I am looking for a

Posted: Tue Mar 03, 2009 04:50 am Post Subject:

I think it would be absolutely difficult to get a policy for her at this age that would be cheap. Many insurer wouldn't even offer life coverage beyond the age of 75 yrs.

Next, the death benefit that she would get against the premium wouldn't simply worth. Therefore, you might look into the option of making payment arrangements with the funeral houses if that's the only purpose.

A final expense policy would have served the cause but it'd be very expensive at her age.

Regards,
Juanita

Posted: Tue Mar 03, 2009 05:38 am Post Subject:

Diane, I think you should consider Juanita’s advice. Life insurance at her age would be too expensive.

However, apart from the funeral expense coverage there is guaranteed issue life insurance policies for which she could qualify since it doesn’t require medical underwriting. But, you should compare the cost of coverage and the benefit amount before signing-in the policy document. Also its of utmost importance to read the brochure. Many policies would have a clause which would restrict the pay-out of the death benefits before a time lapse, say 24 or 36 months or 2 to 3 years. If the policy holder dies within this period the insurer would only return the premium paid by the insured along with some interest.

I’m sure that you would also hear from the other experts about your alternatives.

Posted: Tue Mar 03, 2009 12:55 pm Post Subject:

A graded death benefit on a $5k policy for an 85-year-old woman would be a ridiculous proposition. If she died in the first two years, you'd only get the premium back (plus some interest). If she died after the first two years, you'd probably have the entire $5k in premium paid by year 3. I'd try to make arrangements with a funeral home. If she was in reasonable health, you could get a $25k underwritten policy for ~$2200/year (the minimum policy amount for underwritten is usually $25-50k), but given that you're only looking for $5k, I'm guessing that's probably more than you want to spend.

Posted: Tue Mar 03, 2009 02:39 pm Post Subject:

Good Question. but the I dont think so there should be no solution. 85 is too much age to get insured. Almost all insurance policies would be reluctant to issue the policy. Or even if some company agrees to issue you the policy, the premium or fee that you would end up paying would be much higher than the funaral expenses.
My research says In most cases, term policies in New York currently cannot be renewed beyond age 80.

What i could suggest you is that, open a recurring account in a bank and start putting some some every month. So it can be used for future expenses.
Its always better to plan your insurance in advance, that would really help you for many other purposes, inclusing your family in your absence

Posted: Fri Mar 06, 2009 11:59 am Post Subject:

hi Diane,

Getting life insurance policy for a 85 year old lady is practically not possible. Most of the life insurance companies provide insurance at the maximum age of 59. After that age getting life insurance policy is not an easy job. i think you should follow the "Best helper "
advice.

Regards.
bhartiaxa.

Posted: Fri Mar 06, 2009 02:12 pm Post Subject:

Getting life insurance policy for a 85 year old lady is practically not possible. Most of the life insurance companies provide insurance at the maximum age of 59. After that age getting life insurance policy is not an easy job. i think you should follow the "Best helper "
advice.