where can i buy life insurance for my mother who turned 90 in may of this year to cover funeral cost at least 10k
Total Comments: 16
Posted: Sun Jun 13, 2010 12:12 pm Post Subject:
I'm betting a 'final expenses' policy is going to a lot more economical than a life policy if you can get one written! I'd shop that, and see.
Posted: Mon Jun 14, 2010 02:41 am Post Subject:
Final expense your only shot
Posted: Mon Jun 14, 2010 06:25 pm Post Subject:
John Hancock and a few other companies will write coverage up to age 90, but it will be very expensive if she can even health qualify, which I'd be surprised if anyone 90 years old could. Minimum policy size is $100,000 though. You're better off contacting a funeral home and setting up some sort of pre-payment plan at that age unless you're willing to fork out $12-20k per year for life insurance.
Posted: Wed Jun 16, 2010 01:47 am Post Subject:
Funeral directos can sell burial insurance, and that's likely your best option at this point. It's not great, it'll probably be lacking in certain respects, but it covers the problem.
90 is up there, and while some will issue at that age, they are very restrictive and underwriting it very sensitive.
Posted: Thu Jun 17, 2010 01:39 pm Post Subject:
The amount of money that would be required to fund any form of life insurance (including "final expense") at age 90 would provide quite nicely on its own for a funeral. Get a quote and just put that much money or more in a bank savings account or money market mutual fund and don't give it another thought.
Posted: Thu Jun 17, 2010 05:07 pm Post Subject: insurance
(I know someone else asked a similiar question, on this Forum). In MY exprience (dealing with the Elderly) It's very difficult to find ANY kind of Insurance, for my 'clients'. Alot of my 'clients' are 70 or over. I would think, if you COULD find an Insurance company, you would be paying very high premiums.
Posted: Sun Jun 20, 2010 11:44 pm Post Subject:
That's a tough one at that age to get insurance for final expense and if she does it will not be much of a benefit.
Posted: Tue Jun 22, 2010 04:05 pm Post Subject: insurance
It may not be "much of a benefit", but,..at least it's SOMETHING. And, now a days, anything helps.
Posted: Wed Jun 23, 2010 12:30 am Post Subject:
You could also potentially use a fixed annuity. Some products offer a bonus on earnings to be paid as a death benefit, e.g. an additional 30% of earnings are paid as a death benefit to beneficiaries. There's taxes involved unlike with a true life insurance death benefit.
Might also run into problems with age here, but might be worth looking into.
Posted: Wed Jun 23, 2010 01:02 pm Post Subject:
May not "qualify" for the death bonus due to advanced age. The taxes alone should be a discouraging factor.
If there's money to fund an annuity like this, then there should be money to fund final expenses. I don't think an annuity strategy is the right solution. At age 90+, there is probably no good solution other than cash on hand.
Posted: Sun Jun 13, 2010 12:12 pm Post Subject:
I'm betting a 'final expenses' policy is going to a lot more economical than a life policy if you can get one written! I'd shop that, and see.
Posted: Mon Jun 14, 2010 02:41 am Post Subject:
Final expense your only shot
Posted: Mon Jun 14, 2010 06:25 pm Post Subject:
John Hancock and a few other companies will write coverage up to age 90, but it will be very expensive if she can even health qualify, which I'd be surprised if anyone 90 years old could. Minimum policy size is $100,000 though. You're better off contacting a funeral home and setting up some sort of pre-payment plan at that age unless you're willing to fork out $12-20k per year for life insurance.
Posted: Wed Jun 16, 2010 01:47 am Post Subject:
Funeral directos can sell burial insurance, and that's likely your best option at this point. It's not great, it'll probably be lacking in certain respects, but it covers the problem.
90 is up there, and while some will issue at that age, they are very restrictive and underwriting it very sensitive.
Posted: Thu Jun 17, 2010 01:39 pm Post Subject:
The amount of money that would be required to fund any form of life insurance (including "final expense") at age 90 would provide quite nicely on its own for a funeral. Get a quote and just put that much money or more in a bank savings account or money market mutual fund and don't give it another thought.
Posted: Thu Jun 17, 2010 05:07 pm Post Subject: insurance
(I know someone else asked a similiar question, on this Forum). In MY exprience (dealing with the Elderly) It's very difficult to find ANY kind of Insurance, for my 'clients'. Alot of my 'clients' are 70 or over. I would think, if you COULD find an Insurance company, you would be paying very high premiums.
Posted: Sun Jun 20, 2010 11:44 pm Post Subject:
That's a tough one at that age to get insurance for final expense and if she does it will not be much of a benefit.
Posted: Tue Jun 22, 2010 04:05 pm Post Subject: insurance
It may not be "much of a benefit", but,..at least it's SOMETHING. And, now a days, anything helps.
Posted: Wed Jun 23, 2010 12:30 am Post Subject:
You could also potentially use a fixed annuity. Some products offer a bonus on earnings to be paid as a death benefit, e.g. an additional 30% of earnings are paid as a death benefit to beneficiaries. There's taxes involved unlike with a true life insurance death benefit.
Might also run into problems with age here, but might be worth looking into.
Posted: Wed Jun 23, 2010 01:02 pm Post Subject:
May not "qualify" for the death bonus due to advanced age. The taxes alone should be a discouraging factor.
If there's money to fund an annuity like this, then there should be money to fund final expenses. I don't think an annuity strategy is the right solution. At age 90+, there is probably no good solution other than cash on hand.
Add your comment