AARP members aged 50 to 74 and their spouses ages 45 to 74 can apply for AARP’s no medical exam term life insurance, and the coverage can last until the insured’s 80th birthday. Although the death benefit stays level through the term, the annual price increases each time the insured person enters a new five-year age band.
AARP’s term life policy can be converted to permanent insurance at or before age 80. The rates for permanent coverage will be based on age. 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. Applicants answer a few health questions and provide other health information but do not have to take a medical exam.
In addition to no medical exam term life insurance, AARP offers no medical exam whole life insurance and guaranteed acceptance whole life insurance (not available in all states). These policies are available to AARP members, ages 50 to 80, and their spouses, ages 45 to 80.
I believe AARP is the best overall because the life insurance policy is underwritten by New York Life, one of the leading providers of life insurance in the United States for over a century. You’ll also have a membership with AARP, which offers many discounts to seniors and provides a wealth of information on aging.
Many people are averse to having a medical exam when they buy life insurance, whether it be fear of needles, white coat syndrome, or another reason. Finding a high-quality life insurer that excels at customer service and offers a variety of coverage is crucial to people who are limited to no medical exam life insurance.