janine62 Asked December 12, 2017

My mother is 79 and I am trying to find the best affordable life insurance. All suggestions are welcome and appreciated.

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janine62 Dec 16, 2017
Thank you all very much for your input. It is pretty much what I expected to hear but I wanted to make sure that there weren't any other options I might have been overlooking.
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STP Dec 12, 2017
I do agreed with JoAnn29, some insurance co., wants her money really bad and she got sucked into it.... It's would be wasting her money! I got term insurance from credit union since 1992, if I died now $100.000 ... but if I live to be over 72 that go down to half... I'm paying for only $8.50 a month. The bottom line is "Waste $$$" for old age to buy any kind of ins!
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Sunnygirl1 Dec 12, 2017
My LO is always getting offers from AARP and AAA. I'd inquire and read the details. I'd deal with a reputable company and not give any personal detail information.

Also, I'd research how to cut cost on burials. There's a lot you can find online about simple things to reduce the cost by thousands of dollars.
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Sendhelp Dec 12, 2017
My experience has been, there was going to be an expiration date, when the insurance policy would no longer pay the benefits.

Some of the fine print comes and only after buying the policy, can you read it.
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JoAnn29 Dec 12, 2017
My question is, why does she need life insurance. She isn't even going to benefit from it. If she passes with no money no one is responsible for her debts. If she has some assets the bills will have to be paid before anyone gets the money. Then u have to consider Medicaid, they will request the policy be cashed in for her care. If the policy is for her funeral expenses then have it stipulated that is for funeral expenses so Medicare can't take it. Funeral expenses include flowers, stone, and luncheon.
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Countrymouse Dec 12, 2017
Is this intended as a funeral plan? Read the terms and conditions very carefully. There are some good deals out there but there are also shocking rip-offs. And don't put your personal details on line or you'll never hear the end of it, Rebecca is quite right.
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RebeccaCP Dec 12, 2017
I work in the legal department of a financial company. The life underwriting team is a team I support, along with actuarial. What both posters above me have posted is accurate.

Please consider paying the money you'd pay in premium into a savings account instead. The premium for even the most basic policy (let's say, 10K to pay for funeral expenses) will be very expensive, if you can even find a company who would write the policy. I can confirm at 79, your mother is outside the issue age most insurers would accept, or on the very edge for the few companies that would consider writing her."

If you want to continue investigating a policy, you could try an online quote service (just google "life insurance quote"). Just be prepared for the instant phone calls that will start as soon as you enter the information, but you would get a relatively accurate quote and the company offering the policy, along with the basic policy terms.

Best of luck.
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igloo572 Dec 12, 2017
At 79, your mom is outside or at the edge of the actuarial tables that insurance companies use to determine risk. Not insurable as she more than likely has a comorbidity that is a factor & adds into risk profile. Life expectancy overall in US according to CDC is 78.9 years with 81.1 for females.

She may be able to buy one of those small insurance policies that tout $ to pay funeral costs that are on TV. There’s been a couple of folks who have posted on their experience with them with parents policies on this site awhile ago. If I’m remembering correctly, all seem to have a 5 or 7 year payment requirement BEFORE payout can happen. So if mom dies at yr 3, even though current on payments, no benefit. The risk table for this type of insurer is set for 5 or 7 years, so not till beyond that does policy pay. You have to read the policy carefully.
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Midkid58 Dec 12, 2017
Life insurance for her? At age 79, it is going to be super expensive---it's almost not worth it. You will find that the monthly/yearly rates are sky high and the payout is minimal. Even if mother's health is PERFECT, her age is really against her. Some tables don't even go as high as age 79.

Saving the amount you would be paying into a life insurance policy might make more sense at this point. Talk to several life insurance agents and see what they say. They actuarial tables don't lie--your mother has lived almost to the end of a "normal" lifespan" and any insurance company is immediately going to see that.

Is this insurance to pay for end of life costs, such as burial, headstone, etc., or as an inheritance? If it's for the burial costs, probably better to set up a pre-pay system. If it's for inheritance--well, doesn't matter what it's FOR, just, be prepared to pay a small fortune.
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