What are some decent Life Insurance companies for the elderly?
My father is searching for some life insurance;
he is 71 and is looking for a term policy for 0,000. for a minimum of 20 years.
Know of any Companies that are good?
My father is searching for some life insurance;
he is 71 and is looking for a term policy for 0,000. for a minimum of 20 years.
Know of any Companies that are good?
December 27th, 2009 at 11:15 AM
There are many good companies that can create an option for you dad. I would contact a few independent agents and ask them to bid on it.
He might not be able to find true term insurance, but something that looks and feels the same. Because this policy would take him out to his age 91, you might not be able to find it by running spreadsheets online.
Try this site to find the best life insurance
http://best-life-insurance-usa.blogspot.com/
Here you can get quotes from different life insurance companies in your area, its the best way to find an affordable life insurance with a reliable company.
December 27th, 2009 at 11:15 AM
Your best bet is going to an insurance broker and getting it through them. They can get you better rates than what would be offered through the company’s themselves.
Below is a link to a good insurance agency. He’s an honest person (hard to find these days).
Good luck
December 27th, 2009 at 11:15 AM
Go with NO ONE who promotes their own interest or family interests or friend interests. Frankly IF he finds the policy it will be a fortune at that age. Why does he need an insurance policy period? Does he have dependent children, a spouse, he certainly doesn’t want to pay those premiums for grown children out on their own.
December 27th, 2009 at 11:15 AM
why would someone that age need so much life insurance? he should have much, if any debt at that age to have to worry about paying off. anything is going to be expensive
December 27th, 2009 at 11:15 AM
First, be sure he actually needs insurance. Coverage at that age will be costly. That’s because it’ll be virtually impossible to find a company willing to offer 20-year term at his age.
The lowest cost option you’re likely to find is Guaranteed No-Lapse Universal Life. It’s a form of Universal Life that does NOT serve to accumulate money; it just functions like a permanent term policy. And it’s usually issueable till age 90.
the main three carriers I’d suggest would be New York Life, Mass Mutual, or Northwestern Mutual.
At his age, though, the main reasons for insurance would be estate conservation (giving back what the IRS takes away) or debt cancellation.
If it’s about debt, before buying insurance check to see if the creditor either already insures the debt, or if death cancels the expectation of repayment.
Remember - ONLY buy life insurance if it’s needed and it’s the most effective financial instrument/strategy for the situation.