The AARP has partnered with New York Life Insurance Company to create the “AARP Life Insurance Program”.   Basically it is a program designed for members of AARP to get either permanent life insurance, term life insurance, or guaranteed issue life insurance.  It appears as if the permanent insurance coverage is whole life insurance and it can be attained from age 50-80.   The term life insurance requires no medical exam and only three medical questions to be approved for coverage and ages 50-74 can apply for this coverage.  The guaranteed issue life insurance is exactly as it sounds.   There is no medical exam or medical questions to be answered and it is for members 50-80.  The guarantee issue pays limited benefits for the first two years except for death by an accident.

AARP has done well with this program as it has partnered with one of the premium life insurance companies with huge name brand recognition.   While New York  Life and AARP are great brand names, it is important to know that you often overpay for brand names.    It may be that the rate for your product through the program can be beat in the private market.    I suggest to clients that are interested in this program to let us run independent quotes for comparison.   I compare the AARP Life Insurance Program to how you might overpay for a pair of expensive brand name jeans.  You can get great jeans that don’t have the label of the fancy pair, but that serve you perfectly well.  Just make sure you check out your options.