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tugjr | Is It OK to buy/pay for life insurance for an elderly relative? |
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mbrcatz
 |
Yes. You need their permission and cooperation, and it's going to be MONGO expensive. You're not going to get good odds on someone who's elderly. |
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mz112ungu
 |
You might want to encourage your elderly relative to take out some life insurance for themselves. No-one likes to anticipate death, but the cost of funerals is prohibitive for some families. |
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dimples_in_nj
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It is OK as long as you have insurable interests on that individual.
However; the process of buying insurance for an elderly person is normally not cost effective. You will find the premiums untollerable at the higher age bands given the higher risk. |
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Hadley
 |
Yes, you can buy a life insurance policy for an elderly relative.
The relative will most likely need to sign the application for life insurance since they are the one being insured.
The relative may need to take a physical exam; however, there is a company that offers senior no exam life insurance - you can learn more at http://www.term-life-online.com/senior-no-exam-life-insurance.html
With no exam life insurance for the elderly you can usually get up to $30,000 of simplified issue life insurance with no exam required. They ask a few health questions and let you know right away if the person is qualified for a policy.
Life insurance coverage for the elderly is not real affordable, it depends on the person's age, health and amount of coverage you need.
I hope that helps! Best of luck to you and your elderly relative. |
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ssmesq
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Sure, why not? I have friends who have done this for both sets of parents, with themselves as beneficiaries. The parents know this. Neither set of parents is wealthy enough to leave behind an estate, and my friends help them financially and may well end up taking them in and caring for them at home, so this is a way for them to get a bit of benefit when the parents pass away. |
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Barry auh2o
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You may, with their permission. They would have to sign the application.
Depending what age the "elderly " is, the premiums might be very, very expensive. |
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Tom K
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depends on your motives |
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Frank Castle
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Yes. |
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