by mundine » Thu Jul 23, 2009 04:14 pm
I had $50,000 life insurance policy on my 81 yr old husband through work. I retired in Jan of this year and found out that life insurance is not available for dependents, only the retiree. If I had known this over the years, I would have also had an outside life insurance policy on him. Now though I am finding it almost impossible to find a $50,000 policy that doesn't cost a fortune. What are my options?
Thanks
Thanks
Posted: Thu Jul 23, 2009 04:21 pm Post Subject: wrong posting area, sorry
Sorry, I wasn't watching what forum I was in when posting this.
Posted: Thu Jul 23, 2009 07:03 pm Post Subject:
There are several insurance companies that will issue policies to individuals as long as they are under 85 years old. However, the cost of most of these is quite high and the amount will probably be limited as well. You could probably expect to pay a very high monthly premium for about a $10,000 policy.
Although it may not seem like it would be worth it, burial expenses could prove to be unmanageable in the future. A final expense policy is an option, but it really comes down to how much you are willing to pay on a monthly basis now.
Another thing to consider is that most insurance companies have very limited death benefits for the first 1,2, or 3 years. I'd look into a policy very carefully before spending the money.
Posted: Fri Jul 24, 2009 03:01 am Post Subject:
How is your husband's health? Height/weight? Any medications or medical conditions? If he's in reasonably good health, you could expect premiums of $3500-4500 per year for a $50k policy. What state are you in?
Posted: Fri Jul 24, 2009 03:04 am Post Subject: insurance options after retirement
I guess I am just mad that my employer didn't sometime over the years let us know more about how things would change upon retirement. Actually, at this stage a burial policy is all that I need. But things could have been different (like raising grandkids) and then there would have been nothing left to take care of them. So I guess I should consider myself lucky.
Posted: Fri Jul 24, 2009 03:07 am Post Subject:
I guess I am just mad that my employer didn't sometime over the years let us know more about how things would change upon retirement.
That's one of the problems with group life insurance....sometimes there is a conversion option that would have allowed him to keep the policy, but the rates are usually pretty expensive. If he's in reasonably good health, you could get a $25k policy for $1700-2300/year depending on the company with death benefits guaranteed from the first day of coverage.
Posted: Fri Jul 24, 2009 03:08 am Post Subject:
I don't know what is considered normal health for his age. He has high blood pressure that is under control. He is 5'5" and weighs 148lbs. We are in Texas. I don't really need that much insurance on him now ...It is just the amount that work allowed.
Posted: Fri Jul 24, 2009 03:13 am Post Subject:
Most companies that don't charge ridiculous rates will only go down to a $25k minimum (only a few....most have a minimum of $50k or $100k). If blood pressure is his only medical condition, he would probably still qualify for preferred rates. If he's a non-smoker, the rates would be approximately $156/month or $1784/year for the $25k coverage level guaranteed forever. We are licensed in Texas and would be happy to help if you'd like some assistance. Please feel free to send me an e-mail at dgold[at]goldfinancialgrp.com with your contact information and I can give you a call at your convenience to go over the options. Our website is goldfinancialgrp[dot]com if you'd like to browse around.
Email and web address deactivated as per the forum rules
Posted: Fri Jul 24, 2009 06:01 am Post Subject:
Mundine, one's life insurance options normally reduce with his age. Hence, no wonder that even a small value policy becomes very expensive for him. However still, I don't think it would be extremely impossible for him to get a life policy at a competitive rate but a lot would depend upon his health, smoking and drinking habits, BMI and the like.
Hopefully you would soon hear some news from the life insurance agents of this board.
Posted: Fri Jul 24, 2009 06:23 am Post Subject:
I posted this in the other thread, I'm sure one of them will get deleted or the posts will be merged, but I will just repost it here:
Most companies that don't charge ridiculous rates will only go down to a $25k minimum (only a few....most have a minimum of $50k or $100k). If blood pressure is his only medical condition, he would probably still qualify for preferred rates. If he's a non-smoker, the rates would be approximately $156/month or $1784/year for the $25k coverage level guaranteed forever. We are licensed in Texas and would be happy to help if you'd like some assistance. Please feel free to send me an e-mail at dgold[at]goldfinancialgrp.com with your contact information and I can give you a call at your convenience to go over the options. Our website is goldfinancialgrp[at]com if you'd like to browse around.
Posted: Fri Jul 24, 2009 07:01 am Post Subject:
Well, to me it seems $25k is quite good for someone in 80s. But would you be able to bear it?
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