Life insurance face amount paid at age 100 even not dead?

Question

A life insurance company offered me to buy a whole life insurance policy worth 10k at a monthly premium of 37.50. I am 59. They said that they would pay me the full amount of the policy when I reach the age of 100 and still alive. Is it real?

Answer 1

10,000 won't be worth much of anything in 41 yrs due to inflation and you will have paid over 18000 in premiums by age 100 - doesn't sound like a very good deal to me - for the same monthly premium, you can probably get 10x as much term life coverage = life insurance is for your survivors, not you

Answer 2

There are different types of whole life policies out there.  When you reach 100, you will be paid for the face value.  However, if you die at let say age 85, you'll get the $10K, but the so called savings that is built in the plan does not get paid out.  The insurance company keeps that.  Oh, and not to mention, if you take any of that savings out, when you die, you get the face value minus what you took out.  If you are 59, you can still get a term policy.  However, the savings will not be as good as if you bought it ten years ago...

Whole life is a rip-off, but agents make 4-5 times more commission selling that than term...Those agents who do this won't agree with that, but its the truth.  Your best bet is to find a term policy and start a savings plan separately, and contribute to it every month.  This can even be just a regular savings account if you want...In ten years, you should be able to save up $10K for your family.

Answer 3

Yes. Whole life premiums are based on a 100-year lifespan. When the insured turns 100, the face value of the policy and the cash value are the same. At that point the policy has “matured,” and you can take the cash.

Answer 4

Unfortunately at age 59, its true that you have no option but to purchase Whole Life, or any type of life policy that you could #1. afford

#2. qualify for

#3.healthy enough for.

All insurance companies discriminate unfortunately but the life insurance policy you speak of.....is a rip off.

Answer 5

put 37.50 a month in the bank for 41 years at just 3 percent interest and you would have over 33 thousand dollars.

Answer 6

s.and d e.You better hit the books again. Both term and whole life will pay out whatever the insurance benefit is, upon death.

You might however, be thinking of some of those policies that are offered on tv..guaranteed issue especially for seniors. Those do generally have a two year exclusion which pays out only premiums paid in. But to say that you should NEVER by whole life, is irresponsible.

And for you Doctor Deth... try comparing rates. As you get older, especially for those in the mid to late 60's.. the difference between the cost for term insurance and whole life is almost negligible.

Answer 7

NEVER buy a whole life policy.  seriously, what are the chances you will live to 100.  whole life policies are a rip-off.  they are essentially a savings acct.  if you buy one, and you die next year---the only benefit is what you have paid in.  buy a term life policy if you need insurance.  however, if you have plenty of money to cover your expenses and burial--then you don't really need life insurance.

Answer 8

why would you ever want to buy whole life or cash vlue? that stuff reeks of evil and misrepresentations. never buy whole life or cash value unless u want to lose a lot of money to the freekin insurance companies that sell trash value run away as fast as you can yell theif but dont ever buy whole life.