Spotlite
Resident Homesteader
Looking to buy some for my ML….shes 63.
Any recommendations?
Any recommendations?
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Life Insurance for elderly
- Thread starter Spotlite
- Start date
I hate to even mention their name, but AARP has some life insurance available to older members. At that age, she might qualify from a regular company if she doesn't have any health issues.
basstrkr
Senior Member
First decide what you want life insurance to do.
Burial expenses or pass on inheritance money?
For burial I would start a savings account unless there are serious health issues.
For inheritance you can buy a paid up policy with a much greater face value that could cover 20 year, or longer period. And the paid benefit is tax free to the beneficiaries, unless we are talking millions.
Burial expenses or pass on inheritance money?
For burial I would start a savings account unless there are serious health issues.
For inheritance you can buy a paid up policy with a much greater face value that could cover 20 year, or longer period. And the paid benefit is tax free to the beneficiaries, unless we are talking millions.
tad1
Senior Member
Agree that one needs to know what the objective is. At 63 it is going to be pricey and likely a gamble on whether it would be worth the premiums. Insurers aren’t in the business to lose money
JT
JT
Spotlite
Resident Homesteader
Just burial. There are health concerns and we just found out the policy she had - she let it drop a few years ago and “forgot to mention it.”
Discuss with her what she wants. So many more people going with cremation and an in informal ceremony now. The cost of that is well under $2,000 instead of the vastly more expensive embalming, casket, funeral service and burial plot and expenses.
If she decides on the simpler less expensive solution the money should be easy to save and much less than what the premiums on a policy would be.
If she decides on the simpler less expensive solution the money should be easy to save and much less than what the premiums on a policy would be.
Fixed rate whole life with just enough coverage for burial isn't going to be too bad. If she has other goals Then savings and prepayment is likely the best path for her. Went through this with my mom.
basstrkr
Senior Member
Let me add: In a paid-up policy as you get older one may need to revamp, take less death benefit but continue to be paid up.
So, if you have one and you turn 85 or 90 you need to review and be sure you are not losing money on the policy.
So, if you have one and you turn 85 or 90 you need to review and be sure you are not losing money on the policy.
fireman32
"Useless Billy" Fire Chief.
My brother in law is in the insurance business and he said it’s really hard to get people approved since Covid. I was checking on a policy for my Great Aunt who is older than your ML and I couldn’t get coverage for her. She has a little savings and a $5,000 policy, should be close enough to cover a funeral. My daddy’s funeral was just under 14k this last December. May be best to try to save up some cash if possible, I’d imagine the premiums would be pretty high on a 63 year old.
Pre Covid, my wife and her brother and sister put a policy on their mom. $400,000 with a long term care provision. That premium is steep, but it will be paid in full after 10 years.
Pre Covid, my wife and her brother and sister put a policy on their mom. $400,000 with a long term care provision. That premium is steep, but it will be paid in full after 10 years.
westcobbdog
Senior Member
Dont buy any sort of whole life universal life ect...only buy Term with a level premium. Shop around. My in laws have all sorts of policies they have paid for and paid on and borrowed against, all bad ideas ( borrowing your own money ) so just go level premium term. Good luck.
Tblank
Senior Member
I could be wrong but I think around 93% of term policies never pay a death benefit.
westcobbdog
Senior Member
Still a fan vs the whole life universal life rip off products. Term is for a temporary need. That's an interesting number, however. Do you know where you heard or read that?
Tblank
Senior Member
Term insurance definitely has its place. I was in the business 32 years before I tried in 2020. I just looked online and it states 99% never pay out. I know I paid out a few when I was still working.
westcobbdog
Senior Member
only 10 yrs for me mostly with a direct writer with a year plus training period.
Have 29 yrs in real estate so I appreciate your insight.
Term is much cheaper, but not guaranteed to be there when you need it.
buckmanmike
Senior Member
I figure term insurance is for younger people with children. Then as you grow older, kids move out, you have a steady income and investments, then you become self insured. No need to continue a term policy.
And if you had put the policy premium difference between term and WL in a good fund, you would have more than the cash value of the WL.
And if you had put the policy premium difference between term and WL in a good fund, you would have more than the cash value of the WL.
Tblank
Senior Member
Exactly.
LTZ25
Senior Member
just start a saving account .
NE GA Pappy
Mr. Pappy
boy... I'ma gonna have to take you out behind da woodshed.... 63 ain't elderly. it's middle aged at worst.
I hope the mods don't ding you for that infraction.
If you find a good source, let us all know, pls
Batjack
Cap`n Jack 1313
Yeah, I'm dealing with a (soon to be) 91 year old been pay'n on a WL since 1950 and ain't got a clue what to tell her.
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