Last updated July 27, 2009
Founded in 2005, AARP Financial Inc. is a wholly owned taxable subsidiary of AARP, dedicated to helping people prepare for a more secure financial future by providing access to products and services designed to help people meet their retirement needs. It provides access to a carefully chosen array of proprietary investment products and services, including mutual funds and financial guidance. AARP Financial also manages provider relationships and performs quality control oversight for a wide-range of products that carry the AARP name and are made available as AARP member benefits, by independent providers.
Founded in 1958, AARP is a nonprofit, nonpartisan membership organization that helps people 50 and over improve quality of life. AARP has grown to 40 million members and has offices in all 50 states, Puerto Rico, District of Columbia and the U.S. Virgin Islands.
AARP, formerly known as the American Association of Retired Persons, is a United States-based non-governmental organization and interest group. AARP operates as a non-profit advocate for its members and as one of the most powerful lobbying groups in the United States. It also sells insurance, investment funds and other financial products. AARP claims over 35 million members, making it one of the largest membership organizations for people age 50 and over in the United States. Membership is expected to grow significantly as baby boomers age.
AARP Life Insurance Says
AARP offers term and permanent life insurance through the New York Life Insurance Company
- convertible insurance allows the client to convert his policy to whole life at any time. No medical exam is required, but premiums may increase.
- Term insurance allows the client sign on for a new term policy without a medical exam. Premiums may increase with age.
- Level allows the client to pay the same annual premium for the length of the term and keeps the same benefits throughout.
- Decreasing pays a benefit that decreases in value over time, but keeps premiums at the same level throughout the term.
Permanent life insurance policies from AARP include:
- Whole life allows the client pay a fixed premium for a fixed benefit. It has a cash savings features that could provide a cash reserve.
- Universal life adds some flexibility by allowing the client to change the amount of his benefit if his needs change. Some changes may require a medical exam.
- Variable life invests premiums in the stock market, which may result in a larger cash reserve later on.
- Variable-universal life combines the premium and benefit flexibility of universal life with the investment potential and risk of variable life.
Contact AARP Life at:
The AARP Life Insurance Program from New York Life
P.O. Box 30709 — Department WEB
Tampa, FL 33633-0964
Telephone: (800) 865-7927
Sources: “AARP Financial Story”, AARP Financial Web site, 2009; “About AARP”, AARP Web site, 2009; “AARP”, Wikipedia Web site, July 16, 2009; “Life Insurance”, AARP Financial Web site, 2009