Insurance Options

Understanding Insurance

Life Insurance Coverage

The question to ask yourself when considering life insurance is this: would your family have enough money to carry on without you? If the answer is, "yes," you may not need it. If the answer is, "no," you probably do. Try to get it through work, a union or association to save money with group rates. If not, individual policies are available, too.

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Term Life Insurance

Term Life Insurance policies pay a death benefit if you die within a specific period of time (the term of the policy). Like auto and homeowner's insurance, term insurance only covers you during the time you're making payments. For this reason, it's less expensive than permanent life insurance.

Term coverage is often used to help pay off outstanding mortgages or loan balances, increase a surviving spouse's retirement nest egg or to offset final illness and funeral expenses

Permanent Life Insurance

Permanent Life Insurance policies continue until you die (as long as you make timely payments) and may provide a savings feature that builds up a cash reserve you can use while you're alive.

Permanent coverage is often used to build up a survivor's nest egg, tide a beneficiary over until Social Security or pension benefits begin, or pay final expenses and funeral costs.

Want to Get in Touch?

AARP Life Insurance Program from New York Life

Phone: 1-800-865-7927

AARP Financial is a collection of financial-related products, services, and insurance programs made available to AARP members. AARP and its affiliate are not insurance agencies or carriers and do not employ or endorse individual agents, brokers, producers, representatives, or advisors.

The AARP Life Insurance Program is underwritten by New York Life Insurance Company, New York, NY 10010. AARP membership is required for Program eligibility. Specific products, features and/or gifts not available in all states or countries. New York Life Insurance Company pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. AARP and its affiliates are not insurers.