AARP No Exam Life Insurance – Review

Written on May 7, 2017 by LJM Life Insurance

AARP No Exam Life Insurance

When looking for life insurance coverage it is very important to look at several companies that are offering the product you think will fit your family.  Looking at several companies is why easy when you deal with an independent agent like LJM Life Insurance.

You can get a free no obligation quote by calling us anytime at 844-528-8688.  You can also see rates by using our quote engine on this page.  For information on AARP No Exam Life Insurance please read our article below.

AARP No Exam Life InsuranceAlthough many people when asked about their car insurance or life insurance say they have their insurance through AARP, it’s important to understand that AARP is not an insurance company; they are a marketing company who markets various insurance products and AARP No Exam Life Insurance to their members.

Many people familiar with AARP think of it as an association that advocates for seniors and retired people, but the truth is, you can apply for membership at age 50, a far cry from being a senior or retired. The AARP (American Association of Retired Persons) is an association that advocates for its membership and markets various products and services.

How they select which products or services is up for debate, but it is logical to assume they will not put the association’s reputation on the line if a product or service isn’t worthy of their seal of approval.

As for AARPs recommendation for No Exam Life Insurance, they have chosen to go with New Your Life, a highly-rated and very reputable life insurance company.

New York Life Insurance Company

New York Life Insurance Company has been serving its customers since 1845 and during their 170 years of service has never faltered in paying a claim or meeting the company’s commitments. In fact, the company has an industry-leading cash reserve of over $23 billion.

New York Life is organized as a mutual insurance company which means that the policyholders have ownership in the company rather than stockholders.

As a mutual insurer, the company has paid out dividends to policyholders every year since they were founded in 1854. In fact, customers who own participating products such as whole life insurance are allowed to vote in the board of directors elections and share in the annual dividend payout.

Because of the New York Life’s standard of operations and its ability to maintain significant reserves, A.M. Best, Fitch, Moody’s, and Standard and Poor have all given their highest rating possible to the insurer and all four maintained their stable outlook on the company’s ratings.

Out of 800 life insurers that operate in the U.S., only two have the highest ratings possible, and New York Life remains extremely proud of the company’s designation.

Headquartered in New York, New York Life remains a Fortune 100 company, is the largest mutual life insurer in the U.S. and is one of the largest life insurers in the world. The company offers life insurance products, retirement income products, long-term care insurance, and various securities products and services and mutual funds.

New York Life No Exam Life Insurance

Certainly, while being an advocate for seniors and retirees, AARP is going to make sure they have an offering for no exam life insurance, and New York Life is the product they recommend to their membership.

Why No Exam Life Insurance?

Although traditional fully underwritten insurance will be the most affordable insurance for those looking to cover final expenses, debt, and loss of income, final expense insurance remains very popular because of the ease in purchasing. Not having to deal with medical exams and blood tests is a priority for most seniors along with getting a policy issued quickly and affordably. AARP (New York Life) offers several policy types to choose from.

AARP Level Benefit Term

The Level Benefit Term policy is temporary life insurance that offers coverage up to age 80. It is issued with an affordable premium that increases every five years until you reach age 80. Applicants eligible for coverage are age 45 and older, and available face amounts are $10,000 to $100,000. Since this product is marketed primarily to seniors, there is no medical exam required and only a few health questions on the application. Although being backed by one of the largest insurers in the world is a good thing, just a little shopping reveals the rates are a little pricey.

AARP Permanent Life Insurance

The permanent life product offered by AARP is whole life insurance that stays in force for your lifetime, has a guaranteed periodic premium, and builds cash value that you can access through policy loans that you do not have to repay. Any outstanding loan amount will be deducted from the death benefit that is paid to your beneficiary. Face amounts for the Permanent Life Insurance are available from $5,000 to $50,000. As with their term product mentioned above, there is no medical exam required, and the application has only a few health questions.

Guaranteed Acceptance Life Insurance

This is AARP’s version of final expense insurance. It is offered in benefits amount of $2,500 up to $15,000. Since this guaranteed issue insurance, there is a two-year waiting period before the company will pay the full death benefit for death from natural causes. In most cases, if the insured dies from natural causes within the waiting period, the insurance company will pay a death benefit equal to the amount of premium paid into the policy. If the death is the result of an accident, however, the company will pay the full death benefit from day one. There is no medical exam required, and there are no health questions on the application.

Our Review of AARP No Exam Life Insurance

Positives: AARP’s New York Life offering has several selections of life insurance that are backed by one of the largest mutual insurers in the U.S. and the world. Policyholders can certainly have confidence that the company will fulfill their obligation to pay the death benefit to your beneficiary. New York Life provides outstanding customer service without regard to the size or cost of your policy and is dedicated to making certain that AARP members get what they’ve paid for.

Negatives: Final expense and guaranteed acceptance insurance have grown to be an enormous market for U.S. insurers, and as such, has become very competitive. When we compare rates for New York Life against other highly-rated insurance companies, New York Life is not very competitive with many of the other carriers we represent. If your loyalty to AARP is less important than your insurance rates, we are likely to have a more affordable solution that will meet your needs and your budget.

About LJM Life Insurance
About LJM Life Insurance

We work with individuals across the nation to secure the best life insurance rates.

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