AARP, the nation’s largest seniors group, is looking to offer more than $10,000 in life insurance coverage in 2018.
The insurer said it is offering the premium for both single and married policyholders in its newly created Life Insurance Plan, which is part of the company’s recently-launched Life Insurance and Life Insurance Premium Plans.
AARP Life Insurance is now available on a limited basis for all individuals age 65 and older who are insured through AARP.
In 2018, AARP is offering coverage for individuals who were uninsured prior to July 1, 2018, up to the end of the policy year.
A number of companies are offering coverage on a broader basis.
For example, the New York-based Allstate Life Insurance Company is offering life insurance for individuals aged 65 and over.
“We’re excited about our new partnership with AARP,” said Doug Henningsen, president and chief executive officer of Allstate, which launched its Life Insurance premium in January.
“Our coverage for senior citizens is the only one we offer, and we are excited to work with them to bring our best coverage to the marketplace.”AARP Life is available for both adults and children.
The plan is offered in all major metro areas including New York City, Boston, Philadelphia, Chicago, Washington, D.C., Dallas, and Seattle.
The policy will provide coverage for a lifetime, but only those with AARPs or other qualifying conditions will qualify for coverage.
To enroll in AARP’s Life Insurance, enrollees must meet certain criteria, including having health insurance through an AARP member, having been insured through an employer, having earned more than the federal poverty level for a household of four or more and not having been in the labor force for six months.
To sign up for the new insurance, go to www.aarp.org/life.
AARP is available in a variety of ways, including the online, the mobile app, and the desktop version of its website.AARP’s premium for the year is expected to be $5,000 per policyholder and will be paid in monthly installments.
Coverage is expected in the third and fourth quarters of the year.
The full details of AARP Premium Plans are available online at www.arbp.org.
For questions about the new AARP Insurance and premium plans, call 1-800-AARP-COLLABORATORS.