by asianking » Tue Apr 21, 2009 06:40 am
what must be minimum age to insure myself.if i want life insurance for myself then what must be minimum age of mine for this.??
what is minimum age limit
what is minimum age limit
Posted: Wed Apr 22, 2009 12:24 am Post Subject:
It also seems to me that unless specified otherwise, posts on this forum refer to the U.S.
Posted: Wed Apr 22, 2009 11:02 am Post Subject:
It also seems to me that unless specified otherwise, posts on this forum refer to the U.S.
I agree, I've asked for a separate category for non-USA ins questions, we'll see if we can get one, I think (hope) that will help..
Posted: Wed Apr 22, 2009 02:04 pm Post Subject:
Minimum age to get an insurance policy is a new born baby of 1 day (provided birth certificate is issued) and maximum age can go up to 80 (there is another discussion going on the same forum about this )
I'd rather check out with the state DOI. Also, I think it's become real tough to get life insurance coverage for people who're in their late 60s.
Posted: Wed Apr 22, 2009 02:21 pm Post Subject:
It's not difficult at all to get life insurance for someone in their late 60's. It may be more expensive, but not difficult.
I have no idea how a 1 day old will have a birth certificate. Checking with the state DOI would probably be useless. I don't think that there is any reason why a particular state would have a reason for having a minimum age. An insurance company wouldn't want to insure a 1 day old because of the risk involved.
I write insurance on lots of babies, but quite frankly, I simply don't remember if I've ever insured any baby less than 1 month old. I would assume so, but can't remember. At the very least, I would guess that an insurance company wouldn't want to write the insurance until after the baby has left the hospital and has had their first post-hospital visit with the pediatrician.
Posted: Fri Apr 24, 2009 12:59 pm Post Subject:
Hi Expert,
It would be too risky for a carrier to cover a one-day old keeping with it's survival chances.
At the very least, I would guess that an insurance company wouldn't want to write the insurance until after the baby has left the hospital and has had their first post-hospital visit with the pediatrician.
I'm wondering what would be a waiting period under such circumstances. :)
Pinkfloydfan
Posted: Fri Apr 24, 2009 07:44 pm Post Subject:
Life insurance policies usually don't have waiting periods. Sometimes, the death benefit is less for a couple of years. These are usually policies that are guarantee issue. The benefit, for example, for the first two years might just be a return of premium + 5%.
Posted: Sat Apr 25, 2009 05:25 am Post Subject:
I personally feel that buying life policy on an infant doesn't worth the money, rather the parents should take care in insuring themselves to secure the future of the child. At least, IMO, the life insurance would offer the necessary financial protection to the kid at the event of the death of the parent.
~Jeremy
Posted: Sat Apr 25, 2009 10:16 am Post Subject:
I personally feel that buying life policy on an infant doesn't worth the money, rather the parents should take care in insuring themselves to secure the future of the child. At least, IMO, the life insurance would offer the necessary financial protection to the kid at the event of the death of the parent.
~Jeremy
Jeremy, where did someone mention insuring the child without properly insuring the child? There is no question that it is much more important to insure the parent. That does not mean that it's not worthwhile to insure the infant. Do you have ideas of why it might make sense to insure an infant?
I'll give you a hint. It has almost nothing to do with worrying about what happens if the child dies young.
Posted: Sat Apr 25, 2009 03:00 pm Post Subject:
It has almost nothing to do with worrying about what happens if the child dies young.
Lower premiums for the future and the accumulated cash value are two good reasons for the parents to get their children covered. It creates a safety network around them. Steven
Posted: Sat Apr 25, 2009 11:47 pm Post Subject:
The biggest reason why I think that it is important to buy insurance on a child is that if it is done properly, it can guarantee that they can buy $1,000,000 of coverage as an adult with no medical questions.
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