Life insurance for elderly parent

[hershey2014]

Where can you find affordable life insurance for my dad. He is 72 years old.

Thanks

 

[MommyMK]

At this stage in his life what are you looking for life insurance to pay for? Traditionally life insurance is there to help support a family if someone dies unexpectedly at a young age - so to pay the mortgage, college for children, etc.

 

[MillauFr]

Where can you find affordable life insurance for my dad. He is 72 years old.

Thanks

Why does he need life insurance? Who is dependent on his income?

 

[DisneyBill]

You may wish to look at physiciansmutual.com. My elderly parents were able to purchase from them even a little later in life than your father. Just keep in mind that the rates won't look anything like what you may be used to seeing for yourself.

 

[tinatark]

Why does he need life insurance? Who is dependent on his income?

At this stage in his life what are you looking for life insurance to pay for? Traditionally life insurance is there to help support a family if someone dies unexpectedly at a young age - so to pay the mortgage, college for children, etc.

Not the OP, but maybe to pay final expenses? A funeral, perhaps?

OP - maybe one of those whose commercials are on tv - Coloniel Penn? Won't pay within the first 2 years - although you would get a refund of premiums paid.

 

[onenursebrandy]

My credit union has a 2,000 "complimentary" policy, with the option to purchase extra coverage at the rate of $1.00 per $1,000...so $10,000 coverage is $10/month. This is MUCH more reasonable than what was quoted by colonial penn for my elderly father. Just find out if your institution offers a similar plan, have your father open the account, then you can purchase the policy.

 

[SUSIEQ]

My credit union has a 2,000 "complimentary" policy, with the option to purchase extra coverage at the rate of $1.00 per $1,000...so $10,000 coverage is $10/month. This is MUCH more reasonable than what was quoted by colonial penn for my elderly father. Just find out if your institution offers a similar plan, have your father open the account, then you can purchase the policy.

Is this for accidental death, or any death? Thanks.

 

[nalajms]

If they are members of AARP, there's usually a good association rate. Or AAA. You'll want a whole life or universal life policy, or perhaps called burial or final expense policy. Some funeral homes have a package, but I'd only consider those if they know they will be around that area. If there's a chance they move, it could turn into a pain with claims.

Why does he need life insurance? Who is dependent on his income?

As tinatark has said, funeral or final expense is very popular in the elderly market. There are also couples that buy it. Say the husband gets $2000 a month in SS and the wife only collects half of his at $1000. If the husband dies, the wife will collect the husband's share of $2000. The household will go from $3000 monthly income to $2000. It may not be enough for the wife to live on that without moving.

And for wealthier individuals leaving big estates, they buy the equivalent of estate taxes so that their heirs don't have to pay that out of the estate.

 

[*pixie*dust*]

At 71, options are quite limited unless you are talking a burial type policy. Traditional, higher dollar policies would be very expensive, if available at all. However, if you are looking for a 10-20k burial policy, there should be a number of options.

 

[Luvchefmic]

At 60 I just went to the Physician's Mutual site. The most I could get for a whole life policy would be $10,000. It includes accidental death but any other cause of death is not covered for the first 2 years. The quote for my age is $47.00 just to give you some vague idea OP.

 

[nalajms]

At 60 I just went to the Physician's Mutual site. The most I could get for a whole life policy would be $10,000.

I think that's the most you can get online. If you spoke with an agent, I'm sure you could get a higher amount.

 

[Luvchefmic]

Thanks nalajms good advice for myself and the OP. I much appreciate it.

 

[nalajms]

I think people sometimes get confused about how expensive life insurance is, especially for elderly. There's a reason ultra high net worth people buy life insurance to cover their estate taxes. They know they are going to die. If they estimate their heirs paying 2m in taxes, the life insurance policy for 2m is not going to cost them 2m! It'll be a lot less than 2m! So they're making money I guess it's the IRS that's making money

 

[onenursebrandy]

Is this for accidental death, or any death? Thanks.

Our policy covers any death as long as its not self-inflicted, an act of terror, or while on "Public" transportation (it reads on a plane, bus, or train, but would cover automobile accidents).

 

[DVC-Don]

The company I worked for (State Farm) before retiring last year offered a Final Expense policy for the elderly. I think it was $12,000 or $15,000 of coverage. No physical exam was needed but if death occurred within two years of the issue only the premium paid in to that time was paid out.

 

[Judique]

The company I worked for (State Farm) before retiring last year offered a Final Expense policy for the elderly. I think it was $12,000 or $15,000 of coverage. No physical exam was needed but if death occurred within two years of the issue only the premium paid in to that time was paid out.

Any idea what the premium range was? State Farm is my auto home mortgage provider at present, so I could call, but then I'd get Linda all excited. She's been my agent for awhile now and is in my age bracket.

I'm probably over insured, but what the heck.

 

[hershey2014]

Thanks for the replies. Yes were just looking for something to help with burial.

 

[Chuck S]

You could go to the funeral home your family uses. They should have burial policies.

 

[Iowajes]

You really should weigh the cost of the policy vs the expected cost of burial. Anything at that age will be expensive because insurance companies basically gamble the payoff vs. what they bring in. They are there to make a profit, not help people out
How is his health? 8 years of high premiums, for instance, very well could exceed the cost of a funeral, so it's worth doing the math.

 

[tvguy]

I would strongly suggest a long term care policy with a life insurance component, not life insurance.
Not knowing his financial situation, if he doesn't have enough saved to pay his final expenses, his income is probably too low for him to afford a life insurance premium. One month of long term care costs more than a funeral.