AARP does not offer any life insurance – they are only a marketing organization. They associate themselves with certain insurers and allow the carriers to attach their name to a product. For example, life insurance is typically done through New York Life while Medicare Supplement insurance is typically done through United Healthcare.
One of my family members who is an AARP member gets letters in the mail frequently for life insurance with the AARP name (insurance through New York Life). However, the coverage is age-banded and only carries the policy through age 80 – the coverage then terminates if they live beyond age 80 with no option to extend the program. Age-banded coverage means the rates change every 5 years as you enter into the next age bracket. They may have other life insurance products available with their name on attached, but that’s what constantly comes in the mail.
If you’re looking for term life insurance, I would highly highly highly suggest consulting with an independent agent who can compare multiple carriers for you and discuss your medical history to determine the risk classification each carrier may consider you for (the risk class directly determines the premiums). Shopping before applying is vital! And there’s no cost to using an independent agent vs. going through a carrier directly.
I wouldn’t just buy on name as there are numerous carriers that offer term insurance who offer competitive rates. You can end up spending extra money that you don’t need to when you do that (that’s not to say a big name carrier wouldn’t in fact be the best cost option, you just want to be sure you’re not overpaying). The risk class is key to figure out first and then look at the rates for a given coverage amount/term length from there. If you don’t know what risk class you would likely fall under for a carrier, then a quote is nothing more than a guesstimate.
Term life insurance is very straightforward. If you die during the life of the policy, the carrier pays out the death benefit proceeds. If you outlive the term premium guarantee period and and don’t want to pay the annual renewable term rates (which go up each year as you get older), then you would likely either replace it with a new term or permanent life insurance policy or not have any coverage.
I hope the information is helpful – please feel free to contact me for help with your coverage and if you have any other questions. Thanks very much.