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: Fri Jul 24, 2009 07:24 pm Post Subject:
Term policies can be expensive as you get older. You really have few options other than to purchase a decreasing term life policy. This may save you some money.
Posted: Fri Jul 24, 2009 07:57 pm Post Subject:
Term policies can be expensive as you get older. You really have few options other than to purchase a decreasing term life policy. This may save you some money.
I don't think any companies will write a term policy for someone 81 years old at that low of a face amount. West Coast Life has a 10-year option, but the minimum face is $100k. A permanent policy is really the only option here.
Posted: Sat Jul 25, 2009 06:43 am Post Subject:
Work had a conversion policy, but it would have cost me about 1000 a month for it. I am putting 150.00 a month away and hope that I will have enough saved up when the time comes. Thanks to all who have commented and given me your suggestions.
Posted: Sat Jul 25, 2009 01:06 pm Post Subject:
Work had a conversion policy, but it would have cost me about 1000 a month for it. I am putting 150.00 a month away and hope that I will have enough saved up when the time comes. Thanks to all who have commented and given me your suggestions.
If you are putting away $150/month, you should be able to afford the $25k coverage if he's in good health as you mentioned earlier. The premium is $156/month and coverage starts on day one with 100% tax free benefits. If you are simply setting aside $150/month, you would have a problem if something happened 4 months from now. With the insurance, everything would be taken care of. If you'd like to put in an application and see what can be done, feel free to contact me and we'd be happy to assist. It sounds like you've already made the commitment to set aside the money, so why not try to provide the insurance and leverage your money?
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