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AARP Whole Life Insurance with No Medical Exam Permanent life insurance policies, particularly those that have no medical exam, consistently have higher premiums. Given this, we also would not recommend the AARP and New York Life’s simplified issue whole life insurance unless you have a pre-existing condition that would preclude you from passing a medical exam. However, if you’re a senior and have had a medical condition for over 2 years that’s well managed, such as diabetes, their whole life insurance policy is a strong option. The AARP’s no medical exam whole life insurance policy is a form of final expense insurance (also called burial insurance), as the amount of coverage available is usually just sufficient to cover end-of-life expenses. AARP’s whole life insurance policy offers $5,000 to $50,000 as a death benefit and is available if you’re between the ages of 50 and 80. While this is certainly enough to cover a funeral and minor debts, it is likely not be a large enough death benefit to cover your mortgage. So, if you have large outstanding debts, you would want to consider other insurers. As with other whole life insurance policies, AARP’s whole life coverage builds cash value over time. This is essentially the surrender value of the policy and can be borrowed against if, for example, you have an emergency medical expense. However, the AARP’s whole life insurance policy is relatively unique in that premium payments end when you turn 95. Relatively few people live to be 95, but the opportunity to stop making payments and continue to have coverage isn’t common among whole life insurance companies. In addition, AARP’s whole life insurance comes with 2 riders that offer financial assistance in the case you become disabled or ill: Waiver of Premium - If you face a disability or illness that requires you to stay in a nursing home, you won’t have to pay premiums for the entirety of your stay (or until you turn 80, whichever is sooner). Just note, premiums are only waived after you’ve stayed in the nursing home at least 6 months. Accelerated Death Benefit - If you’re diagnosed with a terminal illness and the doctor believes you have less than 12 months to live, you can access up to 50% of the policy’s death benefit while still alive. AARP Program Guaranteed Acceptance Whole Life Insurance AARP and New York Life also offer guaranteed acceptance whole life insurance, though this option isn’t available in New Jersey or Washington. AARP’s guaranteed acceptance policy is similar to their no medical exam policy in that: It’s available if you’re between the ages of 50 and 80 You no longer have to make premium payment once you turn 95, while coverage remains in-force There’s no medical exam If you become terminally ill, you can receive up to 50% of the death benefit while still alive A key difference is that their guaranteed acceptance policy only offers between $2,500 and $25,000 of coverage. In addition, if you pass away during the first 2 years of coverage due to a non-accident, your beneficiary won’t receive the full death benefit. Instead, they will receive 125% of the value of premiums you had paid until that point. Waiting periods are fairly standard for guaranteed acceptance coverage as insurers want to avoid large payments in the case terminally ill patients sign up. While AARP’s guaranteed acceptance coverage offers competitive rates, if you aren’t already a member, you shouldn’t join the AARP to get access to this product. As you can see below, AARP’s quotes are on-par with those from competitor policies with nearly identical features that don’t require any sort of membership. AARP Guaranteed Acceptance Whole Life Insurance Rates AARP Child Whole Life Insurance AARP’s Young Start program allows you to purchase whole life insurance coverage for a child or grandchild that’s younger than 18. There’s no medical exam and the policy builds cash value, similar to their standard whole life policy, but there are only 3 levels of coverage: Death Benefit Monthly Premium $10,000 $5.00 $15,000 $7.50 $20,000 $10.00 This type of policy is typically intended to shield parents and relatives from the costs associated with a child dying early. However, AARP’s policy is different from those offered by other insurers as coverage is not interrupted when the child comes of age (turning 21) and premiums are level for as long as the policy remains in-force. This means that, while the policy’s cash value will grow very slowly, it can continue to grow for decades and is available if your child or grandchild ever wants to access it. In addition, if you pass away, the child or grandchild won’t have to pay premiums to keep coverage in place until they turn 21. At that point, premium payments will continue to be set according to whatever amount of coverage was initially purchased.
