My mother And I have been taking care of my grandmother who is 92,24/7 Am I able to take out life insurance?

Question

Can I carry a lfe insurance policy on my grandmother?

Answer 1

Yes you can get an life policy on her. But, the cost of the policy will be to expensive to justify getting a policy on her.

Answer 2

If you mean can you purchase a policy on her, the answer is maybe. She would have to sign the application to testify that she is aware and approves a policy on her life. This means she would have to have legal capacity - or know what she is doing. If you mean can you take funds from the cash value of a policy, the answer is only if you are the owner of the policy.

If you do want to have a new policy written on her, be prepared to pay dearly for it. I work in the Financial Planning industry and I am a fully licensed Financial Representative and I have not heard of companys underwriting anybody over age 80/85. Plus she may not be able to be underwritten if she is required to have constant care. My advice is to talk with a financial adivsor who has access to multiple insuarnce companies. This way you get the best deal if you can even find a deal.

Good Luck!

Answer 3

Good luck trying to find a company who would be willing to write a policy on a 92 year old who requires 24/7 care! You'd have a better chance finding the Holy Grail!

Answer 4

Yes, but you need your grandmother's permission and cooperation to do it. If your grandmother is legally incompetent, her guardian must approve of it.

But from a practical point of view, you probably aren't going to be able to afford to buy a policy. It's probably going to cost more than the insurance payout.

Answer 5

if you are one of the beneficiaries in her life insurance contract, than yes.

Answer 6

NO.
AGE EXCEED WHAT INSURANCE WOULD WRITE POLICY.

Answer 7

no