I need a single premium whole life age 86 average health. appointment is on thursday. NS and average health 3 meds
Total Comments: 23
Posted: Fri Oct 03, 2008 08:31 am Post Subject:
I'm sure that the life agents of this forum will be shortly around with suggestions.
However, there are policies available that allows coverage till the age of 100. I can think of Max New York Life right at this moment, but there may be some other companies available as well with such policies. Its worth searching for.
Posted: Fri Oct 03, 2008 11:10 am Post Subject:
The seniors can avail guaranteed life plans which come without medical tests, ie the applicant doesn't have to undergo the process of medical underwriting.
With age the life insurance premium may increase dramatically. Hence, often times the seniors may face problem in finding proper life coverage. However, some of the states require the life insurance companies to offer guaranteed life coverage policies to senior citizens. These policies are cheap but also offer lower life coverage.
Posted: Fri Oct 03, 2008 11:24 am Post Subject:
Life insurance at the age of 86 may be available but surely the premiums are going to be really high. Let me also tell you my friend, that you can get a whole life insurance only if you are in the best of your health. Well if you want a decent rate, you need to do some serious shopping.
Hope I've been able to help :)
Posted: Wed Oct 22, 2008 02:19 pm Post Subject:
I can only assume this would be for a wealth transfer situation right. Assuming that I believe Baltimore Life has one which is written standard to table 4. I'll check though
Scott
Posted: Fri Nov 21, 2008 09:48 am Post Subject:
I fully understand that this post is a little late but the information is still good to know.
Most carriers offer single premium life insurance for 86 year olds. Although they offer whole life policies it will always be cheaper for you client to buy a guaranteed universal life policy.
This does sound like a wealth transfer situation. depending on the size of your clients estate you will want to make sure they have the proper trusts and estate planing in place.
Let your insurance broker shop this case for you and always try to go full underwriting. It will almost always be cheaper (unless your client in uninsurable) then a quick issue policy.
Posted: Sun Nov 23, 2008 05:36 am Post Subject:
nataliedutton,
I realize this message might be a little late but, most of the big insurance companies will underwrite a policy like that. Met, Pru, Guardian, Mass Mutual, maybe even Allianz. You'll have to go through their case design team because this isn't something that's done with any regularity. I wrote a couple policies earlier this year that were very similar to the one you asked about.
Good luck
Posted: Sun Nov 23, 2008 02:30 pm Post Subject: insurance
Isn't it MORE difficult to get Life Insurance ( or ANY kind of insurance, for that matter..) the older you get? I'm not putting ANYONE down, by their age...I'm jusy saying wouldn't that be almost like a 'high risk' thing for the insurance company?
Posted: Sun Nov 23, 2008 08:17 pm Post Subject:
Hey SD,
It is a high risk for the insurance company. The underwriter's job is to calculate those risks and establish a premium. The MUCH greater risk would be to die with a huge estate and NO insurance. The insurance is there to to offset (or cover) the tax liability. If a plan is not in place, the money comes out of the estate and the pockets of the beneficiaries - not a good thing.
Uncle Obama says, "spread the wealth." There are millions of people in Kenya who need our hard-earned dollars.
Posted: Mon Nov 24, 2008 05:11 am Post Subject:
Uncle Obama says, "spread the wealth." There are millions of people in Kenya who need our hard-earned dollars.
Certainly so!! :wink: :lol:
Isn't it MORE difficult to get Life Insurance ( or ANY kind of insurance, for that matter..) the older you get?
Anyway, SD, infact I've seen some of the agents specially tapping the senior market for life insurance. The single premium policy that the seniors can get would offer very little death coverage as compare to the premium paid. The chunk of the premium paid will go towards investment since liability reduces with age (i.e. one might not need the coverage to protect the interest of his family/children). The purpose of these plans is to build asset that would cover the estate tax, funeral expenses and such other.
Posted: Mon Nov 24, 2008 09:44 pm Post Subject: insurance
OHHHH!!...I catcha now!! Make sense!! Just my thinking of it would be if the insurance company (whatever the consumer goes through..) would try to 'scam' the consumer into a much higher payment. Also...if these insurance companies ARE "investing" our money, shouldn't we have a right to know where the money is going?! Fair question, I think.
