2007-09-13 13:15:25 · 13 answers · asked by Anonymous in Business & Finance ➔ Insurance
the life insurance thing must be your idea not hers. so what is your motive? people at the age of 88 don't much worry about insurance, especially if they are sitting on $100,000.
2007-09-13 15:30:15 · answer #1 · answered by Zirconne 3 · 0⤊ 0⤋
What's the POINT of the life insurance? You want to transfer the $100,000 to someone else, tax free? Actually, if that's ALL her assets, it would be tax free anyway.
At 88, you're not going to get odds on her. So whatever the goal is, it's probable going to be cheaper to do it without insurance.
2007-09-14 03:59:01 · answer #2 · answered by Anonymous 7 · 0⤊ 0⤋
Yes, coverage is available up until age 90.
If you are looking to get the $100,000 out of her estate, or looking to increase the size of her estate, you can look for a single premium life policy, dump the $100k in it, and upon death her beneficiaries receive the death benefit tax free which would be greater than the $100k put into it. Check with your tax advisor for your specific circumstances.
2007-09-13 23:57:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The purpose of Life Insurance is so that surviving family members have the $$ to cover the loss of a breadwinner. This way they can still make the mortgage, etc. If this woman has no one financially dependent on her, or for whom the $100K inheritance wouldn't be enough; then she doesn't need life insurance.
2007-09-13 13:24:24 · answer #4 · answered by jglick1999 4 · 1⤊ 0⤋
As LifeInsurance Ag said, she may be able to qualify for life insurance up to age 90, but I don't think "put her into" is the right turn of phrase.
You might be acting more prudently by sending her to a fee-only financial planner instead trying to find a sale. If the financial planner sees a need for life insurance, they should reciprocate (being fee-only, they cannot sell commission products) and refer her back to you to execute the plan.
2007-09-14 03:34:08 · answer #5 · answered by aaron p 5 · 0⤊ 0⤋
My advice is that you refer your client to a Certified Financial Planner. Please do not just try to "sell" her something. She needs someone to individually sit down with her, go over her goals, her assets, her tax situation, etc. and then come up with a plan that will be in her best interests and in my opinion will probably not involve a life insurance policy.
It is admirable that you are trying to help your client and that you know to ask others for input but she really needs someone with the expertise of a Certified Financial Planner.
Good Luck
2007-09-13 16:49:09 · answer #6 · answered by Margarita D 6 · 3⤊ 0⤋
There are fairly agencies accessible, I fairly have written regulations for human beings of their eighty's (required regulations). in spite of if, the rates have been absurdly super, the as quickly as a year rates have been 25-40% of the demise income. those have been additionally for severely larger regulations, a small coverage for 10-20k does no longer be low in value for the business company to jot down. I doubt on of those assure subject regulations (AARP or any marketed on television) will artwork for you. while you're searching for an extremely final price coverage, touch a funeral domicile and pre-pay for amenities (additionally keeps the money out of the valuables).
2016-10-04 12:59:49 · answer #7 · answered by dutel 4 · 0⤊ 0⤋
Consideriing her assets and age , I don't believe it would be worth it.
I would suggest the client pre pan and pore pay her funeral.
That way she gets precisely what she wants, and what she pays for the funeral would diminish the value of the estate,......... and also estate taxes.
2007-09-13 13:30:21 · answer #8 · answered by Barry auh2o 7 · 0⤊ 0⤋
Term life?
2007-09-13 13:20:16 · answer #9 · answered by Ham8888888888 3 · 0⤊ 1⤋
Sure...the problem is the premium is about $100,000 per year.
2007-09-13 13:18:37 · answer #10 · answered by nevit 4 · 0⤊ 1⤋