Life insurance??

Question

Can my 84 year old grandfather get life insurance, he has no medical condition. He doesn't own a home and obviously doesn't work. Is there any policy out there for him? How about my 74 year old grandmother and my 65 year old father? All in good health.

Answer 1

Maximum age I can write with any of my carriers is age 80. Your grandmother and father can certainly buy a policy, at standard issue if in good health. Yes, premiums will be higher on them than for someone younger, but still cheaper than paying out of pocket for a complete burial. That's the beauty of life insurance, you transfer the risk to the insurance company for pennies on the dollar.

Answer 2

Your father - maybe.  But the premiums will be very high.

Answer 3

You'll find that policies will have a maximum entry age.

I think 75 is probably the oldest they'll look at (ING) for Life insurance.

The cost is also astronomical for someone that age.

Answer 4

Maximum issue age is 90 with the right carrier.  I'm talking about an A++ company with a Comdex of 99 and over $100 billion of admitted assets.

The thing that concerns me is the financial situation of your grandparents.  If they don't own a home, it's probable that they have very few other assets.  Insurance is a financial tool, and because with no assets, their estate could be finalized as insolvent, paying the money now might not get their estate anywhere in the future.  At this age, they should probably only consider buying insurance for wealth preservation or asset transfer.

Of course premiums are higher with age, but generally the ROI is higher too.  That's a good thing.  These other agents sound like they only sell to 30 year olds - which leads to mis-information.

Answer 5

I work for life insurance company, and I am sorry to inform you that your 84 year grandfather is not eligible because he is too old.  So does your grandmother.  Your father might be able to some companies.. try to find a website to compare insurance companies.  There is a website which let you compare life insurance policies and premiums.

Answer 6

United Insurance Co of America

has plans under $10K (burial policies) & they do their best to make it affordable...and they will come to the house & collect the payments if necessary