life insurance for the elderlyWhen you are in your golden years debts like a mortgage, car loans, and credit cards are usually a thing of the past.  However that’s not always the way it works out.

The mortgage is not always paid off, your credit cards are still loaded up and you still have to pay that car off.  On top of that you may still want to be able to pay for your funeral expenses, and even provide a little extra to your loved ones as well.

However there is another problem being older now and that is you may have several major health issues now like heart problems, high cholesterol, and other health issues.  With a higher age and preexisting health conditions it may be hard for you to find a Life Insurance company that will even cover you.

There is an answer though, Guaranteed Acceptance Life through the AARP which has some of the best life insurance for the elderly.    In this article I am going to cover what this policy will do, the benefits and some of the down sides.

What Is Guaranteed Acceptance Life

AARP for elderly people has some of the best life insurance for aging seniors and the Guaranteed Acceptance life insurance policy through New York Life is no exception.

First off, this policy gives you up to $15,000 of coverage and you don’t need to take a medical exam or even answer any medical questions.  You cannot be turned down for this policy.

On top of that men can sign up between the ages of 50 to 80 and women can sign up as early as 45 and as old as age 80.  Also rates will not increase just because you get older, in fact the premium will not change at all, and you can keep the policy as long as you want or until you pass away.  This policy also has a nice paid up feature which means if you pay up till the age of 95 you will no longer have to deal with anymore premium payments and you can keep the policy till you pass on.

Finally, once you get the policy and if for some reason you don’t like it you will be able to cancel the policy at any time within the first 30 days and your premium payments will be refunded back to you.

Down Sides To This Plan

As good as the AARP Life Insurance for older people is I should warn you about some potential down sides to this policy.  The first problem is that there is an exclusion on this policy which says that if you commit suicide you will not be covered for this policy.  This is a typically exclusion found on almost all life insurance policies.

The second down side to this policy is that there is a two-year rule which says that if you die from natural causes within the first two years of owning this policy they will not cover you. The reason they have this rule is because they want to prevent people from gaming the system.  If you were to be on your death-bed and you paid only one payment and died tomorrow you would be able to get the benefit without contributing much in the way of premium payments.  On the other hand if you were to die in an accident of some kind you would still be awarded the full death benefit.

Is Guaranteed Acceptance Life For You

After reading this article you may have a lot of questions about this policy and my want to learn more if so you can check out New York Life.  If you would like to learn about some of the other programs that AARP life insurance for seniors offers you can check that out here at affordable life insurance for the elderly.

About Christopher

Chris is a personal finance blogger with Stumble Forward helping people avoid life's financial mistakes and live a higher quality financial life.

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Comments

  1. i would like to take out some life insurance with aarp for my mother. Her birthday is august 10, 1919. can i still take out a small policy to help with her furneral if she pass before i do.?

  2. Diana Chisolm says:

    hello, i am interesting the answer you replied to betty mitchell, you see i am searching for a small policy to help cover my moms funeral cost, she was born 3/23/1917. who/ what can i do?

  3. Christopher says:

    Diana,
    At 94 it’s going to be hard to find a policy for someone at that age. Check an article I wrote on high risk life insurance cases: http://stumbleforward.com/2010/10/22/high-risk-life-insurance-companies-5-companies-that-may-accept-your-policy/ In the article I cover 5 high risk brokers that work with people who have special needs and impaired medical conditions.

    Thanks for the questions.

    Chris.

  4. Vickie Kaze says:

    Looking for Life Insurance for my mother DOB 03/15/1933

  5. Christopher says:

    Vickie,
    Based on your mothers age I would look into either the AARP Guaranteed life program offer through New York Life or you could check out a high risk broker. Getting life insurance all depends on your mothers health, if she is in bad health go with the AARP plan otherwise check out my article on high risk life insurance companies here : http://stumbleforward.com/2010/10/22/high-risk-life-insurance-companies-5-companies-that-may-accept-your-policy/

    Thanks for the question.

  6. Lorna Suzanne Larson says:

    I have had life insurance with NYL since 2004 when I retired from teaching in the public schools. I need to know if my coverage will end when I reach 80 years of age. Can you give me a phone # or other means to find this individual information? Thanks.

  7. Christopher says:

    Hi Lorna, you can reach the AARP at 1-888-OUR-AARP and their hours are between 7am to 11pm EST time. I hope this helps.

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