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can old people get life insurance?
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can old people get life insurance?
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| 19/12 2013 01:19
The premium would be high because her life expectancy is short. Take the money you would spend on insurance and save it. The odds are that at the end of her life, you would have saved more money than the policy would have paid.
| 19/12 2013 04:06
Is money no object? Are you willing to pay $110,000 up front, one time payment, for a policy that pays out $80,000 on her death? If you're looking for "odds", it's too late - you won't find a policy with "odds", where you pay in less than you get out. But, now is the time for your mother and father - and you - to buy your life insurance, and get "odds". If you don't buy it BEFORE you need it, eventually, it's going to be too late - just like with grandma. Obamacare has nothing to do with life insurance.
| 19/12 2013 01:00
At such an age the cost of the policy would be very high and the amount that could be paid out would be very low. Insurance companies aren't in business to make bad bets.
| 19/12 2013 05:28
They CAN, but that doesn't mean it'll make sense. A $10,000 policy is between $1500-$2500 per year and wouldn't pay anything but interest the first 2-3 years.
| 19/12 2013 04:39
talk about waiting til Christmas eve! how long would an insurance company be in business if they insured houses after they burned to the ground? There may be a company that would write a very low limit policy, where if the insured dies within the first 2 years, or so, all you get is a return of premium. There may be a policy fee that is non-refundable. Save your money on grandma, but have EVERY BODY ELSE, in the family EXAMINE their need for life insurance. (oh, but I know, they don't need life insurance because they (fill in the blanks) I wish I had a dime for every time I proposed a $150,000 life insurance policy to a family man with 2-3 kids, a wife that worked for little more than minimum wage, for the COST OF A PIZZA, ONCE A MONTH, and to hear the guy say, "No I gotta buy a boat", or something else equally insane. Oh, well. We get smart too late, sometimes.
| 19/12 2013 19:43
Even if she could, it would be a bad idea. The cost of getting the insurance would be almost as much as the coverage, and possibly more. Basically, the company would charge a lot of money for the insurance, and pay about the same amount, or less, when she died. Putting the money in a bank account would be smarter. You'd still be able to get it when she died, and there would be no risk of losing some (or most) of it.
| 22/01 2014 02:44
Yes I agree Hugo90, that saving money would be worth it rather than getting a policy. However it wouldn’t be harm to ask a financial expert or an adviser. May be you can call on the following link to get a detailed explanation and the options available at this age.
| 19/12 2013 07:19
You can get life insurance at any age but it's hardly worth it at her age. To get a worthwhile amount of cover the premium will be very high. Your cousin is a financial adviser? Or just a know it all. That knows nothing.
| 19/12 2013 00:59
you may not like my answer, but i think she CAN get insurance from The Affordable Care Act (Obamacare) it is her age and her preexisting condition (altzheimer's) that are the reason she has not been able to get insurance before now. I think your family should try it.
| 19/12 2013 07:06
What is the purpose of the life insurance here? Life insurance is protection for heirs purchased at a time when the life of the person has an insurable interest. There are other reasons, but we won't get into those. If you are holding to make some money out of the situation (not saying profit), as in putting up $2K to get $10K to cover the final expenses, it is too late for that. At this point and given her condition, any policy she could find would have outrageous premiums. Think 50% of the death benefit as the annual premium. Oh yeah, they will also run medical tests, so any additional issues will need to be addressed as well.
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