purchasing life insurance on a 70 year old man?
85379
Chow, you don't know what you are talking about. Why did you answer this question?!?\n\nInsurance can be purchased in some cases up to age 85. yes, it will be expensive and difficult to qualify for, but there may be underlying reasons to consider it. Without knowing the details of your situation no one can make that call.\n\nRich does have a good point about LTC.
250227
One way would be to set yourself up with a General Agent. I use Bisys for this. Go to www.bisysinsurance.com for more info.
97347
You can contact just about any insurance agency and they will help you select a company with the best price. Of course your father has to want the insurance, you can't just purchase a policy on him. More than likely the insurance company will want him to have a physical exam of some sort (they will tell you), and they use those results to determine how much the coverage will cost. Needless to say , the older you are, the more you will pay. However, the better your health is, helps to keep the cost down. Go thru an "insurance agency". They are listed in the yellow pages. An insurance agency will have several different insurance companies that they work with. For example, they \ncould have Hartford, Safeco and Travelers that they work with. Good Luck
444048
Your best bet is to consult with an insurance professional.  All the major life insurance companies are reputable.  I would avoid anything on line.  An insurance professional will work out something for you within your budget and explain how to list your children as beneficiaries.  They do not have to be adults to be listed on your policy.
972712
Do as much research as possible, first you should realize that that Group coverage (which you currently have) is guaranteed issued without medical underwriting.  Individual and family plans that you purchase from agents, or directly from health companies are medically underwritten.  This means that if you or any of your family members have health conditions (or have in the past 12months) or take medications it may be difficult or impossible to obtain a plan outside of your husbands employer.  If your family is very healthy, then keep going and first ask get a list of your doctors and you should call your drs office and ask what health plans they accept.  Buying a plan that your Dr. does not accept would be worthless.  In the USA three types of plans have emerged in the last two years, 1. PPO Participating Physician Organization, you can visit any dr within the list of participating physician (normally thousands) and receive discounted rates, copays, and normally involve co-insurance. 2. HMO Health Maintance Organization, with this type you pick 1 primary care physician, and if you need specialty care, your primary care physician will refer you out.  3. HSA Health  Savings Accounts, these are High deductible plans, (perfect for self employed) these are long term strategic plans, you take control of your healthcare costs by purchasing a low costs High Deductilbe (normally 2500-10000) and you pay everything out of pocket until you have reached the deductible.  A smart consumer will open a HSA account at a financial institution (Federal Tax Exempt) earn at least 5% interest and fund it, whatever is not used up by the end of the year rolls over the following year (the money, and account belongs to YOU), Learn more at www.HSAInside.com\n\nLots to consider, I suggest you interview at least 3 or more brokers who specialize in Health Insurance and don't sell anything else.  Lots of plans to pick from, so speak to someone with experience.
