life insurance for 82 yr old parent,
has not smoked for 6ys
Total Comments: 4
Posted: Wed Jun 23, 2010 10:07 pm Post Subject:
If healthy, most companies will underwrite up to age 84 or so. Contact a local agent for assistant.
A $25,000 "whole life" policy to age 120/121 will cost somewhere in the vicinity of $1000 per year or so.
Posted: Fri Jun 25, 2010 11:27 pm Post Subject:
You better check all the potential health issues and be very sure you aren't going to slip into a decline anywhere. 82 is a risky age for an insurance company, they'll deny for almost any reason.
I'd suggest performing something known as an informal underwriting inquiry to get a few different opinions about probably underwriting actions. If you just go ahead an apply and get declined, it'll seriously increase the likelihood of a decline elsewhere.
You'll likely pay more than $1,000/year for $25,000 on an 82 year old. I worked on a case like this a few years ago, we were hoping for something around $2,400/year.
You might also want to look at SGUL (stands for secondary guaranteed universal life) in this case. Premium is lower, no cash value and dividends though.
Again, approach with care, one decline can be a deal breaker for the entire approach.
Posted: Sat Jun 26, 2010 07:41 am Post Subject:
A $25,000 "whole life" policy to age 120/121 will cost somewhere in the vicinity of $1000 per year or so.
I should have added "for a standard risk."
BNTRS is right . . . this is not likely to receive a standard rating, and would most likely be significantly more expensive. The person who could afford that premium probably has no genuine need for as small an amount of life insurance such as $25,000.
And to be formally declined, as BNTRS stated, would make qualifying for any other company's policy a darn near impossibility.
Posted: Wed Jun 30, 2010 11:39 pm Post Subject:
Look into a burial policy should be able to qualify unless she has some life threatening illness. Funeral homes also offer plans like that.
Posted: Wed Jun 23, 2010 10:07 pm Post Subject:
If healthy, most companies will underwrite up to age 84 or so. Contact a local agent for assistant.
A $25,000 "whole life" policy to age 120/121 will cost somewhere in the vicinity of $1000 per year or so.
Posted: Fri Jun 25, 2010 11:27 pm Post Subject:
You better check all the potential health issues and be very sure you aren't going to slip into a decline anywhere. 82 is a risky age for an insurance company, they'll deny for almost any reason.
I'd suggest performing something known as an informal underwriting inquiry to get a few different opinions about probably underwriting actions. If you just go ahead an apply and get declined, it'll seriously increase the likelihood of a decline elsewhere.
You'll likely pay more than $1,000/year for $25,000 on an 82 year old. I worked on a case like this a few years ago, we were hoping for something around $2,400/year.
You might also want to look at SGUL (stands for secondary guaranteed universal life) in this case. Premium is lower, no cash value and dividends though.
Again, approach with care, one decline can be a deal breaker for the entire approach.
Posted: Sat Jun 26, 2010 07:41 am Post Subject:
A $25,000 "whole life" policy to age 120/121 will cost somewhere in the vicinity of $1000 per year or so.
I should have added "for a standard risk."
BNTRS is right . . . this is not likely to receive a standard rating, and would most likely be significantly more expensive. The person who could afford that premium probably has no genuine need for as small an amount of life insurance such as $25,000.
And to be formally declined, as BNTRS stated, would make qualifying for any other company's policy a darn near impossibility.
Posted: Wed Jun 30, 2010 11:39 pm Post Subject:
Look into a burial policy should be able to qualify unless she has some life threatening illness. Funeral homes also offer plans like that.
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