What kind of Life Insurance is out there for the Elderly? 70 years old and up.

Question

I've seen some on TV and for the life of me, I can't remember all of what's out there. So far, there is no life insurance on my husband's mother and he and I are wanting to take out life insurance on her.

What kind of life insurance is out there for ppl 70 years and up that does not require a medical background? She has a bad hip, smokes like a turned over train, and she hasn't had a physical in aprox. 15-20 years. And she has no assets of any kind to help with expenses if she should pass unexpectantly. This is why my husband and I feel that it is important that we take out Life Insurance on her.

Thank you for your help. :-)

Answer 1

You can look up life insurance companies on the internet but realize that it may be expensive to get a term life policy on her.

Answer 2

Because of the high risk, a lot of companies won't insure some like that all. There are a LOT of companies and you'll find one that will take the risk, but the premium will be very high relative to the benefit. It may not be a good investment for you. You are probably goign to be looking for what used to be called "burial insurance".

Answer 3

Long Term Life for elderly.Is the 70 yr old not already covered under medicare? If not, I would suggest that if you can't afford Long term Life.

Answer 4

Well, it's called "guaranteed issue" coverage.  

The way it works is, you have to make monthly payments, and she has to live at least 2 - 3 years (varies) before the policy will pay out.  It's kinda like a pre-paid plan.  

That $5,000 policy, well, you'll have to pay $200 a month or so, for at least 2-3 years, to be able to collect it.  Do the math.  

You'll probably be better off just putting the money in the bank.  If she lives more than 30 months, you'll even have more than $5,000.

Answer 5

There are several companies out there that do insure 70+.  As has already been stated, you will have to pay a higher price, but it might be worth if to make sure you have enough to pay final expenses.  I can name a couple of companies that I know write over 70, AFLAC, United Insurance Co of America and AARP(through NY Life).  Check with a local agent and see what you can find.  It will be worth you time.