- The life insurance that AARP offers its members is actually underwritten by the New York Life Insurance company. This is because the AARP does not qualify as an insurance company and would not legally be allowed to underwrite life insurance policies for its members. Even so, the influence of the AARP is massive and the group has been able to induce New York Life to offer great policies to its members due to the sheer volume of sales.
- The AARP and New York Life offer several different types of life insurance policies to AARP members. There are both terms life insurance policies and permanent life insurance policies. Term policies cover the insured individual for a certain time period and then expire whereas permanent policies offer lifetime coverage. There are also many different policy dollar amounts to choose from depending on one's situation.
- Many people believe incorrectly that in order to be a member of the AARP and be eligible for their life insurance policy, one must be retired. Another common misconception is that one must be older than 62 or 65 years old to qualify. Neither of these ideas are true. All one needs to become an AARP member is residency in the US and to be over 50 years. All AARP members are eligible for the benefits of AARP life insurance.
- The benefits to be reaped by holding AARP life insurance are numerous. Life insurance helps to insulate one's family members from the inevitable financial strain that comes with the death of a loved one. Life insurance also helps to make certain that the family or spouse of the insured individual will have a nest egg to fall back upon if the deceased individual was the primary earner in the family. All of these are good reasons why one might consider purchasing AARP life insurance.
- AARP life insurance is available only to residents of the US. This is because AARP membership requires residency within the US Seniors in other areas have the option to purchase life insurance, and may even be eligible to purchase other life insurance policies from New York Life, but they are not eligible for AARP life insurance.
