The AARP branded life insurance is actually New York Life. They just pay for the AARP branding. They go all the way to guaranteed issue so the only three questions on that are going to be 1. What is your age? 2. What is your gender? 3. How much coverage do you want?
Anyone considering this policy would be well advised to keep looking. It's probably the worst deal you can get. Most people can get a much lower premium and first day full coverage rather than accept the terms of a guaranteed issue policy.
AARP often tries to sneak into the fine print "Premiums are not guaranteed. You can not be singled out for a rate increase but we can increase them on all insureds."
That is completely unacceptable. New York Life is wise to pay AARP to use their name to sell this. No one who reads it would ever accept that deal. But some AARP members trust the brand name so much they don't read it.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What 3 questions does AARP ask for life insurance? I guess the answer to this question would best be found on AARP's website for life insurance. I think it might be more important to look at the insurance offered with those 3 questions. Currently it is a group policy offered through New York Life. NYL is a fine company so no worries there. This plan is a 5 year level term policy, which means every five years the cost will increase. The policy ends at age 80, with nothing to convert over to. So if you need coverage beyond age 80, you will be shopping again. Pricing wise, because of the few questions asked, the price tends to be high. This would be true of any insurance company that asks only a few questions. What you don't ask about, you charge for. So a healthy person could do much better elsewhere, but for the person who wants to go this route and doesn't mind the extra cost and the early ending, it's fine.
At this time, AARP's three health questions for their term insurance are:
1. In the past 2 years, have you had treatment or medication for or been diagnosed by a doctor as having heart trouble, stroke, cancer, lung disease or disorder, diabetes, liver or kidney disease, AIDS, AIDS Related Complex, or immune system disorder?
2. In the past 2 years, for any condition, have you been admitted to or confined in a hospital, sanitarium, nursing home, extended care or special treatment facility?
3. In the past 3 months, have you consulted a doctor or had treatment, medication or diagnostic tests of any type? (Note: You are not required to report negative AIDS or HIV tests).
AARP has a number of policies, so the questions asked depend on which policy you are apply for. But one that has three health questions is AARP's term policy, which Larry described. Here are those questions at this point in time:
1. In the past 2 years, have you had treatment or medication for or been diagnosed by a doctor as having heart trouble, stroke, cancer, lung disease or disorder, diabetes, liver or kidney disease, AIDS, AIDS Related Complex, or immune system disorder?
2. In the past 2 years, for any condition, have you been admitted to or confined in a hospital, sanitarium, nursing home, extended care or special treatment facility?
3. In the past 3 months, have you consulted a doctor or had treatment, medication or diagnostic tests of any type? (Note: You are not required to report negative AIDS or HIV tests).
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Anyone considering this policy would be well advised to keep looking. It's probably the worst deal you can get. Most people can get a much lower premium and first day full coverage rather than accept the terms of a guaranteed issue policy.
AARP often tries to sneak into the fine print "Premiums are not guaranteed. You can not be singled out for a rate increase but we can increase them on all insureds."
That is completely unacceptable. New York Life is wise to pay AARP to use their name to sell this. No one who reads it would ever accept that deal. But some AARP members trust the brand name so much they don't read it.
At this time, AARP's three health questions for their term insurance are:
1. In the past 2 years, have you had treatment or medication for or been diagnosed by a doctor as having heart trouble, stroke, cancer, lung disease or disorder, diabetes, liver or kidney disease, AIDS, AIDS Related Complex, or immune system disorder?
2. In the past 2 years, for any condition, have you been admitted to or confined in a hospital, sanitarium, nursing home, extended care or special treatment facility?
3. In the past 3 months, have you consulted a doctor or had treatment, medication or diagnostic tests of any type? (Note: You are not required to report negative AIDS or HIV tests).
1. In the past 2 years, have you had treatment or medication for or been diagnosed by a doctor as having heart trouble, stroke, cancer, lung disease or disorder, diabetes, liver or kidney disease, AIDS, AIDS Related Complex, or immune system disorder?
2. In the past 2 years, for any condition, have you been admitted to or confined in a hospital, sanitarium, nursing home, extended care or special treatment facility?
3. In the past 3 months, have you consulted a doctor or had treatment, medication or diagnostic tests of any type? (Note: You are not required to report negative AIDS or HIV tests).