![]() It was rated just above average for overall customer satisfaction in J.D. However, New York Life doesn’t do as well in regard to customer satisfaction. New York Life has an A++ financial strength rating from AM Best, which is the highest grade possible and indicates a superior ability to honor its ongoing insurance obligations like claims. Out of the 91 life insurance companies we reviewed, New York Life has one of the lowest complaint indexes.ĪARP Life Insurance is not rated by third-party organizations, but New York Life has good ratings, especially when it comes to financial stability. New York Life’s three-year average complaint index is 0.18, which means it has far fewer complaints than expected based on its size. The lower the index, the fewer complaints a company receives. Companies with more complaints than expected have an index above 1.0 and companies with fewer complaints than expected have an index below 1.0. Companies with a number of complaints expected for their size have an index of 1.0. The NAIC publishes a complaint index that measures how many complaints a company gets, relative to its size. And because the minimum age to join AARP is 50, younger people are not eligible for coverage.Īccording to data from the National Association of Insurance Commissioners (NAIC), New York Life, the underwriter of AARP’s life insurance policies, has far fewer complaints than expected for its size. Only available for AARP members: To purchase life insurance through AARP, you must have an active membership, which charges an annual fee.You’ll need to purchase a policy directly through New York Life, which means contacting an agent if you need more coverage. Low coverage limits: AARP’s life insurance policies have low coverage limits-$150,000 for term policies and $50,000 for whole life.AARP offers fewer riders than many of the top life insurance providers we reviewed. Few riders: If you want to personalize your life insurance policy, AARP might not be the best choice.But you will need to supply your personal information (name, address, and email) to get a quote. Online application available: You can apply for term and whole life coverage directly online without contacting an agent.This is the agency’s highest rating only nine of the 91 life insurance companies we reviewed received a rating this high. Policies are underwritten by New York Life: All of AARP’s life insurance policies are issued by New York Life, which receives an A++ (Superior) financial strength rating from AM Best.No-med-exam term and whole life policies: AARP offers term and whole life insurance without a medical exam, which can make it easier to get approved for coverage if you have pre-existing conditions.
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