Does anyone know of any life insurance companies that will let you take out a term life policy for one age 69?

Question

My grandfather and I are really close. He keeps telling me that he wants me to get a insurance policy on him which makes me feel bad, because I get the feeling there's something else serious he is not telling me. If something happens to him I don't want to be in a situation where I can't afford to bury him & I know that that type of stuff is important to get taken care of. I have checked into it a little bit online, but from what I have read & been told....when someone is over the age of 65, life insurance companies will not let you get a term policy for someone that age. My grandfather is 69 years old and will be 70 yrs old this month. I really don't have a whole lot of money to pay for whole life insurance & believe that I can only afford to get a term life insurance policy. The problems I think I am going to have is that he smokes & is 69 yrs old. Does anyone know of any good insurance companies that will let me get term life insurance on him being that he is already 69 and smokes?

Answer 1

My mom had a Term Life insurance policy from Colonial Penn that cost about $30 per month, but it only paid about $2,500 upon death.  The advantage was that it remained fixed through to her late 80's and it never required a physical.

Your father is probably concerned because he doesn't have much left in his life savings and he wants you to have something when he "leaves".  My mom was in the same position.

Do it soon!  

Here's their website:  http://www.colonialpenn.com/Web/Home/Def...

The center of the page says, "Guaranteed life insurance for ages 50(+)".

My mom had her insurance policy for decades, but she had an episode like your father did where she fell at home and was dizzy, etc.  Her sodium and potassium went too low and we believe she had a mini-stroke.  5 months later she had a fatal stroke.   d:(  I think that's what your father is worried about, and what you're describing sounds stroke-related too.

Answer 2

It will be very expensive if you can find it at all.  As stated above Colonial Penn and other like them sell what is really burial insurance and the coverage amount is a function of age and how many units you buy, also the coverage is reduced for the first 2 years.  The question is why does he want the insurance.

Answer 3

there are a few term companies that will provide term life for him... you need to consult an independent agent. I can assure you its out there... you just have to find it. Try 800-MrRates and ask for Jay... he probably can help

Answer 4

You can get him a term policy, but a burial policy might be better. Just google Burial insurance. You can also look for a local broker that can help you sort through the different companies available. You can use yellowpages.com to search for life insurance brokers in your area.

A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state.

You can call your auto and home agent they specialize in property and causality insurance and usually have a good knowledge of life insurance.

But you may have better luck with a broker that specializes in life insurance they will have a wider selection of companies to offer.

Based on your additional info, you are going to have a hard time getting underwritten coverage. You are going to need to stick with Guaranteed Acceptance Life insurance. I just check Colonial Penn's Guaranteed Acceptance Life and for an 80 year old male it is $63 per month for a $3,000 policy. Your state may be different. http://www.colonialpenn.com/Web/Guarante...

You can also check AARP http://www.nylaarp.com/products/gal_dept...

and http://guaranteedacceptancelife.com/

The best you can hope for is something to help offset the cost of a funeral.

Answer 5

Strawberries,  Let me first start by saying that it is probably in your best interest to actually talk with an agent.  I know a lot of people are afraid to do so, but, at least with my company, it costs nothing to talk and figure out the details.  It doesn't cost anything to apply for insurance, and your grandfather will get a complete physical out of the application at no cost to you or him.

My company does offer life insurance to anyone under the age of 75 for Term Insurance and 90 for Whole Life.  However, with my company the Term insurance has a minimum of $100,000, which is way to much for your grandfather and puts the premium through the roof.  You can get a small $10,000 whole life policy, assuming he smokes and has no major other health concerns, the rating of Standard would get it to about $88 per month.  However, after  the physical you would get an actual amount depending on his rating, and then at that time you can decide if you want the policy or not.  There is what Insurance Companies call a FREE LOOK time period, for my company its 10 days after you actually buy the policy to decide if you want it or not, if on the 9th day you decide it is to much money, you can get afull refund and the policy will close.

Hope this helps you out, email me if you would like further information.

Answer 6

Most big companies can issue term policies to people age 70. I would suggest to contact any of this companies asap as the age is not a big deal, however the health condition might be more important (for the information on your question).

Answer 7

There are a number of companies that will insure him if the only thing going on with him is cigarette smoking and macular degeneration or cataracts (there are other "natural" ways to loose your eyesight that may affect underwriting).

If he wants you to have a policy on him as a type of gift, this is something he can do himself.  He can take out the policy on himself with you or a trust as the beneficiary (he could even gift the premiums).  If he wants you to take care of the burial costs, these could just be paid out of his estate or if his estate is not worth the burial, it'll be insolvent.  

Either way, this sounds like more of a hassle on you than a favor.  There are ways to contribute to your retirement when an older relative dies, but it's usually not a good idea if cash is tight.  Just tell him your money is better spent on paying off debts or saving for your own retirement.  He should be so pleased you're financially responsible.