Where can I get a good life insurance policy for my father?

Question

He is already 63 years old, a smoker, and not so great health. I don't want a million dollar policy just enough to cover a funeral and his last debts as I will be the one to take care of this. Any ideas?

Answer 1

I have never seen a policy that cost the same as it is going to pay out. If you know you will live forr 20 more years then wait until year 19 to buy insurance. Since no one knows when we will die insurance is the only way to protect your family from coming up with the cash for your final expenses.

I  suggest you look for a local broker that can help you sort through the different companies available.You can us 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 someone that specializes in life insurance. These areas of insurance even require separate licenses. Plus you auto agent will sell you the brand they represent when a broker has more flexibility in the plans they can sell.

Answer 2

Start with the guy that writes your homeowners/auto coverage - if he doesn't do life, ask for a referral.

This is going to cost about the same as it's going to pay out - so you're REALLY best off just putting your money off to the side to pay for it.

Answer 3

I agree with Magoo-If you lived in Iowa I could help as I specialize in Final Expense policies. He can get a modified coverage meaning for the first two years you will be paid the premiums plus a percentage but depending on what company he could qualify for immediate benefits. Look for an independent agent specializing in such a policy as most large companies want only large policies. Good Luck! www.thechesapeakelife.com and www.unitedhomelife.com and Union Bankers-800-789-6364

Answer 4

I used http://www.nationalinsurancesite.com/lif... for my wife and I. They'll provide you with a list of quotes to choose from. Pretty neat service. Give them a try. Hopefully they can help you out.

Answer 5

The fact is that it's very difficult to obtain life coverage if you wait until you are 60+ years old and not is great health.  Even if you can find coverage, it will be VERY expensive and probably come with exclusions and waiting periods.

Answer 6

A broker can hook you up with a lot of companies that will insure your father with a 10,000 policy for about $64.00 a month. You cannot put 64.00 in a savings account or a money market account and save that much in 3 years. You could pay one month's premium and collect on a life policy, as long as you are honest on the application, I have seen it happen. If your father is not on oxygen, in a nursing home, or  diagnosed with a terminal illness, etc, he can qualify as a standard issue. Controlled high blood pressure and controlled diabetes is OK, as long as he is not on insulin, more than 50 units a day. If really, really bad health he can still get a modified policy for around 94.00 a month that will pay you 30 % of the face amount in the first year, 70% in the secondyear and 100% in the 3rd and subsequent years. 100% is paid for accidental death all years. Don't let anyone talk you out of purchasing a policy on your father if he can qualify, the older he gets, the more expensive a policy will be, just call a local agent or broker and get going, you know a ballpark figure on the rates now. Good Luck.

Answer 7

Your father can get guaranteed coverage for up to $50000 with very little underwriting. It is slightly expensive.