 How much life insurance? |
Married, no kids, will buy a house next year, anuual income = about 80K
Options:
1x annual salary - free
2 x - $9.44/month
3 x - $18.88/moth
4 x $8.32/month
5... |
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gwwatsons | Can a 72 year old woman in poor healh obtain a life insurance policy? |
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sarah314
 |
I'll preface this by saying that life insurance is not my specific area of expertise.
However, I would suspect that *if* she were able to obtain a life insurance policy, the premiums would be so ridiculously high that it wouldn't even be worth getting the policy. |
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jonesy634
 |
I work in Underwriting for an insurance company -- we sell a guaranteed issue policy like the ones mentioned here in previous comments. So the answer is yes, she can get insurance, but as mentioned before the premiums are ridiculous. I'm going to guess that a small $10,000 modified benefit (which means if she dies within the first two years of the policy, you don't get the $10k, rather - you get the premium returned plus a percentage of the death benefit... very small. Unless she dies of an accident, at which the full death benefit would be paid out) would run around $70 per month. |
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STEVEO
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probably only the type of life insurance that doesn't require underwriting.
these "guaranteed issue" policies are usually sold in "units" or for small amounts of death benefits. if the state insurance dept of the state she lives in allows, they are usually sold as graded death benefit policies. that means they only insure for accidental death during the first few years of coverage, usually two years, and then cover for any cause of death thereafter.
because of the guaranteed death benefit and no underwriting they are probably the most expensive to own in terms of cost per thousand dollars of death benefit. but as i said before they are probably the only type of coverage she can get. |
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Katherine W
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Save the money and plan on getting cremated! |
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LifeInsuranceAgent
 |
Yes, depending on the type of health problems she has.
Heart, diabetes, some cancer histories are insurable. |
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JaredBalis
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It really depends on the specifics. Underwriting for life insurance policies has become more lenient than it was in the past.
Get in touch with a local life insurance broker and they will be glad to help you find something that will fit your needs and budget. You can go to http://www.myinsurancequotes.net and fill out a quote form there. A local agent will contact you and help you through this. Good luck!
Jared Balis
http://www.utahinsurance.org |
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Baby Poots
 |
Yes. |
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B
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Steveo and jonesy are correct |
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mbrcatz
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Yes. But they'd have to pay more for the policy, than the policy will pay out when she dies.
This can be useful for estate planning purposes, when you'd rather pay $110,000 for a life policy to pass $100,000 to a family member, than pay 50% of the money to the government in estate taxes. |
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Steve S
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You can get life but premiums may be outrageous also if you want a policy there is still underwriting. I am facing the same issue with my mother in law. She is 69 and dying of COPD and Emphysema, I was talking to our life specialist in the office I work in and she suggest that if there is cash laying around purchase an irrevocable burial trust. The money is not attachable to any creditors, the funeral is paid and anything left goes to beneficiaries. This may be a good alternative |
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aaron p
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How you define poor health and how the life insurance companies define it may differ. Frankly, most underwriters would expect something going on with a 72 year old.
If guaranteed issue policies are available in your state, that may be an issue, but they don't tend to be a good deal if she could qualify for other coverage. Compare that to a fully underwritten policy from a company with experience working with older folks. You may need an experienced broker to help you with this process depending on the difficulty of this woman's health history. |
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arin d nyl
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Check out AARP's website https://www.nylaarp.com/index.asp
They are affiliated with New York Life, which is a fortune 100 company and the number 1 mutual company. They have guaranteed issues that can possibly be suitable for a 72 year old woman. |
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