Quick Facts
- You may be able to cancel your AARP life insurance policy with no penalties and a refund if you’re still in the free look period
- You can get a cash refund if your policy is for permanent life insurance, not term life
- You can contact AARP life insurance customer service both by phone and online
One of the many benefits of AARP membership is the deals you can get. AARP offers insurance products like term life insurance through the New York Life Insurance company.
Sometimes though, it just isn’t the best option for you. Then you need to find out how to cancel your AARP life insurance policy. This guide will show you exactly how to do so with no hassle.
You can also find the best life insurance rates after you cancel your AARP life insurance policy today. Enter your ZIP code for free life insurance quotes from top providers offering affordable life insurance right now.
How do I cancel my New York Life AARP insurance policy?
AARP’s insurance policies contain a 30-day free look period. During this month, you can cancel your coverage without penalty. In addition, all premiums you’ve paid will be refunded in full.
Read More: How to Cancel Your Life Insurance Policy
Has more than a month passed? Then the cancellation policy is determined by your plan type, either term life or permanent.
You can still cancel your contract if you have term life insurance, but you will not receive a refund of your paid premiums.
If you have permanent insurance, you can surrender your coverage before it reaches its maturity date. Then you get the accumulated cash value or pre-paid premiums less any fees.
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Can I cash out my AARP life insurance?
Unlike term insurance, which has no cash value, permanent life insurance policies allow you to access the cash value that has built up over time.
However, there is a tradeoff. You’re lowering the death benefit to your beneficiaries. You do have the option of taking some cash and leaving some behind.
Just remember any money taken out of a permanent life insurance policy reduces the amount of money left to those beneficiaries.
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AARP Life Insurance Phone Number
Contacting AARP life insurance customer service is possible both by phone and the web. Call 1 (800) 607-6957 8 a.m. to 8 p.m. Monday through Friday and 9 a.m. to 5 p.m. on Saturday (all times are Eastern time zone).
Or, navigate to the New York Life AARP website, where you will have to register for online access if you haven’t already. It is possible to both manage and view your account through this method.
Now that you have all the information you need about how to cancel your AARP life insurance policy, you can buy life insurance simply by entering your ZIP code.
Case Studies: Canceling AARP Life Insurance Policies
Case Study 1: Term Life Insurance Cancellation
John, a policyholder with AARP term life insurance, wants to cancel his coverage after two years. Despite his decision to terminate the policy, he understands that he will not receive a refund for the premiums he has paid thus far.
Case Study 2: Permanent Life Insurance Surrender
In Casey’s situation, she holds a permanent life insurance policy through AARP. Due to financial constraints, Casey decides to surrender her coverage before its maturity date. As a result, she receives the accumulated cash value or pre-paid premiums minus any applicable fees.
Case Study 3: Accessing Cash Value
Samuel has a permanent life insurance policy with AARP and wants to access the cash value that has built up over time. However, he understands that withdrawing funds will reduce the death benefit that his beneficiaries will receive upon his passing. Samuel carefully weighs his options before making a decision.
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Frequently Asked Questions
How do I cancel my AARP insurance policy?
During the 30-day free look period, you can cancel without penalty and get a full refund. After that, cancellation depends on your plan type.
Can I cash out my AARP life insurance?
Permanent life insurance policies have cash value, but taking cash reduces the death benefit for beneficiaries.
How can I contact AARP life insurance?
Call 1 (800) 607-6957 or visit the New York Life AARP website for customer service.
Why cancel AARP life insurance?
AARP’s coverage may be insufficient, as the maximum amount is $100,000.
Is there a fee for canceling my AARP life insurance policy?
There is no specific mention of a cancellation fee in the provided information. It’s recommended to contact AARP life insurance customer service for details about any potential fees associated with canceling your policy.
What happens when my term life insurance policy ends?
How To Cancel Your American National Life Insurance Policy [2024]
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Written by:
Scott W. Johnson
Licensed Insurance Agent
Scott W Johnson is an independent insurance agent in California. Principal Broker and founder of Marindependent Insurance Services, Scott brings over 25 years of experience to his clients. His Five President’s Council awards prove he uses all he learned at Avocet, Sprint Nextel, and Farmers Insurance to the benefit of his clients.Scott quickly grasped the unique insurance requirements of his...
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Written by Scott W. Johnson
Licensed Insurance Agent
Reviewed by:
Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs.Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
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Reviewed by Eric Stauffer
Licensed Insurance Agent
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