Switch from term to permanent life coverage
with your Guaranteed Exchange Option
Log in or create your account
and see if you're eligible to exchange.
Why exchange? See how your current term life insurance and AARP Permanent Life from New York Life compare. Then decide if now is the right time for you to switch.1
| AARP Term Life | AARP Permanent Life | |
|---|---|---|
| Important protection for your loved ones | ||
| Coverage that can last for life, with higher initial rates that will never go up ‐ guaranteed | ||
| Important coverage that can last until age 80, with rates that increase over time | ||
| Builds cash value over time you can borrow against2 | ||
| Part of the AARP Life Insurance Program from New York Life ‐ a company you trust |
These permanent rates are locked in at your age when you exchange...
so they'll never be lower than they are right now.
Questions about exchanging your coverage?
See Frequently Asked Questions for answers.
1 If you are currently in a nursing home, you must wait until age 80 to exchange.
2 Loans accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest. Accumulated premiums may exceed the death benefit over a certain period of time.
Living Benefit: Please note that receipt of “living benefit” (accelerated death benefit) insurance proceeds may affect your eligibility for public assistance programs. Proceeds may be taxable. You may wish to consult your financial adviser and/or attorney to determine how this may affect your personal situation. Premiums will be lower when the benefit amount decreases by one-half.
Florida and New York Residents: Please note that receipt of “accelerated benefit” insurance proceeds may affect your eligibility for public assistance programs. Proceeds may be taxable. You may wish to consult your financial adviser and/or attorney to determine how this may affect your personal situation. Premiums will be lower when the benefit amount decreases by one-half.
New York Residents: Accelerated Death Benefit Information - A one-time Accelerated Benefit is available if the insured: (a) is living and (b) has a Terminal Illness. “Terminal Illness” is a medical condition where the life expectancy is 12 months or less. Receipt of this benefit may affect your eligibility for public assistance programs. Proceeds may be taxable. You may wish to consult your financial adviser and/or attorney to determine how this may affect your personal situation. The benefit is 50% of the amount of insurance less 50% of the loan balance. Using this benefit reduces the amount of insurance, cash value, and loan balance by 50%, and premiums lower as they are based on the reduced amount of insurance. For example, for a male nonsmoker age at issue 45, $10,000 amount of insurance, and acceleration 10 years after the insurance date with a loan balance of $400.00, the loan balance would reduce to $200.00 and an acceleration benefit of $4,800.00 would be paid. Other values would be affected as follows. Amount of insurance reduces to $5,000. Death benefit reduces from $9,600.00 to $4,800.00. Cash value reduces from $1,126.20 to $563.10. Cash surrender value reduces from $726.20 to $363.10. Available loan reduces from $613.58 to $306.79. Monthly premium paid through the mail reduces from $30.33 to $15.66.
Texas Residents: Death Benefits, Cash Values and Loan Values will be reduced if a ‘living benefit’ (accelerated death benefit) is paid. The acceleration of life insurance benefits offered under this certificate is intended to qualify for favorable tax treatment under the IRC of 1986. If these benefits qualify for favorable tax treatment, the benefits are excludable from your income and not subject to taxation. You are advised to consult with a qualified tax advisor about circumstances under which you could receive acceleration of life insurance benefits excludable from income under federal law. Receipt of acceleration of life insurance benefits could also affect your and your family’s eligibility for public assistance programs (Medicaid, AFDC, SSI, or drug assistance). You are advised to consult with a qualified tax advisor and with social service agencies to determine how receipt of these benefits will affect your eligibility for public assistance. Premiums will be lower when the benefit amount decreases by one-half.
Florida Residents: In order to protect against the unintended cancellation of your life insurance coverage, you have the opportunity to have copies of lapse notices sent to another individual whom you designate. A designation form for this will be included with your Certificate of Insurance. If relevant statements of age or facts are not accurate, New York Life will make a fair adjustment of premiums and/or insurance. D. N. Ogle is a licensed Florida agent for service to Florida residents.