793094
Hi, your friendly insurance guy here again. :)\n\nLong, but hopefully informative, post.\n\nLet's get the ugly bit out of the way first:\n\nTerm is cheap, Whole Life is expensive.  Whole Life pays an agent or broker more commission because it costs more and generally is given a higher percentage commission than Term products.  I mention this because there are a lot of people who hate Whole Life products and think the people who offer them are sleazy.  Thus, I am putting that bit out here right in front to satisfy the Whole Life Haters. :)\n\nHere's how Term Works:\nYou buy it for a specified period of time (typically 1, 5,10,15,20,25 or 30 years).  When that period, or TERM, is over, you can usually renew it yearly at a vastly increased cost until you reach a particular age.  The age at which you can no longer renew vaires by insurance company.  If you live past your TERM and have not renewed, your family gets nothing and you have lost all the premium money you spent (unless you have a "Return of Premium" rider, which not all companies offer and which is often extremely expensive to add).\n\nHere's how Whole Life works:\nYou buy it now.  It stays in force typically as long as you pay your premiums.  The payments stay the same forever; ther eis no "holy crap the renewal cost is insanely higher than last year."  It develops a cash value over time and in many cases the face value of the insurance goes up as well.\n\nThis, by the way, is the fallacy of all those people who say "the insurance company keeps the cash value when you die."  That's not exactly accurate.  As long as the cash value is in the policy, the typical function of it is to pay for additional face value of the insurance.  So yes, while you don't get a check for the cash value when you die, your death benefit will be larger than the original face value of the policy, making it generally a wash.  If you have had the policy for a very long time, the policy owner comes out ahead in many cases.\n\nThe cash value is NOT, NOT, NOT an "investment." That term is reserved for certain other things, like mutual funds.  It can be called a cash accumulation vehicle or a savings vehicle.  It is NOT an "investment."\n\nThe downside to Whole Life is that it costs a LOT more than the same face value of Term insurance - at least, in the short run.  If you buy a 20-year term policy for $100,000 at age 25, start renewing it annually after it runs out at age 45, and compare your lifetime costs, the Term policy will absolutely kill your wallet.  The Whole Life policy in the long run costs a LOT less than constantly renewing an old Term policy.  This does NOT mean Whole Life is for everyone.  It's only appropriate in some situations and for certain clients with specific needs.\n\nSo which one is the best?  This is the part where I hope folks who are shrieking "But...but Suze Orman told me to buy term and invest the rest" realize I am not some commission seeking scumbag:\n\nIT DEPENDS.  There is no "off the cuff" answer.  To know for sure which is the best for you, your specific situation needs to be evaluated.  Contrary to what other folks may say, I do recommend using an agent.  I do that because I am one and I treat clients properly.  If you go to an insurance company directly, you lose the benefit of having a local contact.  And guess what?  Generally life insurance companies are NOT going to give you a discount because there's no agent involved.  They charge the same and keep the commission money themselves.\n\nSo talk to an agent.  Talk to several.  Find one that you are comfortable with.  The agent should be focused on doing a full evaluation of your specific needs.  Be careful with anyone who says:\n\n"Buy Term and Invest the Rest." (they have a preconception of what's right without wanting to consider your case may not fit their mold - ask if they are willing to conside
889975
the thing is as a Life Agent they insurance companies that I work for would want to know why you are covering your children for $500,000.00 now you could pull a policy on yourself with no issue and that $11,000.00 you are looking at paying would be better for you you would be paying way over the needed amount to cover your children with compounded interest and everything if you are looking at pulling this type of policy I would love to help you with it I do not work for NY life but would be able to give you pointers as well as maybe show you a few other companies depending on the state that you live in that would maybe be better back to covering the children I know that all the companies I work for would wonder why you would insure your child for more then $200,000.00 without good reason IM me and I will see what I can do my IM is rahnside\nA Life Insurance Specialist\nRahn Sidebotham II
181816
Take a look at this article and its related links for info about life insurance: http://www.fuzeqna.com/iqcu/consumer/kbdetail.asp?kbid=745\n\nFor how to choose an insurance agent: http://www.fuzeqna.com/iqcu/consumer/kbdetail.asp?kbid=682\n\nFor how to choose a financial planner: \nhttp://www.fuzeqna.com/iqcu/consumer/kbdetail.asp?kbid=464\n\nI recently bought life insurance online using Insure.com.  I was very pleased with how smoothly the process went.  For $300 a year, I am covered for $300,000.  You'll want to consider your financial obligations when deciding how much coverage to get.  \n\nGood luck.
609996
Life insurance should only be bought to replace your income if something were to happen to you. Life insurance will not fund your retirement, but it will help your family be financially stress free for awhile. Keep in mind, you should avoid these type of policies: Whole Life, Universal Life, and Variable Life (or any mixture of those sort). Why? They are expensive and the cash value associated with it must be BORROWED if you want to use it. So the type of life insurance you should get right now is a 30 year TERM INSURANCE base on your age. Why? The longer you wait, the more expensive it gets (in any life policy). How much coverage you want is up to how much you think you can afford each month (general rule of thumb is to multiply your annual income by 10 to get the coverage amount).\n\nYou are correct that a ROTH IRA is good way to go to invest for your retirement. I recommend investing in Aggressive Growth Funds. I like Legg Mason Partners Aggressive Growth Fund. It has an average rate of return of 14% in the past 25 years.
