As age increases, the need for financial security does not go away but rather becomes far more important. Consider being in your late 80s, having fun with your family and loved ones; still, one cannot help but be worried about how things will go on after they are gone. How will your family pay for funeral costs or outstanding debt? That is where life insurance for seniors over age of 85 years old by AARP ensures peace of mind rather than financial loads.
In this simple, article, we go deep into the minutest details regarding AARP life insurance options that are provided for seniors, and we will briefly outline everything from rates to the type of coverage. Let’s tackle in and have a look at how AARP can make seniors feel secure financially.
What is AARP Life Insurance?
AARP life insurance is funded by New York Life. New York Life has been well- experienced for decades in offering insurance products that relate to adults who have attained older age. What makes AARP’s plans appealing is that they are easy to apply for cos persons who are within the age bracket of 50- 85 years do not have to go through any medical exam for some policies. Whether you are seeking term life Insurance, permanent life, or guaranteed acceptance life insurance, AARP has products intended for each stage of life, including the later senior years.
Why Should Seniors Over 85 Consider AARP Life Insurance?
The question of many seniors possibly would be, “Do I still need life insurance at this age?” The answer is yes. Even when your mortgage is paid off and your kids are grown, there are many important reasons to have life insurance, including:
- Final expenses: Funerals range in cost from $7,000 – $12,000, all the depending on type of service.
- Debts outstanding: Outstanding medical bills and personal loans can be paid with your life insurance
- Leaving a LegaLegacy: Sometimes the seniors want to leave behind some estate so their children or grandkids would be able to use that money in pursuing further education or any other field.
Having an insurance plan means you are saving them from facing sudden blows of money when you die.
Types of AARP Life Insurance for Seniors
AARP sells three main kinds of life insurance for different needs. These include:
- Term Life Insurance: This insurance will cover you until you attain the age of 80. Permanent
- Life Insurance : With permanent life insurance, you get lifelong protection, and there are no increasing premiums over time.
- Guaranteed Acceptance Life Insurance : This insurance will cover you with no health exams or questions asked, perfect for seniors with medical conditions.
Now, let 's go further with explaining these below:
AARP Term Life Insurance
AARP Term Life Insurance serves seniors who would require quick coverage up to their 80 th birthday. In the case of term life, the younger you are, the lower your premiums; the older you get ,the higher the premiums. The following are the key features:
- Coverage: Provides up to $100,000 in benefits maximum
- Eligibility: Can be sold to members between ages 50- 74 years
- Medical exam: No required medical exam; just several health questions to answer.
It is ideal for seniors whose needs are temporary, such as paying off outstanding debts or leaving some money behind to cover final expenses for immediate family members.
AARP Permanent Life Insurance
For seniors wanting lifetime protection, AARP offers permanent life insurance. As opposed to term life, which expires at age of 80, permanent life insurance will cover you for your lifetime.
Some key features of this plan are as follows:
- Fixed premiums: Your premium will not rise with age.
- Cash Value: The policy builds cash value over time that you could borrow against if you have to.
- Lifelong Coverage: No expiration date, making it ideal to cover final expenses.
Permanent life insurance is determined by the guaranteed cash value component. This isn’t just a peace -of -mind plan, but one that could give you a financial pillow if you needed it.
AARP Guaranteed Acceptance Life Insurance
If you are above 85 years old or have pre-existing health conditions, guaranteed acceptance insurance from AARP would be the easiest to qualify for. Here is why:
- No health questions are asked and no medical tests are taken.
- Guaranteed coverage irrespective of your health.
- Two years are taken to get full benefits
It’s okay in case you get poor health and get disapproved for all the other policy programs. Although it does have a considerably lower coverage limit, typically capped at $25,000.
