All About Life Assurance

5 Responses to “Does Anyone Know Of Any Life Insurance Companies That Will Let You Take Out A Term Life Policy For One Age 69?”

1. cridler on February 4th, 2010 at 9:25 am

   It will be very expensive if you can find it at all. As stated above Colonial Penn and other like them sell what is really burial insurance and the coverage amount is a function of age and how many units you buy, also the coverage is reduced for the first 2 years. The question is why does he want the insurance.

2. mrratesj on February 4th, 2010 at 11:34 am

   there are a few term companies that will provide term life for him… you need to consult an independent agent. I can assure you its out there… you just have to find it. Try 800-MrRates and ask for Jay… he probably can help

3. Makotto on February 4th, 2010 at 4:35 pm

   Most big companies can issue term policies to people age 70. I would suggest to contact any of this companies asap as the age is not a big deal, however the health condition might be more important (for the information on your question).

4. Dustin L on February 4th, 2010 at 8:25 pm

   Strawberries, Let me first start by saying that it is probably in your best interest to actually talk with an agent. I know a lot of people are afraid to do so, but, at least with my company, it costs nothing to talk and figure out the details. It doesn’t cost anything to apply for insurance, and your grandfather will get a complete physical out of the application at no cost to you or him.
   My company does offer life insurance to anyone under the age of 75 for Term Insurance and 90 for Whole Life. However, with my company the Term insurance has a minimum of $100,000, which is way to much for your grandfather and puts the premium through the roof. You can get a small $10,000 whole life policy, assuming he smokes and has no major other health concerns, the rating of Standard would get it to about $88 per month. However, after the physical you would get an actual amount depending on his rating, and then at that time you can decide if you want the policy or not. There is what Insurance Companies call a FREE LOOK time period, for my company its 10 days after you actually buy the policy to decide if you want it or not, if on the 9th day you decide it is to much money, you can get afull refund and the policy will close.
   Hope this helps you out, email me if you would like further information.

5. Clarifin on February 5th, 2010 at 2:11 am

   There are a number of companies that will insure him if the only thing going on with him is cigarette smoking and macular degeneration or cataracts (there are other “natural” ways to loose your eyesight that may affect underwriting).
   If he wants you to have a policy on him as a type of gift, this is something he can do himself. He can take out the policy on himself with you or a trust as the beneficiary (he could even gift the premiums). If he wants you to take care of the burial costs, these could just be paid out of his estate or if his estate is not worth the burial, it’ll be insolvent.
   Either way, this sounds like more of a hassle on you than a favor. There are ways to contribute to your retirement when an older relative dies, but it’s usually not a good idea if cash is tight. Just tell him your money is better spent on paying off debts or saving for your own retirement. He should be so pleased you’re financially responsible.

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