by cmpprolion » Sun Apr 12, 2009 01:34 pm
My problem is that my 84 year old father, built a awesome house for his wife and daughter , Unfortunetly before the house was finished my mom had a stroke and my sister had a brain anurisim. They both passed and dad was left alone. So I convinced my husband and children to move in with him. Now I have found out that dad cashed in any policy he had and used them in building the house to cut down on the cost. Now I would like to see how much life insurance I can get on him to help us in his end to pay off this house and his funeral. Please I need some sugestion and some quotes. Obviously I cant give you our home phone number because he loves to answer the phone and talk to anyone that calls. If you can give me a quote on a email I would more than appreciate it. PLEASR I would love to keep the house dad built but if he passes we are all scewed. He is 84 his birthday is 10-14-24 the balance is 200.000.00 Please help us. I am well aware that the insurance would be EXTREMELY expensive but I have NO choice but to try. He is in exremely GREAT shape. He still workd and drives.
Posted: Mon Apr 13, 2009 06:47 am Post Subject:
The life insurance for someone so old would be maddeningly expensive. No matter how good his health is, he wouldn’t get the rate of a 50 years old even. Investing in a life policy would therefore be a wastage of money. Most of the insurer wouldn’t even write a policy to someone of his age.
Regarding the house….you may discuss the matter with the lender. Is your father paying for private mortgage insurance? At times the lenders just tag it along with the loan. If its there, the policy would pay-off the loan after his demise. Further, how much equity has he accumulated on his property? Is refinancing an option?
Just hang tight; the experts would soon be along with the solution to your problem.
~Jeremy
Posted: Mon Apr 13, 2009 11:39 am Post Subject:
I'm having trouble seeing how the fact that your dad built an awesome house and is letting you live there is any sort of problem. When he dies, some amount less than $200,000 will be owed on the house. If the money isn't there to pay off the house in full, can't you take out a mortgage to make payments on the balance?
Is the real problem the fact that you and your husband can't afford to support your family?
$200,000 of life insurance should be, if he's healthy, in the neighborhood of $20,000/year.
Posted: Tue Apr 14, 2009 10:38 am Post Subject:
Hi,
Obtaining insurance for an 84 years old gentleman wouldn't be easy for you. Though you've stated that he's in good shape now, you have not stated anything about his health history. Anyway, you may go through the following thread and see if it's of any help to you-
http://www.ampminsure.org/life/senior-policy.html
Steven
Posted: Wed Apr 15, 2009 02:40 am Post Subject:
If he is truly in excellent shape and could qualify for an underwritten policy at a preferred rate, $200k of coverage guaranteed forever would cost ~$16,617 per year. What state are you in? You can e-mail me at dgold[at]goldfinancialgrp.com if you'd like to discuss this in further detail. I sent you a PM with my contact information.
E-mail id deactivated for your safety
Posted: Wed Apr 15, 2009 11:55 am Post Subject:
I dont think it will be easy for the insaurance of a 84 year old man .You maytalk to the insaurance seller .He will guide you in a proper way
Posted: Thu Apr 16, 2009 12:54 pm Post Subject:
Of course, if he can get preferred rates at age 84, it means that he has a very good chance of living to be 96 or older. If he lives to age 96 and pays a premium of $16,000, the premiums will equal the death benefit.
If she has an extra $16,000 a year, she wouldn't be worried about his death and being able to stay in the house. Assuming that she does have an extra $16,000, she could put this money into the mortgage and I bet that the mortgage would be paid in less than 10 years.
Posted: Thu Apr 16, 2009 01:19 pm Post Subject:
Of course, if he can get preferred rates at age 84, it means that he has a very good chance of living to be 96 or older. If he lives to age 96 and pays a premium of $16,000, the premiums will equal the death benefit.
If she has an extra $16,000 a year, she wouldn't be worried about his death and being able to stay in the house. Assuming that she does have an extra $16,000, she could put this money into the mortgage and I bet that the mortgage would be paid in less than 10 years.
And that is the gamble....it also sounds like she wants to get the insurance without him knowing about it, which is impossible.
Posted: Thu Apr 16, 2009 01:32 pm Post Subject:
It seems like a pretty bad gamble unless the insurance is necessary. In this case, if they can afford the premium, the insurance isn't necessary.
Either they can't afford the insurance which means that they probably need it or they can afford it which means that they probably don't need it.
Posted: Wed May 13, 2009 03:53 pm Post Subject:
sorry maam, no one will give insurance to 84year old person. I know there is insurable interest but age matters. For 50 year old premium is more than 20k(re), i guess paying that much premuim every month or year would be a big burden
Posted: Wed May 13, 2009 03:56 pm Post Subject:
sorry maam, no one will give insurance to 84year old person. I know there is insurable interest but age matters. For 50 year old premium is more than 20k(re), i guess paying that much premuim every month or year would be a big burden
Wrong...
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