AARP Life Insurance Rates by Age
Generally speaking, your age is the greatest determinant of how much you pay for life insurance. And such is still the case with AARP. However, AARP life insurance rates by age remain competitive and reasonable in consideration that there are no medical exams required to get coverage started. Below you will find what you might expect to pay for:
AARP Life Insurance Rates Chart ( 2024)
Note: These are approximate rates and may differ based on individual factors such as health, coverage amount, or state.
| Age Range | Term Life (Monthly) | Permanent Life (Monthly) | Guaranteed Acceptance (Monthly) |
| 50-64 | $35 – $120 | $50 – $175 | $45 – $135 |
| 65-74 | $60 – $250 | $80 – $225 | $70 – $200 |
| 75-85 | $100 – $400 | $125 – $350 | $100 – $300 |
This graph illustrates that term life rates increase dramatically with age, whereas permanent life and guaranteed acceptance are much more level, especially beyond age of 85.
How to Apply for AARP Life Insurance
Applying for life insurance through AARP is simple. You may apply online, by phone, or by mail as you like. To start this process, you will want to have the following items:
- Personal Information: name, address, and phone number.
- Health questions: Only for term and permanent life.
- Payment method: To start your coverage straight away.
It is supposed to be pain -free for seniors, sans the burden of intrusive exams amongst a lot of policies.
AARP Life Insurance for Seniors Benefits
When you choose to go with AARP in regards to your need for life insurance, you have certain special benefits:
- No medical exam: Many of them don’t require invasive medical testing.
- Flexible options: AARP provides coverage for the elderly up to age of 85. Seniors have options for various types of insurance.
- Partner: The AARP has partnered with New York Life, a name synonymous with dependability in insurance.
Additionally, AARP policies are designed specifically for older adults-meaning you aren’t saddled with coverage that’s hard to qualify for or too expensive.
How AARP Life Insurance Compares to Other Insurers
It’s always wise to shop your options. Here’s how AARP compares against other providers in the market:
- Ease of allotment: Other companies have medical tests, while AARP does not.
- Age-attuned: While others are less expensive, there are specific things that AARP addresses, especially for seniors over age 85.
- Variety of programs: From term life to guaranteed acceptance, AARP offers more flexible policies for seniors than many of the traditional providers.
What Happens If a Policy Expires?
As for term life insurance, this stops when you reach 80 years old. You can convert your term policy into a permanent life policy at any time before expiry, but your premiums will likely go up. Neither permanent life insurance nor guaranteed acceptance life insurance ever expires and, therefore, would be the most apt in case someone is seeking protection for lifelong living.
Is AARP Life Insurance Worth It for Seniors?
If you are above 85, then AARP is a good option to get value-for-money reliable life insurance. No medical tests, together with reasonably competitive prices and lifelong cover options, make AARP one of the best options for seniors. Also, their partnership with New York Life is quite solid, which makes them quite credible and reliable for policyholders.
Conclusion
When it comes to life insurance targeted at seniors above 85 years old, some of the most senior- friendly policies in the market can be availed from AARP. Whether temporary cover, lifelong security, or guaranteed acceptance with no health questions is what you are looking for, you can get a plan with AARP.
This is the normal desire to leave something lasting for your loved ones and create some type of financial security for them as they gets older. Fortunately, AARP life insurance has created peace of mind in knowing your family will be well looked after when you are no longer around.
See Also: What is Private Placement Life Insurance? Pros and Cons
Frequently Asked Questions
What is the best option for seniors seeking life insurance at age of 85 years and above?
Generally, the best option is permanent life since it stays in effect for the rest of your life without raising premiums.
Are AARP life insurance rates fixed by age or do they vary?
Rates for permanent life insurance are fixed. Rates for term life insurance tend to go up the older you become.
Will AARP give me a seniors’ life insurance rates chart?
Yes, AARP has rate charts, and you can also request personalized quotes per your age and state.
Is there an opportunity to receive life insurance with AARP without a medical exam?
Yes, AARP’s guaranteed acceptance life insurance has no medical exam or health questions required for underwriting.
What is the maximum coverage amount for AARP Life Insurance?
Generally, the maximum coverage amt is $100,000 for Term Life and $25,000 for Guaranteed Acceptance Life.