what is minium age for life insurance??

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PostPosted: Tue Apr 21, 2009 6:40 am   Post subject: what is minium age for life insurance??  

what must be minimum age to insure myself.if i want life insurance for myself then what must be minimum age of mine for this.??

what is minimum age limit

asianking
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PostPosted: Tue Apr 21, 2009 6:55 am   Post subject:   

even a new born baby of 2 days can be insured but actual benefits of the insurance only start after 7 yrs of age.If there is any sad demise of baby before 7 yrs of age (Qualifying Event) then the beneficiary will only get cash value accumulated but not the actual Death Benefit amount.



for more information just go through this forum in resource desk and thus your preliminary questions about home, life, and all the insurance will be solved... Idea



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PostPosted: Tue Apr 21, 2009 9:50 am   Post subject:   

Amit, you are posting incorrect information.



To insure oneself, one must be old enough to enter into a legally binding contract. They must be an adult.



It is also true that a baby can be insured. It is not true that a death claim can't be made until the kid is 7. If a $50,000 death benefit is purchased on a 2 month old and the child dies at 6 months, $50,000 will be paid.

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PostPosted: Tue Apr 21, 2009 10:18 am   Post subject:   

Quote:
Amit, you are posting incorrect information.



To insure oneself, one must be old enough to enter into a legally binding contract. They must be an adult.



It is also true that a baby can be insured. It is not true that a death claim can't be made until the kid is 7. If a $50,000 death benefit is purchased on a 2 month old and the child dies at 6 months, $50,000 will be paid.




Insurance Expert ,

I haven't put any wrong information on the board.I just stated to the asiankings enquiry.

Asianking is surely not a resident of the US.So i have told him the laws prevailing here in India, that's it.You can't say its a wrong information.


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PostPosted: Tue Apr 21, 2009 11:05 am   Post subject:   

Insurance Expert,



here are some more evidence for the information i have provided.



Quote:
Death Payout:

In the event of unfortunate death of the child during the policy term, the payouts shall

be as under:

Age Payout

Below 7 years Premiums paid will be refunded without interest and

the policy will terminate.

Above 7 and Sum assured with accrued bonuses will be paid and

below 18 years the policy will terminate.

Above 18 and Outstanding payouts will be paid as one lumpsum

below 24 years and the policy will terminate.




above information can also be found on this website.This is a bajaj allianz life insurance company's website. here is the link.



http://www.bajajallianzlife.co.in/admin/brochures/childgain.pdf



ArrowArrow [/img]


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PostPosted: Tue Apr 21, 2009 11:21 am   Post subject:   

Amit, what Expert has tried to point out that a child can't purchase a policy in his/her name, rather its the parent who purchases the coverage on the child's name and would be responsible for paying the premiums. You must reread what the OP has asked.



Quote:
what must be minimum age to insure myself.if i want life insurance for myself then what must be minimum age of mine for this.??

what is minimum age limit




As Expert has mentioned, insurance is a legal contract and to enter into a legal contract one needs of the age where he/she can make independent decisions and also can afford paying the premiums on the policy.
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PostPosted: Tue Apr 21, 2009 11:29 am   Post subject:   

if a child can get an insurance policy then surely an adult will also get an insurance policy.He has asked for the minimum age, So i have just explained that.



Minimum age to get an insurance policy is a new born baby of 1 day (provided birth certificate is issued) and maximum age can go up to 80 (there is another discussion going on the same forum about this )



So anyone who fits in between can get life insurance.



Thanks Wink



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PostPosted: Tue Apr 21, 2009 11:39 am   Post subject:   

You are missing out the point here or may be are not being able to understand the language of the posts.



A child CANNOT get himself/herself insured, It’s the parent who would purchase the policy. You were not capable of buying insurance plan on yourself when you were a ‘tod’. It was your father who had brought the plan on you, right?

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PostPosted: Tue Apr 21, 2009 12:48 pm   Post subject:   

OK George!! I accept my fault publicly!!



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PostPosted: Tue Apr 21, 2009 3:17 pm   Post subject:   

Quote:
Insurance Expert ,

I haven't put any wrong information on the board.I just stated to the asiankings enquiry.

Asianking is surely not a resident of the US.So i have told him the laws prevailing here in India, that's it.You can't say its a wrong information.






Why is Asianking surely not a resident of the US? Why would you answer based upon the laws of India? Is he Indian with a policy purchased in India?



It seems to me that this board is useless if people are just going to guess at answers on assumptions of the country without stating that assumption.



All of my answers are based upon U.S. insurance laws. Why am I answering that way? This board is domiciled in the U.S. and the questions are in English. It seems to make sense to make a U.S. assumption unless someone states differently.
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PostPosted: Tue Apr 21, 2009 5:10 pm   Post subject:   

Insurance Expert, if it helps, I'm feeling your pain...i'm off to the pub to vent!



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PostPosted: Wed Apr 22, 2009 12:24 am   Post subject:   

It also seems to me that unless specified otherwise, posts on this forum refer to the U.S.



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PostPosted: Wed Apr 22, 2009 11:02 am   Post subject:   

Quote:
It also seems to me that unless specified otherwise, posts on this forum refer to the U.S.


I agree, I've asked for a separate category for non-USA ins questions, we'll see if we can get one, I think (hope) that will help..


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PostPosted: Wed Apr 22, 2009 2:04 pm   Post subject:   

Quote:
Minimum age to get an insurance policy is a new born baby of 1 day (provided birth certificate is issued) and maximum age can go up to 80 (there is another discussion going on the same forum about this )




I'd rather check out with the state DOI. Also, I think it's become real tough to get life insurance coverage for people who're in their late 60s.

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PostPosted: Wed Apr 22, 2009 2:21 pm   Post subject:   

It's not difficult at all to get life insurance for someone in their late 60's. It may be more expensive, but not difficult.



I have no idea how a 1 day old will have a birth certificate. Checking with the state DOI would probably be useless. I don't think that there is any reason why a particular state would have a reason for having a minimum age. An insurance company wouldn't want to insure a 1 day old because of the risk involved.



I write insurance on lots of babies, but quite frankly, I simply don't remember if I've ever insured any baby less than 1 month old. I would assume so, but can't remember. At the very least, I would guess that an insurance company wouldn't want to write the insurance until after the baby has left the hospital and has had their first post-hospital visit with the pediatrician.

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