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Mike | Can I buy the life insurance? |
My Mother is 52 and has no life insurance what so ever. Long story short I don't forsee her living more than 10 more years. She doesn't have any diseases, cancers, etc. and could probably pass a physical. The downside is she does smoke and drink like a siv. Can I purchase Life Insurance on her? Im just looking for enough to cover funeral costs and any other expenses involved. Is there any special hoops I have to jump through since I am not the person I am buying insurance for? Just trying to think ahead.
Thanks,
Mike |
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Michael M
|
If she is relatively healthy and willing to participate in the process with you then you should be able to get a policy for her where you pay the premiums and have yourself as the beneficiary. 52 is definitely not too old. The smoking will increase the rate, but all insurance companies have rates for smokers.
If you are just worried about funeral costs and a few other final expenses and think the life insurance option seems a little expensive for her age and health then I might suggest just saving the amount of the life insurance premium you were planning on paying and cash flowing it. You could just set up a separate mom's funeral savings account. |
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hadley2120
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There are several options to purchase life insurance for your mother.
You could contact a life insurance agent in your area and have that person come to your home and meet with your mother and get life insurance quotes. Your mom may need to take a physical exam and answer health questions.
Or, you could request free life insurance quotes online from a quote provider with access to several life insurance companies. Your mom would still have to answer questions and probably need to take a physical exam to apply for life insurance.
Or, you could get no exam life insurance on your mom. There are a few options.
There is term life with no exam that offers up to $500,000 of term life insurance for 10, 15, or 20 years. However, the premiums may be high, but there is no exam required.
Then, there is graded benefit life insurance with no exam that offers limited coverage up to $20,000, but full coverage is not available for 1-2 years.
Or, there is Globe Life that offers simplified life insurance with no exam for people age 78 and under with no exam.
I hope that helps. Best of luck to you and your mother. |
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james m
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With the info that you have shared, your mother should not have any trouble obtaining life insurance, at a reasonable price. Depending on the insurance company and the amount of coverage, she may or may not have to take a paramedical exam.
One person recommended a 20-year term policy. But what if your mom lived more than 20 years? The premium would increase drastically to renew it at age 72. (Remember the average life span is about 76.)
If all you are wanting at this point is enough to pay her final expenses, I suggest a PARTICIPATING whole life policy in the amount of $15,000 - $25,000, which means that it pays dividends. Use the dividends to purchase Paid-up Additions. This way the amount of insurance will grow, to keep up with the costs. The policy premiums will never increase, and the policy cannot be canceled, except for non-payment of the premiums.
Contact a LOCAL agent in your area for more information. |
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src50
 |
Yes, you can. But only with her concurrence and if she passes an insurance physical exam. |
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growing inside
|
Is your mom still working? Most employers have a small amount of life insurance that their employees can get for a low cost without an exam. If she names you as her beneficiary, you will get the money.
Some credit cards also offer a few thousand in life insurance to their members for a few cents a month. Again she would have to get the insurance and name you as the beneficiary |
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The Income Protector
 |
You definitely can buy life insurance on your mother with her permission and signature. You can check rates anonymously online at site called lifeinsure.com. |
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mbrcatz
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siv, is that, sieve?
With her permission and cooperation, you could purchase life insurance on her. She would likely need a paramedical exam, to open up her medical records, and to answer the questions on the application.
Obviously, life insurance is ODDS on her death. You're betting she'll die, the life insurance company is betting she'll live. Keep in mind, the odds (the price of insurance) will ALWAYS favor the house. |
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Joe L
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. You want something that does not require an exam because you will highly for it. At 52 she can go with a company that has no exams required. They will a background to check for cancer etc for serious conditions For a smoker 52 your looking at $42/Month to buy a 20yr term $50,000 death benefit. No exams are required just your and her signature. Email me if you have any questions.
joseph@carylevinson.com |
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ddubya909@verizon.net
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you can, it would just be pretty expensive. even for just enough to cover funeral costs your prob talking around 100/mo.
but it would be worth a look into it. |
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Emma F
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You can't buy insurance on another person without their knowledge and signature. If she's 5 and a smoker, chances are the rates will be high. If Underwriting finds anything in her medical records that they do not like, they'll either rate her (lower the amount of coverage) or decline her. I don't know if you will find a company to cover her. |
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