AARP Burial Insurance (No-BS 2021 Review)

The 60-Second Summary

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Trust is extremely important in life insurance and AARP is one of the most trusted brands in the U.S. Moreover, they have two solid options for burial insurance; while slightly over-priced, their customer service is fantastic.

AARP Pros

AARP Cons

AARP Burial Insurance Reviews (3rd-Party)

Full Review Below.

AARP + New York Life = Burial Insurance

AARP is one of the most trusted brands in America.  While the company is not an insurance carrier itself, through a partnership with New York Life Insurance Company, it is now able to offer burial insurance to its millions of loyal members.

While many life insurance companies sell burial insurance policies, few companies have the brand name of AARP.  And when people are buying coverage for something as intimate as funeral expenses and other final expenses, the trust that AARP garners is extremely valuable.

Company 101
TypeLife Insurance Agency
Websitehttps://www.nylaarp.com/life-insurance/
EmailNA
Phone(800) 288-9858
AddressP.O. Box 30712
Tampa, FL 33630
BBB RatingA-
A.M. Best RatingA++ (Superior)

Who Is New York Life?

Founded in 1845, New York Life Insurance Company is one of America’s largest mutual life insurance companies.  New York Life has 26 million active policyholders with $1.8 trillion in life insurance protection in force.

New York Life is one of the few companies to earn A.M. Best’s very highest financial strength rating A++ (Superior).

What Is Burial Insurance?

Burial insurance (also known as final expense insurance or funeral insurance) is simply a whole life insurance policy with a payout sized to meet the typical cost of a person’s final expenses.

Burial Expenses Have Gone Through The Roof

The average cost of a funeral in the US is between $6,000 and $10,000, depending on whether or not you need to purchase a casket. If you get buried, the casket will cost between $2,000 and $5,000; your bill should be about half if you are cremated.

Paying for a funeral is not something most people plan for. AARP Life Insurance can help you earn extra money to pay for your final arrangements and save those left behind from financial worries. It makes sense to build up a little padding.

AARP Burial Insurance Policies

AARP final expense insurance takes two forms: guaranteed issue whole life insurance and simplified issue whole life insurance.

AARP Guaranteed Acceptance Life Insurance

AARP Guaranteed Issue Whole Life Insurance is a permanent life insurance policy available to AARP members who are age 50 or over.

This product is guaranteed issue, has no health questions asked, and comes with an array of benefits including waiver of premium provisions, accidental death benefits, and more.

This product also offers the ultimate security for your loved ones with terminal illness coverage.

aarp logo

Guaranteed Issue Whole Life

As you might expect, AARP guaranteed issue life insurance policies have a two-year waiting period during which you will not be paid the full death benefit if you die of natural causes.

During this two-year period, your beneficiary will receive simply receive back the premiums you paid plus a certain percentage of interest.

However, note that if you die of accidental causes, at any point during your policy, your beneficiary will always receive the full death benefit.

AARP Whole Life Insurance Policies

AARP Guaranteed Issue Whole Life Insurance is a permanent life insurance policy available to AARP members who are age 50 or over.

This product is guaranteed issue, has no health questions asked, and comes with an array of benefits including waiver of premium provisions, accidental death benefits, and more.

This product also offers the ultimate security for your loved ones with terminal illness coverage.

aarp logo

Whole Life Insurance

Third-Party Ratings For AARP Life Insurance

One of the best ways to size up a company is to look at its third-party ratings.

Financial Strength Ratings

The preeminent ratings company in the insurance industry is A.M. Best.  A.M. Best ratings are analysis of financial strength, or claims-paying ability, for the world’s largest insurers.

A.M. Best conducts financial analysis and rates companies based on their capitalization and operating performance, resulting in 19 separate rating categories from A++ to D.  Insurance ratings for property/casualty risks are based on the risk represented by the insurer’s book of business.

New York Life, the insurance company that issues AARP burial life insurance policies, has an A++ rating from A.M. Best, the Company’s highest possible claims-paying rating.

New York Life Financial Strength Ratings

Better Business Bureau (BBB) Ratings

The Better Business Bureau (BBB), founded in 1912, is dedicated to fostering trust between businesses and consumers by promoting ethical business practices. The BBB provides consumer education tools on how to research companies to find reputable companies that can be trusted.

AM Best ratings are based on financial analysis, while the BBB reports complaints filed against a company to give insight into customer service quality.

New York Life holds an A- rating from the BBB, while AARP carries an A+ rating.

AARP Burial Insurance FAQs

AARP burial insurance is permanent life insurance, available to AARP members between 50 and 80 years of age.  Policy death benefits range from $2.5K to $50K and your beneficiary can use your life insurance policy's payout for any purpose whatsoever, including funeral expenses, cremation costs, or even unpaid medical bills.

AARP's burial insurance policies are whole life insurance, which means coverage never ends (it lasts your "whole life").  However, you can no longer buy a new policy after you pass 80 years old.

 

AARP Level Benefit Term Life Insurance does end at 80.  However, AARP offers policyholders the option to exchange their coverage for permanent life insurance when they reach age 80.  This exchange privilege is guaranteed, and while your premiums may change, you will not be required to take a medical exam or answer a single health question.

Conclusion & Key Takeaways

Of the many life insurance companies selling funeral insurance policies, AARP is one of the best brand names in the space.

AARP’s track record of customer satisfaction is unmatched among American membership organizations, on par with AAA.  While your monthly premium payments may be slightly higher with AARP than with other funeral insurance companies, you can’t go wrong with AARP.

We hope you enjoyed this AARP burial insurance review.  If you have any additional questions, please don’t hesitate to leave a comment or send us an email at hello [at] getsure.org.

Warm Regards,
The GetSure Team

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