By clicking
Talk to a Specialist, you agree to our
Privacy Policy. You also consent to receive calls and texts, which may be autodialed, from us and our customer communities. Your consent is not a condition to using our service. Please visit our
Terms of Use. for information about our privacy practices.
Late stage life insurance is like trying to bet on roulette after the ball slowed down and is almost set.
Is it to have $ to pay for a funeral & burial, that is better done by going and paying in full for a pre-need funeral agreement. If there is Medicaid possibly in your mom's future, you need to make sure the policy is irrevocable with no cash value in order for it to be OK for Medicaid.
OR is this for life insurance to leave $ to family? That is going to be very very expensive and if you can find a company that will insure an 82 yr old with Alz, the face value of the policy will likely be small (10K - 25K) with the premiums required to be the same amount if not more. Again if Medicaid may need to be applied for, you may find that moving 25k in assets to buy a life insurance policy at this late date will be viewed as doing this for Medicaid asset avoidance and get a transfer penalty of the amount paid for the insurance policy unless the beneficiary is the state.
For health insurance, she should be on Medicare as almost everybody in the US qualifies for Medicare once they turn 65.
Pam - the commercials ads for those insurance policies should be banned. I don't know what is more egregious, the Reverse Mortgage shills or the life insurance ones. yeah sure & I have some land for you to buy on the Louisiana coastline….