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: Thu Jun 24, 2010 02:44 pm Post Subject: insurance
Also..usually Seniors are living on a 'fixed income'. So,..depending on how much 'cash on hand" you would need, this solution would be difficult, as well.
Posted: Thu Aug 05, 2010 06:23 pm Post Subject: Father who is 91 years of age
My father seems to be outliving everyone is his immediate family. We are trying to find life insurance to help pay for his burial and home expenses. Where could we look for insurance
Posted: Thu Aug 05, 2010 09:45 pm Post Subject:
An agent who can assist you. Guide you one what to look for, and what to avoid. That's the best approach.
Posted: Mon Aug 16, 2010 10:11 am Post Subject:
Yes agreed a final expense insurance policy or a burial policy would be the best for him. here are some details i found from one of the websites:
"
A Burial Insurance or Final Expense life insurance policy assures you coverage for the rest of your life. A Burial Insurance and Final Expense policy also gives those you leave behind the freedom and flexibility to pay the remaining expenses and debts that may be outstanding. This makes a Burial Insurance and Final Expense policy different from a burial protection policy exclusively covering burial costs. Burial Insurance and Final Expense polices allow you to choose the coverage amount appropriate for your circumstances. You can tailor the policy to your personal needs. Burial Insurance and Final Expense policies are simplified issue meaning there is a short application and no medical exam.
"
Posted: Tue Aug 17, 2010 03:27 am Post Subject:
a final expense insurance policy or a burial policy would be the best for him. . . . Burial Insurance and Final Expense policies are simplified issue meaning there is a short application and no medical exam.
While this may be true of some persons and some policies, it is not true of ALL persons or policies. Once people get past age 80-85 (and even at younger ages), guaranteed issue policies typically mean reduced/graded benefits for at least the first two years (i.e., half or less of the stated death benefit), or they become fully underwritten policies and are more difficult to qualify for. If your father needs to leave a $25,000 lump sum or a $50,000 lump sum immediately after his death, it probably won't happen with a typical final expense or burial policy if he dies too soon.
If he needs more, it's probably not a realistic proposition. Regardless of the issue age, these policies are usually limited to $25,000-$50,000 and must be "fully funded" by age 121 . . . which means paying the cost of insurance (very high) and funding the cash accumulation over those remaining 30-40 years.
So do the math, at about a 4%-5% internal rate of return, to accumulate $50,000 over 30 years means about $1500 per year in funding on top of the MORTALITY factor. So unlike a whole life policy issued at age 20-30, or even 40-50, the total paid to age 121 is going to be more than the actual face amount of the policy in those last 30-40 years of life.
That's to cost of doing business late in life that could have been accomplished much earlier for much less, with much more in return.
If Pop has the money to fund such a policy, he probably has money to fund his final expenses -- just need to set that money aside now as a lump sum and get a modest rate of return -- 4%-6%. It could be in a fixed annuity with that kind of a guaranteed return (although getting an annuity issued past age 84-85 is also more difficult -- but not impossible -- due to the mortality factor). It could be in a mutual fund of some sort -- bond or blended or something else within the suitability window, or it could simply be in a bank/credit union CD (although it would only pay about 1.5%-2% in today's economy).
So the advice BNTRS gives above is most appropriate. Find an experienced local insurance agent and allow him/her to conduct the appropriate financial inquiry and make the most suitable recommendation based on your father's full disclosures of his objectives and resources.
Posted: Tue Feb 09, 2016 03:11 am Post Subject:
Death is entirely inevitable, yet so many families do nothing to ensure that the financial aspect of death is taken care of. And when this happens, the pain of the loss is made much worse than it should be.
Imagine losing your mother then realizing that she doesn’t have any life insurance. Now imagine that you don’t have the money to pay for a proper burial or cremation. This kind of situation happened far too often...
The best way to ensure that your family doesn’t have to deal with this type of situation is to plan ahead. This typically involved buying a life insurance policy and putting your final wishes in writing.
Life Insurance for Seniors at age 90 has the main purpose to arrange enough money for burial or funeral expenses. No medical exam needed. Only 3 questions in a phone call. Alzheimer, multiple sclerosis, parkisons can apply.
The best way is to call us at [deleted per TOU] and we give you the best rate or go to the website and apply.
