Can my 86 year old mother have life insurance?

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Tue Sep 15, 2009 4:10 pm   Post subject:   

A couple infinitely important facts this article doesn't clarify:



Quote:
According to the complaint, the Benensons were supposed to pay about $23.5 million in premiums during the first three years of the policy, but also get back about $3.7 million in a partial surrender. Meanwhile, the policy proceeds were to decrease from $60 million in the first year to $48.5 million in year four, after which the plan was to pay $48.5 million regardless of when Jane died.




The policy only had a $60 mil death benefit FOR THE FIRST YEAR (the year it was backdated) and the death benefiit was reduced to $48.5 at the beginning of the second year. The first year, they paid nearly $7 mil for a $60 mil policy that never existed because of the backdating. The second year - the first year the policy would have actually been in force, the death benefit was reduced to $48.5 and the premiums reduced to $6.7.



During my deposition, I was questioned by a team of defense lawyers about Vanishing Premium Fraud for roughly 6 hours. These people (who were being paid extremely well to know all they could about life insurance) claimed that in some cases, a policy's premium could indeed vanish and because I wasn't an expert in economics there was no way I could possibly understand that.



Besides; Charles Benenson's son, William, a Doctor who had written a thesis on the Theory of Probability, had actually sat in on a number of the meetings and overseen the transaction. I was asked, "are you claiming that you know more about life insurance than a doctor who has done extensive research on the Theory of Probability and how this relates to life insurance?"



"I acknowledge that Mr. Benenson's son, William, is a very intelligent man but, if he sat in on these transactions and actually approved them with his father, he obviously doesn't know jack about life insurance and the ways in which it is sold, or mis-sold in this case. I'm certain I could educate the good doctor on the theory of "what in the hell are you talking about?"


_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
Leave a quick message

InsInvestigator

Joined: 13 Oct 2007
Posts: 624

Location: Central California
32.85 Dollars($)

PostPosted: Fri May 14, 2010 4:01 pm   Post subject: Good info  

Very nice site!


_________________
Register Now to have your Insurance queries solved.
Pharmd916
Guest







PostPosted: Fri May 14, 2010 8:39 pm   Post subject:   

You might consider a single premium whole life plan.



_________________

JT

http://www.ohioinsureplan.com/



http://www.ohioinsureplan.com/index.php/annuities/annuity-quotes/



Health insurance quotes, Medicare supplements, annuity quotes, and life insurance coverage.
JTInsure
Member
Leave a quick message



Joined: 30 Apr 2009
Posts: 76

Location: Ohio
18.40 Dollars($)

PostPosted: Fri Aug 06, 2010 5:23 pm   Post subject: comprehending  

I'm slightly confused why anyone buying a policy of that caliber and paying that amount of money for it, wouldn't go the extra step to hire someone outside the "circle" to due diligence the entire sale and made sure they are aware of dollar they were expected to pay. The fiduciary relationship of the brokers and lawyer is to fully disclose, but it is also the buyers responsibility to know what they are signing.



If I sign a credit card application, even though the fees are listed in tiny font at the bottom and need a magnifying glass to read, I'm still liable for it.



If the Benenson family can afford $10.96M in premiums the first year the policy was issued, you'd think they'd make sure they knew exactly what they were signing.


_________________
Register Now to have your Insurance queries solved.
anonymous1879
Guest







PostPosted: Sat Aug 07, 2010 5:01 pm   Post subject:   

When it comes to "buying" life insurance, people hear what they want to hear, and ignore reality. Agents prepare impressive looking hypothetical illustrations based on paying a certain amount of premium at a certain rate of interest. These illustrations often show MILLIONS of dollars in accumulated cash value with ridiculously low premiums, because they are based on a 12% straight line rate of return over many years.



No policy performs that way. Period. Never has, probably never will. But clients are beguiled by the numbers, and purchased based on a misconception.



I recently analyzed a policy that was illustrated at just 6%. Problem was, when the policy was issued, it was only earning 5.5%, and the interest rate was reduced almost every year thereafter until it reached the minimum guaranteed 4.5%. The policy was doomed from the start, and has lapsed in the midst of its 10th year. Almost $20,000 in premiums paid, and no cash and no insurance.



Just a small example.



People "trust" agents. That's as it should be in most cases, but even though you trust the agent, you have to be able to read and understand the contract, and, unfortunately, most agents can't even do that.



As Mark pointed out above, even the good PhD with all his fancy learnin' about probability probably (still) knows less about life insurance than his father who bought the policy.



