Policies are underwritten by New York Life: All of AARP's life insurance policies are issued by New York Life, which receives an A++ (Superior) financial strength rating from AM Best. 3 This is the agency's highest rating; only nine of the 91 life insurance companies we reviewed received a rating this high.

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 a large enough death benefit to cover your mortgage or other large expenses.

The AARP term life product features coverage amounts of $10,000 to $150,000 (or $100,000 in New York), although higher amounts may be available by calling New York Life. Applicants answer a few health questions and provide other health information, but do not have to take a life insurance medical exam.

Permanent Life Insurance Coverage AARP members can get an instant quote and apply online or by phone. Members can apply for up to $50,000 in life-long coverage. Guaranteed rates that never increase, and no medical exam, just health and other information. You can keep this insurance your entire life.

Yes. In addition to lifelong insurance coverage, a portion of your premium payments goes toward cash value that grows tax-deferred over time. Once you have enough cash value, you can take a loan against your cash value to help with an unexpected expense.

First, the premium rate is guaranteed for life - so whatever age you are when you switch to permanent life, that's the rate you'll pay for as long as you're insured. It also builds cash value, and payments stop by age 95.

Average Annual Whole Life Insurance Rates for Women over 70 or 75*

Is there any way I can be insured past age 80? Yes. You can exchange your AARP Level Benefit Term Life Insurance for AARP Permanent Life Insurance when insurance ends at age 80 or any time before that.

Cash value grows gradually over time, as you make payments on your coverage. The benefit to having cash value is that you can choose to borrow against it if you need to, even to pay the premiums on your contract, if you choose.

Yes. In addition to lifelong insurance coverage, a portion of your premium payments goes toward cash value that grows tax-deferred over time. Once you have enough cash value, you can take a loan against your cash value to help with an unexpected expense.

Term life insurance from AARP offers coverage over a fixed period of time, or term. During the term, premiums increase as you enter into the next five-year age band. This can make budgeting unpredictable. For instance, if you buy coverage at age 66, your rate will be based on the 65- to 69-year-old age group.

If you have a permanent life insurance policy, then yes, you can take cash out before your death. There are three main ways to do this. First, you can take out a loan against your policy (repaying it is optional).