If you need to speak to an agent to get the best rates please
Posted: Thu Jun 24, 2010 02:44 pm Post Subject: insurance
Also..usually Seniors are living on a 'fixed income'. So,..depending on how much 'cash on hand" you would need, this solution would be difficult, as well.
Posted: Thu Aug 05, 2010 06:23 pm Post Subject: Father who is 91 years of age
My father seems to be outliving everyone is his immediate family. We are trying to find life insurance to help pay for his burial and home expenses. Where could we look for insurance
Posted: Thu Aug 05, 2010 09:45 pm Post Subject:
An agent who can assist you. Guide you one what to look for, and what to avoid. That's the best approach.
Posted: Mon Aug 16, 2010 10:11 am Post Subject:
Yes agreed a final expense insurance policy or a burial policy would be the best for him. here are some details i found from one of the websites:
"
A Burial Insurance or Final Expense life insurance policy assures you coverage for the rest of your life. A Burial Insurance and Final Expense policy also gives those you leave behind the freedom and flexibility to pay the remaining expenses and debts that may be outstanding. This makes a Burial Insurance and Final Expense policy different from a burial protection policy exclusively covering burial costs. Burial Insurance and Final Expense polices allow you to choose the coverage amount appropriate for your circumstances. You can tailor the policy to your personal needs. Burial Insurance and Final Expense policies are simplified issue meaning there is a short application and no medical exam.
"
Posted: Tue Aug 17, 2010 03:27 am Post Subject:
a final expense insurance policy or a burial policy would be the best for him. . . . Burial Insurance and Final Expense policies are simplified issue meaning there is a short application and no medical exam.
While this may be true of some persons and some policies, it is not true of ALL persons or policies. Once people get past age 80-85 (and even at younger ages), guaranteed issue policies typically mean reduced/graded benefits for at least the first two years (i.e., half or less of the stated death benefit), or they become fully underwritten policies and are more difficult to qualify for. If your father needs to leave a $25,000 lump sum or a $50,000 lump sum immediately after his death, it probably won't happen with a typical final expense or burial policy if he dies too soon.
If he needs more, it's probably not a realistic proposition. Regardless of the issue age, these policies are usually limited to $25,000-$50,000 and must be "fully funded" by age 121 . . . which means paying the cost of insurance (very high) and funding the cash accumulation over those remaining 30-40 years.
So do the math, at about a 4%-5% internal rate of return, to accumulate $50,000 over 30 years means about $1500 per year in funding on top of the MORTALITY factor. So unlike a whole life policy issued at age 20-30, or even 40-50, the total paid to age 121 is going to be more than the actual face amount of the policy in those last 30-40 years of life.
That's to cost of doing business late in life that could have been accomplished much earlier for much less, with much more in return.
If Pop has the money to fund such a policy, he probably has money to fund his final expenses -- just need to set that money aside now as a lump sum and get a modest rate of return -- 4%-6%. It could be in a fixed annuity with that kind of a guaranteed return (although getting an annuity issued past age 84-85 is also more difficult -- but not impossible -- due to the mortality factor). It could be in a mutual fund of some sort -- bond or blended or something else within the suitability window, or it could simply be in a bank/credit union CD (although it would only pay about 1.5%-2% in today's economy).
So the advice BNTRS gives above is most appropriate. Find an experienced local insurance agent and allow him/her to conduct the appropriate financial inquiry and make the most suitable recommendation based on your father's full disclosures of his objectives and resources.
Posted: Tue Feb 09, 2016 03:11 am Post Subject:
Death is entirely inevitable, yet so many families do nothing to ensure that the financial aspect of death is taken care of. And when this happens, the pain of the loss is made much worse than it should be.
Imagine losing your mother then realizing that she doesn’t have any life insurance. Now imagine that you don’t have the money to pay for a proper burial or cremation. This kind of situation happened far too often...
The best way to ensure that your family doesn’t have to deal with this type of situation is to plan ahead. This typically involved buying a life insurance policy and putting your final wishes in writing.
Life Insurance for Seniors at age 90 has the main purpose to arrange enough money for burial or funeral expenses. No medical exam needed. Only 3 questions in a phone call. Alzheimer, multiple sclerosis, parkisons can apply.
The best way is to call us at [deleted per TOU] and we give you the best rate or go to the website and apply.
If you need to speak to an agent to get the best rates please
call [deleted per TOU] or compare rates online at
[link removed as per TOU]
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