by Guest » Thu Dec 07, 2006 03:01 pm
I was told that for estate planning purposes my 81 year old mother (good health) could obtain a 500k term life insurance with reasonable premiums. This seems like a folish move for the insurance company. Does anyone have any experience with this?
Posted: Fri Dec 08, 2006 12:19 am Post Subject:
I was told that for estate planning purposes my 81 year old mother (good health) could obtain a 500k term life insurance with reasonable premiums. This seems like a folish move for the insurance company. Does anyone have any experience with this?
Yea right! Run the rates yourself, www.term4sale.com Go see for yourself, I really don't think the rates if possible would be consider reasonable.
post edited by Evan
Posted: Sat Dec 09, 2006 09:03 pm Post Subject: Insurance Rates
The highest age I can write life policy is 76 years old. I'm sure you can find companies that will go higher, but the premium will be a lot.
Posted: Mon Jan 15, 2007 04:41 am Post Subject:
I recently ran a WL policy for a 85 year old woman with a 10K death benifit and the premium was $2000 per year. From my experience most companies will not offer term to somone of that age, and if you can get that face amount....for a cheap price go for it and let me know what company it is!
Posted: Mon Jan 15, 2007 12:39 pm Post Subject:
Hi Larj,
Hmm... if we would think of it, it is kind of a disadvantage to the life insurance company. I can't believe that agent offers you that kind of proposal. But I think it can be allowed. In some companies they offer trial applications. But with that age, im sure the premium is very high. In life insurance, the higher the age, the higher is the premium that corresponds to it. This is based on the risk that the person have. But if that company can offer lower premium rates with that age bracket, then it can be a good advantage on your part.
Good luck!!
Posted: Mon Jan 15, 2007 02:17 pm Post Subject:
I was told that for estate planning purposes my 81 year old mother (good health) could obtain a 500k term life insurance with reasonable premiums. This seems like a folish move for the insurance company. Does anyone have any experience with this?
I have a quick question for you, your estate planner, are they also a licensed insurance agent or what are their creditentials? Another good thing to do is to see what licenses they have, and shop around a little bit so that you feel comfortable with the person handling your estate...I strongly suggest that when you are estate planning that you have your attorney, insurance agent, accountant, etc all interact with one another this way they can all help you develpe a plan that will best suite your needs, also keep in mind that it is hard enough to know our own profession never mind somone elses...in my experience these professionals will work together to help achieve a plan that is in the best interest for the client...often this is the best way to accomplish this so that you have all parties involved with all their knowledge. Keep in mind 2 heads are better than one...
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