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Additional Details
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premium_t | My dad is 67 and wants to get a 1 year term insurance. Are there any companies that are reasonable? |
67 Years Old
$250,000 face value
1 Year Term
Additional Details
No, he is in great health, its to satisfy my Mother because he wants to work for another year. So basically he is in good health, just the policy for anything unexpected and to calm my mothers fears. |
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Zarnev
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You'll want to visit a local independent agent who can search the market to find the best plan available for him. There are very few 1 year term policies available. After administrative and other fees the insurance company will not make any money for one year. He'll probably have to go with a 5 year term. If he decides not to continue past one year he can cancel. |
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cradduck205
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Does he expect to die soon? Most companies do a health examination and therefor if he is not in good health (really the only reason you would want a one-year term life insurance policy) his rates will be very sky high if they even accept to write him a policy. Try looking at something like Colonial Penn, some companies don't require a health examination.
Also, if you send me $10,000 I will pay you $250,000 if your dad dies in the next year. |
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insuranceguytx
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I suggest you work with a local agent.
First think about your father's & mother's GOALS. A one year term policy on a healthy 67 year old is available but you are basically throwing your money away. The insurance company will ask a lot of health questions and require various health tests (blood and other samples - I know TMI). They want to make sure your father will live for more that one year - no heart problems, no kidney or liver problems, no cancer etc. Once they issue a policy, your father will pay a premium. If he dies (such as in a traffic accident) then your mother will collect. If he does not die, your mother gets nothing.
Your parents need to answer the question of what will their financial position be both now and in one year (after you father works and earns income for one year). Will a one year term policy improve that financial postion? Will each one of your parents have future debts - mortgage payments, medical expenses that would burden either one of them if the other should pass?
Go meet with a local agent.
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ben s
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It would cost him about $2,300 in premiums. |
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aaron p
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The least expensive term policy is going to be a yearly renewable term (YRT) sometimes called an annual renewable term (ART). While he's having his insurance broker check around for that, he should also look into a 5 year term (as previously mentioned) and believe it or not, sometimes a 10 year term is less expensive than a 5 year.
Personally, since it sounds like he is going back to work to have something to do, I'm not sure that $250k of 1 year term really makes sense. Why doesn't he go crazy and meet with a financial planner about his retirement plan and ask about what life insurance, if any, he should have right now. If your mom is in on the conversation, he might just save the money he'd otherwise throw away on this term idea. The most objective advice will probably come from a "fee-only planner". |
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mbrcatz
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Reasonable, for a guy who's at the end of his life expectancy? It's going to cost you darned close to that $250,000. It just is.
Insurance is all about odds. Whatever the reason he only wants a policy for ONE YEAR, that pretty much means he thinks he's going to die in the next year.
The average male life expectancy in the world today is . . . 67 years. So . . . if his health is PERFECT, and he's never been out of the US, you MIGHT find someone willing to sell you a policy for $100,000. |
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