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AARP/New York Life

The American Association of Retired Persons (AARP) offers a selection of life insurance policies provided by New York Life Insurance Company, some of which may be used as AARP final expense insurance. New York Life is the largest life insurance company in the United States. It has been selling various policies and coverage options since 1845. The company does not offer traditionally named burial insurance or final expense insurance, as it is sometimes referred to by other insurance carriers. Instead it offers whole life insurance in amounts that range from $2,500 to $25,000.

These amounts may be paid directly to a beneficiary, effectively allowing you to purchase “burial insurance” through AARP/New York Life even though the company doesn’t refer to its services as such. As with other burial insurance providers, you must be between the ages of 50 and 80 to qualify for these policies. Unlike some other firms, New York Life’s policies are guaranteed acceptance. This means that you can’t be denied coverage even if you have existing medical conditions. AARP/New York Life’s plans do not require medical exams or health questionaires.

If you are relatively healthy, though, you may find that AARP/New York Life’s premiums are higher than the policies from insurance companies that require you to undergo a qualifying medical examination. AARP/New York Life’s premiums increase throughout the policy term as the insured individual gets older. Insured individuals must also be AARP members (or have a member spouse). AARP membership costs $16 annually and is restricted to those age 50 and above.

Why you need AARP final expense insurance

Burial services in the United States can be quite expensive, with current estimates pegging the average at approximately $10,000. Additionally, the average cost rises between five and eight percent annually. There’s more bad news, too: These average figures only cover the very basic cost of a funeral, omitting things like body transportation, cemetery fees, and headstone expenses. If you want additional services like flower arrangements and such, that will cost even more.

These rising costs make burial insurance a great idea, both because it helps your surviving family members to meet the high costs of your funeral and also because your death benefits may help them in other ways. Burial and funeral insurance, also known as final expense insurance, typically pays in cash. As a result, beneficiaries are free to spend the funds in any way they choose, whether it be for the actual burial expenses, partial expenses, or something else entirely. It’s also worth noting that funeral insurance does not bind the beneficiary to any particular location, funeral home, or funeral type.

You should take advantage of burial insurance if you meet the following conditions:

  • You don’t any life insurance.
  • You don’t have enough savings to cover funeral expenses (approximately $10,000).
  • You don’t want to burden your family with funeral expenses after your death.
  • You would like a separate life insurance policy and burial insurance policy.

How it works

The specifics of your burial insurance policy will vary depending on things like your age, your location, your overall health, your coverage amount, and the insurance company with which you choose to do business. Burial insurance plans usually feature a premium that is either annual or monthly as well as a preset coverage amount. For example, if you’re a 55-year old woman living in Alabama, you should expect to pay somewhere around $50.00 per month for $10,000 worth of death benefits. If you’re a 78-year old man living in Virginia, you should to expect to pay considerably more than $50.00 per month for the same death benefit because of the higher costs of living in Virginia. That said, these examples are rough estimates. You should contact a local insurance company to get a realistic quote based on your unique circumstances. You may choose to undergo a medical underwriting process or fill out a health survey in order to lower your potential premium rates.

How to get started

If you are already an AARP or New York Life insurance customer, you should contact your local office and inquire about a final expense policy. If you are a prospective customer, you can obtain a quote on AARPs website. You may also shop for policies using our comparison tool by clicking on the following link.

Financial Strength Ratings

AM Best – A++, Stable outlook
Moody’s – A, Stable outlook
Standard & Poor – AA+, Stable outlook

Company contact info

New York Life Insurance
1 (800) 865 7927
Call Monday – Friday 8:00 a.m. to 8:00 p.m. Eastern
Call Saturday 9:00 a.m. to 5:00 p.m. Eastern