Georgia Firearm Forums - Georgia Packing banner

1 - 12 of 12 Posts

·
Lawyer and Gun Activist
Joined
·
28,110 Posts
Discussion Starter · #1 ·
Does anyone know of an insurance company that offers life insurance policies for really old people, 80+ years old?

Most insurance companies only insure up to age 75 or 80, it appears.

I did hear one company advertise on the radio, saying it insured people up to age 85, but I was driving and could not write down their number or website. I tried to memorize it until I could pull over and write it down, but I was not successful.

I just spend 20 minutes on the internet, and this is a terrible way of researching insurance. I specifically search for "elderly" life insurance and I get directed to companies that I know, from past experience, won't write such a policy.
And I'm not interested in leaving my contact information at dozens of different websites to be spammed by insurance salespeople starting tomorrow and ending 10 years from tomorrow. (Salespeople WILL call you regardless of whether they have the kind of policy you want-- they'll try to switch your interest to some other product they offer.)
 

·
Registered
Joined
·
7,594 Posts
Colonial Penn
 

·
Registered
Joined
·
7,594 Posts
From a Yahoo blog on them:

HI, your friendly insurance guy here again.

Thjere are two ways this typically works. First, the policy face value is going to be small. SEcond, the policies are configured as Modified Whole Life.

that means that in first year, if your insured party passes, you may receive either just your premiums paid or a small percentage of the face value. In the second year you may receive premiums paid plus interest or a slightly higher percentage of the face value.

Some number of years after issue, the policy would pay at full face value.
Source(s):
Licensed insurance and investment rep - me!
 

·
Registered
Joined
·
640 Posts
IMHO insurance for the elderly is a waste of time.

Insurance is a hedge against the unexpected. At 80+ the end of their life isn't exactly unexpected.

Personally I think you'd be better off putting whatever premiums you'd pay into a CD, and hoping they don't pass for a long, long time.
 

·
Registered
Joined
·
1,992 Posts
Guy at work couldn't collect on his aunt's death (just burial amount, he wasn't trying make a profit). The lady even fell which lead to the death. The coroner said good luck trying to collect they won't pay. Turns out the coroner was correct. I know there are many types of policies, but I doubt you can find one that would be worthwhile.
 

·
I watch the watchers
Joined
·
12,883 Posts
I had the pleasure of selling insurance for a short time, and I'd have to agree with AR-trvlr. The purpose of life insurance should be to provide income replacement for minors in the event of premature death of the insured. If someone has passed the age of needing to provide for others, then their absolute best bet is to either 'self insure' enough to be buried with or buy a 'burial policy'. Unfortunately, the actuarial tables for octogenarians is rather poor for any insurance policy.
 

·
انا باتمان
Joined
·
11,745 Posts
My wife works for state farm, and she says it is possible (but crazy expensive). But she says the best bet is a final expenses policy, but even that is expensive. If you need the money for final expenses a cd is not a good idea because of early termination fees, and you may have to pay estate taxes. There are no estate taxes on insurance payouts.

She can tell you more. If you pm me, I can have her call you.
 

·
Registered
Joined
·
3,721 Posts
NOT to be morbid, nor to take this too off-topic, but if the concern is for at end of life expenses & burial expenses, one might consider making "pre-need" funeral/burial purchases. MUCH cheaper. Pair that with an estate package (Will, Living Will, Health Care Proxy, Power of Attorney), and this gives peace of mind and takes care of lots, though not all, concerns.

I am no insurance expert, but agree insurance at an advanced age might not be a good fit for many. I am not guessing as to OP's needs. It all depends what the ultimate goal of the sr. citizen might want to accomplish.

Hope all works out
 

·
Registered
Joined
·
15,974 Posts
My GF is an insurance agent. PM me if you want to get advice and/or speak with her.
 

·
Registered
Joined
·
15,974 Posts
She said she doesn't think she can sell you anything but try the Palmer Agency.
 

·
Registered
Joined
·
7,555 Posts
Old age is one of those darned 'pre-existing conditions'.

Maybe the government someday will require life insurance companies to write old folks policies at young folks rates.
 
1 - 12 of 12 Posts
Top