Can I buy a life insurance policy for my 77 year old mother?

Answer 1

There's a high probability that companies will not want to insure a 77 year old woman. Why? She is so close to the life expectancy. There are a few companies that will insure her, but it will cost alot of money. You may be paying around $40-$100/month per thousand coverage. So, for a $10,000 policy, it can cost you $400-$1000/month for a small policy.

If you are looking to buy life insurance to just cover the funeral expense, you are better off just putting that money in the bank or in an emergency fund and use it when the time comes.

Answer 2

Yes you can. It will be costly, however.
I just ran a few trial illustrations and have found one company that can issue a $100,000 policy for about $4,050 annually assuming the woman in question is Standard Non Smoker health rating.

My asusmtions were:
77 year old female
standard health class, no tobacco use
resident of the state in which I live (which I will not disclose here).
Annual payment rather than monthly.
No riders.

The policy, under those conditions, is $4,050 annually, payable till age 100, and has a no-lapse guarantee till age 121.

So yes, it IS possible to do this. The affordability will just depend on her age and health.

The policy I found, by the way, is issuable till age 90.

Answer 3

Yes. What is the state of her health? There are some that may require a 2 year waiting period and others that may be modified life: pays a certain amount each year for the first 2-3 years before providing full coverage. If you need it strictly for burial purposes you may want to check with your local funeral home for a 'preneed' policy.

Answer 4

possibly. The coverage will possibly have regulations and pay a partial dying income for a volume of time. This limit is stated as a graded income and it enables coverage firms to grant rules to the elderly at an afforable fee. be careful besides the undeniable fact that, it relatively is extra valuable to easily open a cost reductions account and get a extra physically powerful return on the money you put in.

Answer 5

I suggest you to visit this web site where you can compare rates from the best companies: http://HELP-INSURE.NET/index.html?src=5YAxnu68umH27deW1

RE :Can I buy a life insurance policy for my 77 year old mother?
1 following 16 answers

Answer 6

I am not sure, because most of insurers do not want to insure such an old person. If they will, usually you must pay very high premium. Furthermore, if your mother have any illness, they may impose extra loading or even don't want to insure at all. You must check yourself.

Answer 7

Absolutely. ANY company would sell you a policy, with no medical exam, for the face value (payout amount) plus 10%.

So $5500 would buy you a $5,000 policy; $11,000 would buy you a $10,000 policy.

Your mother will have to agree to it, and sign off on the application.

Answer 8

Life insurance with cash value don't pay out cash value when you die! They say its a good way to build savings! How is that so if you lose it all and it doesn't go to anyone when you die? People say you can borrow it. Why do I want to borrow my own money that I paid for? Cash value = scams!

Answer 9

Yes, but it will not be a good investment. Take the money you would have paid as a premium, and invest it. You will do better in the long run.

Answer 10

David Reynolds and Nicki Williams posted the same question. You should read the answers side by side.