"Vanishing premium" as a marketing term was outlawed many years ago! And even though it may not be said aloud, it is still illustrated for clients. And it's just as unlawful.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.54 Dollars($)

PostPosted: Thu Aug 12, 2010 12:28 pm   Post subject:   

Yes i agree most of the insurance companies would balk at the idea of insuring a woman that old, if they would do then high premium would be charged.



_________________

Health Insurance Quote
goodyphilips
Preferred member
Leave a quick message



Joined: 12 Jan 2010
Posts: 189


18.98 Dollars($)

PostPosted: Fri Aug 13, 2010 12:22 am   Post subject:   

Quote:
I'm slightly confused why anyone buying a policy of that caliber and paying that amount of money for it, wouldn't go the extra step to hire someone outside the "circle" to due diligence the entire sale and made sure they are aware of dollar they were expected to pay.




In California there are licensed Life and Disability Insurance Analysts who will do this for a fee negotiated in advance. In other states they are sometimes called "consultants."



They should be able to do such an analysis in a couple of days, I know I can. Plenty of time within the 10-day free look period to have it done and cancel if necessary. Most people don't know about this availability.


_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.54 Dollars($)

PostPosted: Mon Dec 06, 2010 12:57 pm   Post subject: insurance  

I know of two companies that issue to up to 90, but are you more interested in final expense policy like someone else mentioned? What is her need for the life insurance?

shgallerymag
New member
Leave a quick message



Joined: 06 Dec 2010
Posts: 1


1.13 Dollars($)

PostPosted: Sat Feb 23, 2013 7:58 am   Post subject:   

Well there is some companies who provide No medical exam life insurance to old peoples, well I have already said this on other thread.



_________________

No Medical Exam

no medical life insurance
RobertJHardy
New member
Leave a quick message



Joined: 18 Feb 2013
Posts: 20


2.49 Dollars($)

PostPosted: Wed Sep 10, 2014 8:15 pm   Post subject: life insurance for my mom how is 89 years old  

Hello,



My mom is presently a resident in a nursing home. I am her son and primary over see her/primary care giver. I would like to obtain a whole life insurance policy for her. She has mid stage dementia, hypertension and suffers with occasional arthritis.


_________________
Register Now to have your Insurance queries solved.
hrson
Guest







PostPosted: Wed Sep 10, 2014 11:15 pm   Post subject:   

Not going to happen other than possibly a "final expense" policy of up to $25,000. Just Google "guaranteed issue final expense insurance" and see what you can find. Choose a company whose name you recognize.



The problem you face is that the insured, your mother, needs to be able to sign an application for life insurance and understand what she is signing. With dementia, I don't think that's realistic.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.54 Dollars($)

PostPosted: Wed Apr 27, 2016 4:11 pm   Post subject: Life insurance  

I was told that Illinois state law I could not get insurance on my 86 year old mother, cut off age was 81


_________________
Register Now to have your Insurance queries solved.
Sann
Guest







PostPosted: Mon May 02, 2016 2:29 pm   Post subject: My Father is spending out of control  

How does one go about either getting life insurance for an 86 year old man or taking control of his finances so there is something left for later arrangements? I am about to lose my job due to his care and have absolutely no savings due to the amount of work lost caring for him.[/quote]


_________________
Register Now to have your Insurance queries solved.
dragon
Guest







PostPosted: Mon Jan 15, 2018 1:46 am   Post subject: 10,000 life insurance  

5'5 146 lbs in good health


_________________
Register Now to have your Insurance queries solved.
Della Mae Marbury
Guest







PostPosted: Sat Apr 07, 2018 4:07 am   Post subject: усиление мужской потенции  

ВСЕГО ОДНА КАПСУЛА В ДЕНЬ

и ты будешь заниматься сексом ежедневно по 2-3 часа!

В любом возрасте и без побочных эффектов



ОСТАЛОСЬ: 14 УПАКОВОК



Гарантирует мощную, устойчивую эрекцию в любом возрасте

Продлевает половой акт до 2-х часов

В 3 раза увеличивает количество спермы при эякуляции

Продлевает твой оргазм на 15-20 секунд



Сайт: https://eroctive2.blogspot.ru/


_________________
Register Now to have your Insurance queries solved.
KennethBloth
Guest







Quick Reply
Your Name
Subject
Message body
All times are GMT
 Previous  1, 2, 3, 4, 5, 6, 7  Next  
Page 4 of 7


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

    Connection Error: Connection refused