Just Need Enough Life Insurance To Give My Mother A Respectful Funeral.?
Posted February 24, 2010 – 10:20 pm in: structured settlements FAQNeed life insurance for my 81 year old mother for funeral and burial because she has no money.
Tags: Enough, Funeral., Give, Insurance, Just, Life, Mother, Need, Respectful
9 Comments
She may be too old, but you can try to see if anyone in your area offers a final expense policy. Things like that are kind of hard to find after 76 or so though. Also, Forethought has a funeral planning type of policy- you can check with them. The best bet may be to start trying to save money now.
At her age you just need to start saving up for the funeral you want her to have in a money market account. The life insurance premiums on any kind of policy you could get are going to be prohibitively expensive.
At her age, there isn’t anyone who will give you $10,000 of coverage for less than $10,000.
Even the guaranteed issue companies cut you off at 76.
It’s too late. She’s too old to buy insurance. Better start socking away $200 a month, and whatever you don’t have, I”m sure the funeral director will let you make payments for the rest of it.
At her age life insurance is a total waste of money even if you can find and get it.
Other poster is correct. Save some money every month and see a funeral director and you might be able to make payments on pre-paid funeral arrangements.
Good Luck.
By google to collect some related information or you may try using answer engines like yahoo answer or yedda.com to get some related ideas.nonetheless,If you prefer some direct resource,here http://www.insuranceidea.info/free-insurance.htm is a good one from my own experience.
So what’s your question?
You’re not going to find insurance for anyone that old.
I looked at one carrier for an IUL. It was the first one I looked at. Assuming your mom is in some sort of health, i.e., no major health challenges other than age, $50K in coverage in an IUL would be approximately $265/month. Please do not consider this a solicitation for any business. It would obviously depend on your mom’s health and the underwriters for the insurance company, but there may well be options.
The question though would be could you cover the premium for your mother since you say she has no money. If you can, it might well be cheaper to do that than pay for a funeral out of pocket. While this is a somewhat ghoulish computation, if would take you 37 months to save about $10K (an average funeral cost); of course if the insurance is in place, then you also have another $40K to pay off any last bills; provide a small estate to the family, etc.
You pay for funerals with cash, not insurance. At her age, it makes no sense to purchase insurance. Typical funeral costs are $10,000 and up. Cremation and no ceremony is around $500. Burial plots can cost thousands more. To buy $10,000 in life insurance might cost you $150 per month if she is in good health. I’m sure a health exam will be required to obtain a policy.
try AARP IF THEY WONT TAKE HER I DON’T KNOW ANY ONE WHO WILL AT HER AGE