244479
OK sorry 2 hear about grandaddy.I know exactly what you mean.FIRST and most of all ,do you have your Granada's information? On paper you need:SSN#,DOB,I.D#,mothersmaidenn name,at least 2 address's.DR. name.Most of all you will need the name of the life insurance company's of which he had.Now all this information I just gave you is for you to take a legal STEP.If not be your own detective!!!!!!FIRST find out how much his policy was 4 and how much his funeral ex-pens.were and do the calculation.If there is a whole lot of $$$presidents$$$ left over and nothing to show 4 then this is what you do.............MY FRIEND: you just let it be .I'll tell you why! After you find out what happened and  if every piece fits the puzzle it will put you at PEACE That's what is probably really bothering you most.REMEMBER if she did wrong it will come back on her it may take 1week,1year it will happen.He up above knows whats rightfully yours,be patient it will all work out I promise!!!One the other hand get a free consultation with an attorney they can help YOU DECIDE .Good luck,Marina
438673
Only product available that i know of is a "guaranteed issue" life insurance policy from Presidential Life.\n\nYou can get a maximum of $50,000 of coverage, and the death benefit is graded for the first years of hte policy, meaning that if you died in year 1-3, the company pays your premiums back only.  after that, the full death benefit is paid.
19232
Schedule a meeting with 2 different local agents from well known companies.  Tell them that you want to get life insurance and wait for their response.  If they don't ask you about your income, assets, loans, future plans.. then they are wasting your time.  You need someone that makes sure you get the right amount of coverage and the right type of coverage.
1006713
Life insurance is NOT primarily a savings vehicle.  You should not look at it for solely the savings feature.  If you do not need life insurance and simply need to save money, then I recommend you have your bank automatically move funds from your checking account to a savings account or mutual fund each paycheck and you will have much more over 20 years than any life insuarance policy.\n\nThat being said.....permanent life insurance has many outstanding features in additiona to the forced savings you are talking about.  Obviously, you have a death benefit, that you do not get in any investment vehicle.  You also get tax defered growth, also something that is not available on most non-qualifed savings vehicles.   You have ready access to your cash at all times, which may not be the case with some investment vehicles.  And last but not least....you have the tremendous opportunity to take loans against the cash values in the policy and not have to pay income tax on the income.  You do not pay tax on loans.\n\nAs a financial planner and insurance agent, I thoroughly enjoy this business.  I encourage you to really think about exactly what you are trying to accomplish and then choose the right vehicle.\n\nIf you have any other detailed question, just send me an e-mail.  I'll be happy to answer any other questions.
1048438
A term life insurance policy is a contract between you and the insurance company where if you die during the contract term they will pay your beneficiary the amount specified in the contract.  This is pure insurance and there is no account or cash value.\n\nFor example: If you purchase a 30 year TERM policy for 1 Million dollars then the insurance company will pay your beneficiary $1 Million dollars, tax free if you die in the next 30 years.  Some term policies offer conversion options without underwriting should you want to extend your insurance beyond the original term.  You would be converting into one of the policies I mention below.\n\nTerm insurance is the cheapest option and the shorter the term the lower the premium.  You may have heard the people say "buy term and invest the difference".\n\nSome term policies offer a "return of premium" rider.  This option usually increases the premium 30-40% (ballpark).  If you survive the term of the policy they will refund the premium you paid.  These policies do accumulate a small account value.\n\nUniversal and Whole Life Insurance Policies are the ones that accumulate a cash value.  Whole life policies are the most expensive because they are guaranteed to be in force until age 100.  Universal policies may or may not be in force until age 100.  If it doesn't say guaranteed to age 100 then it isn't guaranteed.\n\nThe account value of these policies grows over time and you can then either withdraw cash or borrow against it.  if you take the money out it may be subject to taxes.  If you borrow it there are no tax implications as long as you don't lapse the policy.\n\nLife insurance policies are not the best investment vehicles, but because of the tax benefits they can be a good alternative depending on your tax bracket.\n\nAgents will most often try to sell you a Universal Life policy.  This is because the premiums are higher than term and the commission is that much better.\n\nI tend to recommend guaranteed level premium 20-30 year term policies with convertibility options (just in case).  You should only consider companies rated A- or better.  I find the best rates come from American General, First Colony, Genworth, Met-Life, West Coast Life,  and Prudential.\n\n"A wife doesn't know the value of a life insurance policy...but a widow does."
