where can i buy life insurance for my mother who turned 90

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PostPosted: Sun Jun 13, 2010 11:04 am   Post subject: where can i buy life insurance for my mother who turned 90  

where can i buy life insurance for my mother who turned 90 in may of this year to cover funeral cost at least 10k

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PostPosted: Sun Jun 13, 2010 12:12 pm   Post subject:   

I'm betting a 'final expenses' policy is going to a lot more economical than a life policy if you can get one written! I'd shop that, and see.



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PostPosted: Mon Jun 14, 2010 2:41 am   Post subject:   

Final expense your only shot

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PostPosted: Mon Jun 14, 2010 6:25 pm   Post subject:   

John Hancock and a few other companies will write coverage up to age 90, but it will be very expensive if she can even health qualify, which I'd be surprised if anyone 90 years old could. Minimum policy size is $100,000 though. You're better off contacting a funeral home and setting up some sort of pre-payment plan at that age unless you're willing to fork out $12-20k per year for life insurance.



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PostPosted: Wed Jun 16, 2010 1:47 am   Post subject:   

Funeral directos can sell burial insurance, and that's likely your best option at this point. It's not great, it'll probably be lacking in certain respects, but it covers the problem.



90 is up there, and while some will issue at that age, they are very restrictive and underwriting it very sensitive.

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PostPosted: Thu Jun 17, 2010 1:39 pm   Post subject:   

The amount of money that would be required to fund any form of life insurance (including "final expense") at age 90 would provide quite nicely on its own for a funeral. Get a quote and just put that much money or more in a bank savings account or money market mutual fund and don't give it another thought.



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PostPosted: Thu Jun 17, 2010 5:07 pm   Post subject: insurance  

(I know someone else asked a similiar question, on this Forum). In MY exprience (dealing with the Elderly) It's very difficult to find ANY kind of Insurance, for my 'clients'. Alot of my 'clients' are 70 or over. I would think, if you COULD find an Insurance company, you would be paying very high premiums.

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PostPosted: Sun Jun 20, 2010 11:44 pm   Post subject:   

That's a tough one at that age to get insurance for final expense and if she does it will not be much of a benefit.

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PostPosted: Tue Jun 22, 2010 4:05 pm   Post subject: insurance  

It may not be "much of a benefit", but,..at least it's SOMETHING. And, now a days, anything helps.

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PostPosted: Wed Jun 23, 2010 12:30 am   Post subject:   

You could also potentially use a fixed annuity. Some products offer a bonus on earnings to be paid as a death benefit, e.g. an additional 30% of earnings are paid as a death benefit to beneficiaries. There's taxes involved unlike with a true life insurance death benefit.



Might also run into problems with age here, but might be worth looking into.

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PostPosted: Wed Jun 23, 2010 1:02 pm   Post subject:   

May not "qualify" for the death bonus due to advanced age. The taxes alone should be a discouraging factor.



If there's money to fund an annuity like this, then there should be money to fund final expenses. I don't think an annuity strategy is the right solution. At age 90+, there is probably no good solution other than cash on hand.



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PostPosted: Thu Jun 24, 2010 2:44 pm   Post subject: insurance  

Also..usually Seniors are living on a 'fixed income'. So,..depending on how much 'cash on hand" you would need, this solution would be difficult, as well.

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PostPosted: Thu Aug 05, 2010 6:23 pm   Post subject: Father who is 91 years of age  

My father seems to be outliving everyone is his immediate family. We are trying to find life insurance to help pay for his burial and home expenses. Where could we look for insurance


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PostPosted: Thu Aug 05, 2010 9:45 pm   Post subject:   

An agent who can assist you. Guide you one what to look for, and what to avoid. That's the best approach.

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PostPosted: Mon Aug 16, 2010 10:11 am   Post subject:   

Yes agreed a final expense insurance policy or a burial policy would be the best for him. here are some details i found from one of the websites:



"

A Burial Insurance or Final Expense life insurance policy assures you coverage for the rest of your life. A Burial Insurance and Final Expense policy also gives those you leave behind the freedom and flexibility to pay the remaining expenses and debts that may be outstanding. This makes a Burial Insurance and Final Expense policy different from a burial protection policy exclusively covering burial costs. Burial Insurance and Final Expense polices allow you to choose the coverage amount appropriate for your circumstances. You can tailor the policy to your personal needs. Burial Insurance and Final Expense policies are simplified issue meaning there is a short application and no medical exam.



"

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