Posted: Fri Oct 03, 2008 08:31 am Post Subject:
I'm sure that the life agents of this forum will be shortly around with suggestions.
However, there are policies available that allows coverage till the age of 100. I can think of Max New York Life right at this moment, but there may be some other companies available as well with such policies. Its worth searching for.
Posted: Fri Oct 03, 2008 11:10 am Post Subject:
The seniors can avail guaranteed life plans which come without medical tests, ie the applicant doesn't have to undergo the process of medical underwriting.
With age the life insurance premium may increase dramatically. Hence, often times the seniors may face problem in finding proper life coverage. However, some of the states require the life insurance companies to offer guaranteed life coverage policies to senior citizens. These policies are cheap but also offer lower life coverage.
Posted: Fri Oct 03, 2008 11:24 am Post Subject:
Life insurance at the age of 86 may be available but surely the premiums are going to be really high. Let me also tell you my friend, that you can get a whole life insurance only if you are in the best of your health. Well if you want a decent rate, you need to do some serious shopping.
Hope I've been able to help :)
Posted: Wed Oct 22, 2008 02:19 pm Post Subject:
I can only assume this would be for a wealth transfer situation right. Assuming that I believe Baltimore Life has one which is written standard to table 4. I'll check though
Scott
Posted: Fri Nov 21, 2008 09:48 am Post Subject:
I fully understand that this post is a little late but the information is still good to know.
Most carriers offer single premium life insurance for 86 year olds. Although they offer whole life policies it will always be cheaper for you client to buy a guaranteed universal life policy.
This does sound like a wealth transfer situation. depending on the size of your clients estate you will want to make sure they have the proper trusts and estate planing in place.
Let your insurance broker shop this case for you and always try to go full underwriting. It will almost always be cheaper (unless your client in uninsurable) then a quick issue policy.
Posted: Sun Nov 23, 2008 05:36 am Post Subject:
nataliedutton,
I realize this message might be a little late but, most of the big insurance companies will underwrite a policy like that. Met, Pru, Guardian, Mass Mutual, maybe even Allianz. You'll have to go through their case design team because this isn't something that's done with any regularity. I wrote a couple policies earlier this year that were very similar to the one you asked about.
Good luck
Posted: Sun Nov 23, 2008 02:30 pm Post Subject: insurance
Isn't it MORE difficult to get Life Insurance ( or ANY kind of insurance, for that matter..) the older you get? I'm not putting ANYONE down, by their age...I'm jusy saying wouldn't that be almost like a 'high risk' thing for the insurance company?
Posted: Sun Nov 23, 2008 08:17 pm Post Subject:
Hey SD,
It is a high risk for the insurance company. The underwriter's job is to calculate those risks and establish a premium. The MUCH greater risk would be to die with a huge estate and NO insurance. The insurance is there to to offset (or cover) the tax liability. If a plan is not in place, the money comes out of the estate and the pockets of the beneficiaries - not a good thing.
Uncle Obama says, "spread the wealth." There are millions of people in Kenya who need our hard-earned dollars.
Posted: Mon Nov 24, 2008 05:11 am Post Subject:
Uncle Obama says, "spread the wealth." There are millions of people in Kenya who need our hard-earned dollars.
Certainly so!! :wink: :lol:
Isn't it MORE difficult to get Life Insurance ( or ANY kind of insurance, for that matter..) the older you get?
Anyway, SD, infact I've seen some of the agents specially tapping the senior market for life insurance. The single premium policy that the seniors can get would offer very little death coverage as compare to the premium paid. The chunk of the premium paid will go towards investment since liability reduces with age (i.e. one might not need the coverage to protect the interest of his family/children). The purpose of these plans is to build asset that would cover the estate tax, funeral expenses and such other.
Posted: Mon Nov 24, 2008 09:44 pm Post Subject: insurance
OHHHH!!...I catcha now!! Make sense!! Just my thinking of it would be if the insurance company (whatever the consumer goes through..) would try to 'scam' the consumer into a much higher payment. Also...if these insurance companies ARE "investing" our money, shouldn't we have a right to know where the money is going?! Fair question, I think.
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