1071472
its usually up to the company when they purchase the policy, most companies go with age 23 providing that the dependant is a full time student and 19 if they are not. Dependant children do, however, have their own right to COBRA, which extends their coverage for 18 months. After COBRA ends you sometimes have the right to CAL-COBRA which is another 18 months. As soon as all COBRA options are exhausted, you have the right to purchase a private health plan anwhere, called a HIPAA plan. The COBRA laws are regulated by the department of Labor, and the IRS. If you do not elect COBRA, your son will have to get MRMIP (Major Risk insurance) which is not a fun process. Having heart surjury means he is un-insurable for the rest of his life in the private sector, he will either have to get the HIPAA plan, or work somewhere with group insurance benefits. Good luck to you!!! (Sometimes when a child is extremely dependant you can go through a special appeal to keep them on your plan, but it may be very difficult)
134892
if the insurance policy was purchased in Louisiana , you can use this link to search for the policy http://www.ldi.state.la.us/Licensing/Life_Annuities/life_annuity.htm\n\nThere are some other tips at this page http://www.ldi.state.la.us/Licensing/Life_Annuities/life_annuity_before_submit_request.htm\n\nImportant potential sources of info include previous employers, trade associations, Banks where he maintained accts  or charge card, mortgage holders etc.  One of the financial institutions may have records of premium payments. If you have not already done so, file a change of address with the U.S. postal service so that any mail which went to you or your uncle at your former addressed might make its way to you.\n\nIf it was not purchased in LA, but you know the state, you can go to the other state web site and see if they have a similar resource or call their Insurance dept if you don't see this feature on the Internet.\n\nThere is also a site http://www.lostpolicy.com/ but they charge 79.95 and while I do not know if they are reputable, they do NOT have any BBB complaints\n\n You can also contact ACLI, who may have other suggestions ( or may be able to provide you with lists of company names etc. to help u remember) , they can be reached \nAmerican Council of Life Insurance\n1001 Pennsylvania Avenue, N.W.\nWashington, D.C. 20004\n(202) 624-2414\n\nP.S. Contact your congressman and let them know you think there should be a national law to requir insurance companies to search a nationally established database of the casualties of all Federally declared emergencies like katrina and attempt to find/contact beneficiaries.
1123839
It is completely obvious that the previous person works for Primamerica which only sells a TERM product.  The person that said you should listen to Suzie Orman is an IDIOT.  The recommendations that Suzie makes are for the general public, But you need to talk to an adviser to find out which Life Insurance product is the BEST FOR YOU.  There are professionals out there that will sit with you and find out how much coverage is needed and why that is important to you.\n\nThere is a good chance that you will need life insurance in 30 years if you save correctly.  Have you ever heard of tax-free withdrawal of cash value?  Have you ever heard of supplementing cash value in a Permanent policy to pay income tax on your retirement accounts?  Have you every heard of ESTATE TAXES?  Both Term and Permanent products are good and will help you accomplish the objectives that are important to you.  Most successful people own a combination of both.  Be careful when buying Universal life that you fund it properly so that it does not dissolve with its "Flexible Payments".  Go see a professional. (Northwestern Mutual, New York Life,  Mass Mutual)