1. 11498 POINTS
    Jason GoldenzweigPRO
    Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
    AARP does not offer any life insurance - they are only a marketing organization. They associate themselves with certain insurers and allow the carriers to attach their name to a product. For example, life insurance is typically done through New York Life while Medicare Supplement insurance is typically done through United Healthcare.

    One of my family members who is an AARP member gets letters in the mail frequently for life insurance with the AARP name (insurance through New York Life). However, the coverage is age-banded and only carries the policy through age 80 - the coverage then terminates if they live beyond age 80 with no option to extend the program. Age-banded coverage means the rates change every 5 years as you enter into the next age bracket. They may have other life insurance products available with their name on attached, but that's what constantly comes in the mail.

    If you're looking for term life insurance, I would highly highly highly suggest consulting with an independent agent who can compare multiple carriers for you and discuss your medical history to determine the risk classification each carrier may consider you for (the risk class directly determines the premiums). Shopping before applying is vital! And there's no cost to using an independent agent vs. going through a carrier directly.

    I wouldn't just buy on name as there are numerous carriers that offer term insurance who offer competitive rates. You can end up spending extra money that you don't need to when you do that (that's not to say a big name carrier wouldn't in fact be the best cost option, you just want to be sure you're not overpaying). The risk class is key to figure out first and then look at the rates for a given coverage amount/term length from there. If you don't know what risk class you would likely fall under for a carrier, then a quote is nothing more than a guesstimate.

    Term life insurance is very straightforward. If you die during the life of the policy, the carrier pays out the death benefit proceeds. If you outlive the term premium guarantee period and and don't want to pay the annual renewable term rates (which go up each year as you get older), then you would likely either replace it with a new term or permanent life insurance policy or not have any coverage.

    I hope the information is helpful - please feel free to contact me for help with your coverage and if you have any other questions. Thanks very much.
    Answered on March 17, 2015
  2. 429 POINTS
    Rich Haag
    President, Rich Haag & Associates, Inc., Clayton, NC
    Just to make it easier to not wait for other answers, Jason is 100% correct. He has hit the nail on the head and there us nothing more to add. Feel free to take the as the only answer you need. Great job explaining Jason. Please contact a professional in your area that is willing to talk to you in depth.
    Answered on March 17, 2015
  3. 63333 POINTS
    Peggy Mace, Certified Senior Advisor (CSA)®PRO
    CEO, Outlook Life, Inc, Most of the U.S.
    AARP offers term life insurance from New York Life. Rates start out low and increase over time. In that type of situation, where premiums are not locked in, you can never be sure if you will be able to afford to keep the life insurance at the time you need it most.

    Shopping with an independent life insurance broker (most of us agents answering these questions fall in that category) will help ensure you get best policy features at the lowest price.
    Answered on March 18, 2015
  4. 1976 POINTS
    Ronald HinchPRO
    Regional Marketing Director, Capital Choice Financial Group,
    No, AARP does not offer term life insurance or any other product for that matter. They certainly want you to believe that anyway. AARP is only a marketing company that contracts with other companies and offers endorsements for them. In the case for term life insurance, AARP has a business association with New York Life. Of course, term insurance is the way to go for most people but when contacting a New York Life representative through AARP you will probably get the bate and switch where the agent will then go in to full selling mode and try to sell you on the idea of whole life protection which is much more expensive than term so you will get less for your money. After an assessment of your financial situation you may not need insurance at all.
    Answered on June 3, 2016
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