I know that you know that I seem to have a real case of the can’t shut ups when it comes to the New York Life / AARP life insurance program, but AARP is so in the face of our country and especially the elderly among us, well, it’s become kind of personal. And let’s be real. If someone really did your mom or dad wrong and ripped them off, wouldn’t you want the public to know about it.

So, let’s once again compare what New York Life is offering through their AARP program against reality, and by that I mean what you can get on the open market from highly rated life insurance companies. I will once again confess that I am 58 and in preferred, not preferred plus health. I was looking up my congressman’s contact information today to add a bit of my outrage to the way they are acting today and when I looked it up on Google there was an ad for NYL / AARP life insurance.

So I decided that I want a $50,000 permanent final expense AARP life insurance policy and followed the link to get a quote. The rate they quoted was $211.25 a month. That’s the rate today but they do offer in the small print, “***Premiums above are the rates New York Life currently charges. They are based on your age at issue. Premiums are not guaranteed. However, your rates may change only if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people with the same issue age and gender”. OK, so if AARP is running a little short they can just jack your rates up.

So on to my own portfolio of companies. I want $50,000 of permanent life insurance but since I don’t ever quote non quaranteed products, I will go with the best rate at preferred for a product with a lifetime guarantee. North American has a fully guaranteed product at $74 a month, but I do have to take an exam. So let’s rule out preferred since obviously New York Life has to compensate for the fact that they don’t require an exam.

The best rate I can get at a standard rate class is with Protective Life at $84 a month. I’ve managed standard rate approvals from Protective with substantial obesity, coronary artery disease (w/o a heart attack), a history of early stage and grade melanoma, prostate cancer and breast cancer. If these health issues come in under the standard rate class, just think of all of the other less mortality ridden health problems that could get standard or better.

But let’s hang it out there a little further and say I had a heart attack. We would be looking at Protective for a rate of about $170 a month, possibly less, fully guaranteed for life. I just got a quote from them on a breast cancer case with mestasisis at a standard table 4 rate, $170 a month. That rate would cover even the morbidly obese. So what’s the difference? Why do they charge $211 with the caveat that they do ask health questions and you can be declined? And I can assure you, would be declined for any of the three cases mentioned in this paragraph and most of them from the previous paragraph.

So, you have to take an exam at no cost to you. And they will come to your home or work to complete the exam if that’s more convenient, still at no cost. They’ll even provide you the results at no cost so you can gloat about your cholesterol. You have to allow the company access to your medical records. That’s the difference.

Bottom line. If you have any substantial health issues you stand a better chance of getting approved at a better rate with a traditional life insurance application. If you’re healthy you could be paying as little as 1/3 of what New York Life wants. But our beloved AARP life insurance program preys on us old folks and our parents and makes us believe that they are there for us. What a crock!! What a ripoff!! I don’t understand how what they do isn’t illegal.

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