,000.
    • Step 4

      Order the policy. Begin the process by calling AARP/New York Life at 1-800-710-7945 or go to the official Website listed in the Resources section. Both methods will provide all the information you need to acquire coverage. Representatives will answer any additional questions you may have about the policy.
    • Skill: Easy
    • Tip: Read all material completely before signing the insurance contract to ensure that the policy meets your financial needs.

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