Who offers life insurance for 80 year olds?

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PostPosted: Wed Feb 25, 2009 4:43 am   Post subject: Who offers life insurance for 80 year olds?  

My mother is 84 years old and in pretty good shape for her age. We have no insurance to help with home going services though, when she leaves us. We just want to be able to provide a decent resting place for her without hassle; but she won't make the arrangements..

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PostPosted: Wed Feb 25, 2009 6:18 am   Post subject:   

Hi,



I'm a bit amazed to think of why it might have taken you so long to decide about covering your mom's life!



At this age she'd definitely need to go through a medical test and it would be a bit difficult to obtain a good coverage with existing conditions if any. I've heard of the Daniel Agency but I'm not too sure of their services.



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PostPosted: Wed Feb 25, 2009 7:23 am   Post subject:   

ArindamSenIndies



i won't find any company who is offering this service.



Who will bet on the game where they are sure they are going to loose



(all apologies, but that's how insurance companies look to prospectus whenever any new customer approaches to them) Exclamation



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PostPosted: Wed Feb 25, 2009 8:38 am   Post subject:   

Well, if arranging for her final resting place is the only requirement the Final Expense policy might be your best bet. The final expense policy would offer lower/limited death benefit against a standard life policy but it wouldn't require medical underwriting. Its suitable of the senior applicants who otherwise wouldn't qualify for life insurance.



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Juanita

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PostPosted: Wed Feb 25, 2009 8:51 am   Post subject:   

Yup, at this age she might not qualify for a life plan. And, even though she qualifies the premium rate would be very high. Further, not all companies have policies that would be issued to the seniors.



However, you may look into getting her a universal life policy. Often, one may qualify for these policies even at the age of 80 years. This is great option to transfer the assets to the heirs with huge tax benefits.



Hope this helps.



~Jeremy

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PostPosted: Wed Feb 25, 2009 2:53 pm   Post subject:   

If she is in decent shape, she could get a $25k death benefit guaranteed until age 120 for ~$1,800 per year if she is a non-smoker and qualifies for preferred rates. At standard rates, the premium would be ~$2,100 per year. What state are you in?

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PostPosted: Wed Feb 25, 2009 10:14 pm   Post subject:   

Quote:
My mother is 84 years old and in pretty good shape for her age.




She is 84 yrs old. will universal life policy can still be offered to her?



i think some companies may take that risk with high premium (again high premium will be big issue) but surely insurance company will look through all the forms (underwriting) very strictly


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PostPosted: Fri Feb 27, 2009 4:56 am   Post subject:   

Jeez, guys, come on, final expense at her age is just totally too expensive. Why not go to a funeral home and make arrangements. Start paying them and lock in the rate for the burial plot or cremation.

I sell final expense but I wouldn't even go as far as to offer an 84 year old insurance. Cremation can be under 1k now and you can get a good deal on a plot through craigslist even...



Now if you are really looking at insuring her for some other reason; take into consideration the premium and the payout.



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PostPosted: Fri Feb 27, 2009 12:06 pm   Post subject:   

Well, I've always thought that Final Expense insurance is the right solution for people who wouldn't qualify for a life insurance either for their age or health condition. We all know that FE policies actually don't worth its cost, but still we buy it since it serves a special purpose.



Jackson, under what circumstances (and age) it would be right for one to purchase FE policies? Can you offer us some guidelines? Hope you would throw some light upon this issue for our members.



Thanks,

Rupert

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PostPosted: Fri Feb 27, 2009 12:13 pm   Post subject:   

Quote:
Jeez, guys, come on, final expense at her age is just totally too expensive. Why not go to a funeral home and make arrangements.




yes that is good option in this particular case.Surely it is a good point you have made is FE policies are good for those who cannot fit in any criterion of life insurance.



OK!! but those who want to cheat (not in this case, don't take it personal) the system will still put the money for life insurance and avail the benefit. Wink


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PostPosted: Fri Feb 27, 2009 1:30 pm   Post subject:   

Quote:
Jeez, guys, come on, final expense at her age is just totally too expensive. Why not go to a funeral home and make arrangements. Start paying them and lock in the rate for the burial plot or cremation.

I sell final expense but I wouldn't even go as far as to offer an 84 year old insurance. Cremation can be under 1k now and you can get a good deal on a plot through craigslist even...




Why give up hope so early? As stated, she can get $25k of UL for $1800/year if she can qualify for preferred rates. That would give her a full 13 years before she's paid up the entire death benefit.
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PostPosted: Fri Feb 27, 2009 4:37 pm   Post subject:   

What are the prospects of her qualifying for that? What are the requirements? Why don't you list them to see if she would fit? I see your point but I believe they said they just wanted to make sure she had a place to rest in which case it would be cheaper to go with my option.



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PostPosted: Fri Feb 27, 2009 5:18 pm   Post subject:   

Quote:
What are the prospects of her qualifying for that? What are the requirements? Why don't you list them to see if she would fit? I see your point but I believe they said they just wanted to make sure she had a place to rest in which case it would be cheaper to go with my option.







That depends on her health - OP stated that she is in "reasonably good health" for her age. Assuming she has no major medical conditions and a normal height/weight profile, qualifying for preferred wouldn't be that difficult.
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PostPosted: Fri Feb 27, 2009 5:19 pm   Post subject:   

Yes, OP did state that be I am sure you know, from being in this business, that people don't really know what good health is. It has to be more specific so maybe you could list was is preferred health for an 84 year old?



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PostPosted: Fri Feb 27, 2009 5:25 pm   Post subject:   

Quote:
Yes, OP did state that be I am sure you know, from being in this business, that people don't really know what good health is. It has to be more specific so maybe you could list was is preferred health for an 84 year old?




Normal height/weight profile, no more than ~180 pounds or so for a 5'6" woman, blood pressure and cholesterol meds under good control, no family history of heart disease or cancer before age 60. Too many factors to take into consideration, these are just the more common ones you run into.
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