Where can i find term life insurance for someone over the age of 80 say 81 years old?

Question

Where can i find term life insurance for someone over the age of 80 say 81 years old?

Answer 1

You won't.

Answer 2

Most insurance companies will not insure anyone over the age of 80.

But here is the name of a company that will insure up to age 85 in my state. If the company does business in your state, it might insure up to 85 there also.

See if you can find a local agent who sells for Motorists Life Insurance Co., or Motorists Mutual Insurance Co.

Although I am retired, I'm still licensed with Motorists. I received a new updated underwriting guideline in today's mail, effective July 1, 2008.

The company will write up to $49,999 with only a telephone interview with an underwriter, for ages up to 85, if the proposed insured is in good health.

They will write up to $2,000,000 on a person of that age with a lot of medical requirements, and a financial statement.

Motorists Life has an A.M. Best rating of "A-" (Excellent). This measures the company's financial condition and claims-paying ability.

The life insurance for senior citizens advertised on TV usually has a two-year waiting period before the policy is in full force.

Go see or call a local agent to see if his/her company will write someone of that age.

If this person has the cash, he or she might want to by a single premium life policy, a single premium deferred annuity, or go to the local funeral home and purchase a pre-paid funeral.

Remember, the average lifespan is about 76, so the person you are refering to is living on borrowed time.

Hope this helps.

Answer 3

DON'T watch TV and stay away from the info-commercials.

Call a LOCAL financial planner that  specializes in life insurance. But in most cases, it may NOT be a good idea to purchase a policy.

Answer 4

I don't know if they sell term life insurance for someone over the age of 80.  However, you can look at permanent life insurance for lesser coverage - that's an option.  Call and ask insurance companies about it.

Answer 5

Watch a lot of TV. They have many insurance commercials offering term life insurance over 60, without Medical exams, etc. But first, get their free information packet BEFORE applying. Many of them will send you one via the mail free, just beware, and read the fine print, first.

Answer 6

Why would you want term?  For someone 81, the price for term, and whole life, is going to be THE SAME.  That's because at that age, you're probably going to have to pay out pretty much the face value of the policy.

In other words, if you want a $10,000 policy, you'll have to pay $10,000 in premium.   It's then paid in full, so why would you want it to expire in one year, when it could just stay in force for up 15 years??  That doesn't make any sense.

OTOH, if you're hoping to pay $100, for one year, and cash in $10,000 when Grandma kicks off next month, it's not going to happen.  The odds are ALWAYS going to be in favor of the insurance company, and Grandma is too old to get favorable odds.

Answer 7

You can buy life insurance, but you can't buy term.