I need help on starting a life insurance policy.?

Question

My husband and I were looking into starting one for his father, his father wants us to do this, I was wondering where do I start on this? I know theirs a million places that offer this but Im not rich and cant affored more than 20-30a month. I dont know what to do all I know is I need to look into getting one started, hes not sick just something were all wanting to look into doing.

thanks!

Answer 1

laws have changed you cant take the policy out on someone else his father would have to apply for policy and name you beneficary call any insurance company i pay 30.00 a month for $100,000 policy

Answer 2

You need to contact your insurance agent. Look under life insurance in your yellow pages.

For the monthly premium range you're looking at, you may be able to get a $5,000 or $10,000 policy. I will be just enough to take care of final expenses. I'm assuming your father in law is older and may have some health issues as most do. If he doesn't have any health issues and is still fairly young, you may be able to buy a policy worth more.

Meeting with your agent is definitely the first step! Either your husband or your father in law will need to sign the policy. You don't have an insurable interest in your father in law, at least not in the state where I live. Your husband has an interest, and of course your father in law does.

Make sure to have all of his medical history for the last 15 years. You'll need his social security number and all his other personal information.

Answer 3

See a local agent who handles life insurance.

Answer 4

Well, it's not based on what you can afford, it's based on the age and health of the insrued person, and how much coverage you want, and for how long.  

Assuming you're looking at a whole life policy, you want to pay about $300 a year, that *might* get you a $10,000 policy if he's under 50 and spectatuclarly healthy.

You do a yellow pages search for an independent life insurance agent in your neighborhood.