Follow
Share

Life insurance over 80 is a good subject of concern. I want suggestion to purchase guarantee life insurance without any problem so that I can get whenever I want at premium rate. Any suggestion please?

This question has been closed for answers. Ask a New Question.
Find Care & Housing
Life insurance is based on probabilities and actuarial tables. At 80, well you are pretty well outside the limits on those unless you are a tortoise.

What are you hoping that a life insurance policy will do?
Helpful Answer (5)
Report

A total waste of your money. Put the money you would have spent in premiums in a great interest-bearing savings, CD or money market account.
Helpful Answer (4)
Report

This question came up in my feed again, so I'll add this: since I wrote, I bought a plot for my mom, as well as one for my husband and I at a local rural cemetery I really like. The plots were $3000 each, a lot cheaper than the ones I'd seen previously. I found it by doing research and shopping around.

Instead of going through the hassle of qualifying for life insurance, since dh and I both have health issues, I have started putting $150 per month in a dividend stock mutual fund. Hopefully, by the time we need it, it will be enough for 1 funeral/burial. I'm estimating that cost at 10-15k, and feeling pretty confident. At the very least, it will greatly offset the cost. In case anyone's curious, I chose the 5-star Morningstar rated T. Rowe Price Dividend Growth Fund.

I also have my mother's savings invested in a less aggressive fund. I'm hoping that earns enough to pay for her funeral. Instead of saving for her final expenses, I pay a nursing student to be with her 9 hours a week for a little extra fun and attention in the nursing home. It's a sacrifice, but she and my mother love each other, so I'm glad to do it. And if anyone's curious, I'm using Vanguard Balanced for her, a 60/40 stock/bond split.

I'm not saying anyone else should do what I did and I would never advise anyone to invest in securities unless you fully understand the risk, but this is what I'm doing to mitigate not having the money set aside for everyone's arrangements.

Yes, it would have been better if we'd all gotten life insurance when we were young and healthy, but we didn't. (Actually, mom got a low face value policy years ago that is now about enough to pay for her headstone.) And my plan won't pay out six figures, but it will allow someone to die and be buried without causing other financial strain (hopefully).
Helpful Answer (4)
Report

I know. It stinks. We live in NY but my mom is from SC. A plot at my local cemetery is about $10,000. A plot in SC behind the church where a lot of her relatives are buried is $1,000. It something I am considering, and not just for financial reasons. We literally have no family in this state. Another (cheaper) state is an option, as is cremation ($800) and a lovely memorial at your mom's favorite restaurant. We did this for a friend's mother who died in the World Trade Center on 9/11. The memorial, held at Sardi's in the theater district was quite beautiful and no less sacred than a funeral home memorial. Friends celebrated her life, and laughed, and cried, and prayed, anf talked about Broadway shows she'd enjoyed. The following spring I went to see "The Full Monte" in her honor. I guess what I'm really trying to say is, there are manu beautiful ways to celebrate and honor a life. Some may actually be better quality, and cost less. Good luck to you, Marauge.
Helpful Answer (3)
Report

Sandy, nobody is going to insure grandpa, especially a grandpa who needs someone else to care for him. Even my husband, at age 60, was uninsurable because he had a history of heart attack and skin cancer from years ago.
Insurance companies know full well that relatives look for insurance as a way to profit from a relative's departure. They are not stupid.
Helpful Answer (2)
Report

Why on earth do you need life insurance for such an elderly person? Do they not have their funeral pre-arranged? If that's the case, you would be better off, just making the arrangements and making payments on it Or do they still have dependents that will need support when he dies? That would be unusual. And in that case, you are likely to find the cost prohibitive. Age and physical condition will really increase the cose. (Those are the only two reasons I can think of that an over 80 might need it.) If you do go looking for low cost insurance, be careful that what you are buying is not for accidents only. I frequently see adds for low cost "guaranteed" life insurance where that stipulation is usually in the fine print . I figure that it's a pretty safe bet for the insurance company, who will likely never have to pay a dime out, as most elderly die in their beds, not as the result of an accident.
Helpful Answer (1)
Report

I'm nearly 70. I hope a lot of people will be sad when I die, but it will not be a financial hardship for anyone. I have a small policy that will cover burial. Beyond that I can't think why I'd want to pay premiums for (I hope) decades to leave money to someone else who is not dependent on my money?

So, why does an 80 yo need life insurance? If it is for burial, there are probably better ways to handle that need. Is it for you to be the beneficiary? Are you financially dependent on him now? Realize that after he dies you will be free to support yourself again.

I guess we are all puzzled about why you see a need for this expenditure?
Helpful Answer (1)
Report

I found out that the policy my father had for 30 years started to "cannibalize" itself after he hit 90. He had not read the fine print, did not know about it. So, after it "cannibalized" itself, it started sending bills for ...yes...$1800 a month......!

Lesson learned....might have been better to cash in the policy at 90, taken that money and played the stock market, given it to charity, give it to grandkids, whatever.

Agree with the others....invest the premium $ in something that somebody really needs.
Helpful Answer (1)
Report

Should a senior have Life Insurance? The answer is "it depends". The factors to consider include the following:

1. Other assets owned by the senior which may be liquidated to pay debts existing at the time of death.
2. Whether the senior has a spouse or minor children to provide for after death.
3. Whether the premium on the insurance is affordable given the senior's other income/assets.
4. If whole life insurance has been maintained for a number of years, whether cash value has accumulated to an extent of being able to support the ongoing payment of premium. If cash value is applied to the payment of future premium, note that the cash value dissipates and that only death benefits become payable upon the death of the insured.
5. If anticipated funeral and burial expenses have been prepaid or otherwise provided for. A small life insurance policy can be maintained for this purpose. Alternatively, a prepaid funeral plan can be obtained, which is a type of insurance.

In many cases, a senior should have no need for life insurance. If at all possible, a savings plan should be set aside to take care of, at least, final expenses. Unfortunately, human nature dictates that most people do not save any money for events such as death and end up paying high premiums on life insurance or leaving the responsibility to others.
Helpful Answer (1)
Report

All good answers. Life insurance is for the company to make money. They are not going to pay out more than they think they will take in on an account. When someone gets very old, there are usually conditions on the policy. The ones that you see advertised on TV that have no physical exam have high premiums and low pay-out and won't pay in the first two years for natural death. The advertiser says you pay just $19 a unit each month, but notice he doesn't say how big the unit is. These things are very tricky.

If I were 75+ and had no life insurance, I would take $100 and put it in the bank each month. In fact, that wouldn't be a bad idea for me at 64. If only the banks paid any interest, it would be better. Little guys have a hard time getting ahead these days.
Helpful Answer (1)
Report

See All Answers
This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter