by Stayinalive » Tue Nov 23, 2010 12:55 pm
My mom recently passed away and she was not fully covered enough to have a proper home going. However by the grace of God working in and through people we were able to send her home properly. But we are still paying for it now. I would like to get feed back on ways to protect grandma when it is her time. Right now I know the coverage she has is not enough and I would like to get advise on ways to coverage my grandma, in more life insurance, burial/furneral insurance options. She was born in 1922 and she's 88 years old.
Looking forward to the info...
Looking forward to the info...
Posted: Wed Nov 24, 2010 02:11 pm Post Subject:
Transamerica is the only company that offers life insurance at that age. If she can pass underwriting at standard rates, it would take about 8 years to pay the full death benefit in premiums. There aren't many 88-year-olds that can pass underwriting.
Posted: Thu Nov 25, 2010 04:23 am Post Subject:
dgoldenz is correct, she's got to have solid, and I mean solid, health to pass underwriting.
You might be better served going to a funeral home and setting up a prepaid funeral arrangement.
88 means she's passed life expectancy, the life insurance boat most likely set sale.
Posted: Fri Nov 26, 2010 11:36 am Post Subject:
You might be better served going to a funeral home and setting up a prepaid funeral arrangement.
That could certainly be a better option for the OP. On the other hand, even if the OP manages to find a Final expense coverage, the cost could be too high!
Posted: Fri Dec 17, 2010 09:38 pm Post Subject:
What does Grandma currently have for life policies/old annuities/CDs/etc.. I don't want a list of her financials, but for those older age clients, if they do have old paid up life policies/CDs/or Annuities you can go a step further than just going into the funeral home and prepaying for the inevitable. Grandma could use an Irrevocable Funeral Trust that is portable to any funeral home in the Country. The biggest benefit is the money is sitting at the insurance company and they pay within 24hrs instead of dealing with possible probate issues (leaving the Grandkids to fork out the cash again). Another benefit is the fact that funeral homes get sold all the time and prepaying for a guaranteed funeral can go out the window in a hurry if something like that happens. These policies are designed to prevent that. And since it's Irrevocable and exempt from the Medicaid 5yr look-back, you can make Grandmas assets disappear as a "countable asset" and be exempt from creditors/bankruptcy/medicare/lawsuits/etc. immediately after policy issue.
Posted: Mon Dec 20, 2010 06:55 am Post Subject:
These policies are designed to prevent that. And since it's Irrevocable and exempt from the Medicaid 5yr look-back, you can make Grandmas assets disappear as a "countable asset" and be exempt from creditors/bankruptcy/medicare/lawsuits/etc. immediately after policy issue.
Hypothecating assets in this manner may produce other unintended consequences.
Posted: Mon Dec 20, 2010 02:48 pm Post Subject:
Max - Hypothecating assets in this manner may produce other unintended consequences.
What???
There is no collateral in this situation that the borrower may default on... Are you sure Hypothecating is the word you are trying to use?
I'm talking about taking a lump sum and placing into a funeral trust to protect it from creditors/medicaid/and to give the client ease of knowing the burden will not fall on their kids/grandkids..
I know what I'm talking about because I train Agents on these products all the time.. I was just giving the original poster some options that are becoming more popular..
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