Life Insurance For Elderly?
Posted November 30, 2009 – 4:20 am in: term life insuranceAny suggestions on finding a reasonable life insurance policy for a man 54 about to turn 55 in a month with a spouse would be appreciated.
He has a soon to expire term life insurance policy at the present.
He wants the best for his money.
Is a term insurance policy still the best type of policy or would another policy be better?
7 Comments
As you age and get older and before it’s too late, you should take a look at getting elderly life insurance in the earlier part of of your working life. Not only could this save you alot of money for premiums, but will provide you with the much needed financial assistance later in life. Life insurance gives coverage to you in exchange for the annual life insurance premiums you pay. Now, this coverage is different than retiree health insurance, pharmaceutical insurance converage and travel insurance for the elderly. Before you take life insurance, you must understand the mechanism of how it works. Insurance involves the insured person, the company giving the coverage, the policy holder and the recipient. The policy remains in force until the owner’s death or until he reaches a specified age. In case of the owner’s death, the beneficiary will get the insured amount.
Depending on where you live, be aware of taxation of the insurance when you receive the benefits at the end of the policy. Therefore, choose a policy based on your needs and financial status, to get the best value for your money.
LOL OK, just for the record, 55 is NOT elderly!!!
Before you can pick which is best, he has to define the need. If he needs life insurance at 55, will he still want it at 65? Or 85? If the answer is yes, he needs whole life.
Most 55 year olds don’t need life insurance much longer – most of them are finishing up raising their kids. If that was the case, you’d want term.
But again, you have to define the goal, first, before you can pick the proper tool.
Please answer some questions so I can asnwer you better. What state do you live in?
How much insurance do you need?
What company is the present term policy with?
How much are you paying monthly or annually?
What length of term is the present policy for?
How many years are left on that term policy?
What type of work do you do?
What type of health are you in at present?
How much do you make each year?
How much premium would you be willing to spend on the right type of policy per year or month?
These are some of the questions any good financial planner would ask and many more before even discussing life insurance with you. If they don’t, I wouldn’t talk to them at all. I don’t sell insurance any longer but did for many years. To get the right type for you and the right company, these types of questions need answering. I will have to check with my agent friends to get current info for you after you email me back. Please email direct at: jbuob@yahoo.com I’ll give you the right info so you can make the right decision
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Hope that helps, post back if need be- regards- Richard Man U
lifeinsurance.awardspace.info – you can try this company. My parents have their life insurance.
Why would he need life insurance – he has no young children to be raised after he dies. Take the money the premiums cost and put into savings to pay for the funeral.
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Have him call a LOCAL agent, and have him/her do a free personal Financial Need Analysis (FNA), or other Total Need Program, to help him and his wife determine in their own minds what is right for them. They will gain knowledge from the FNA, which will help them to decide what is right for them to accomplish their short and long-term goals and objectives.
If ANYONE, such as was the case by one of the answerers on this forum (knowital..), says he doesn’t need life insurance at this time, he/she doesn’t know what they are talking about. If the gentleman should die, his wife won’t get a dime from social security until she is 60 years of age. That means NO INCOME, unless he has other provisions. They might even have a mortgage that would need to be paid off. I wonder what that person would say to the surviving spouse in this case????
There is also a need for an Emergency Fund, if they don’t have one already. This fund should be the amount equal to about 6-8 months of income, to provide for emergencies, such as loss of income due to layoff, auto repairs, new refrigerator, roof, etc.
The agent who does the FNA for him will give him several options with which to cover his total life insurance need. He and his wife can choose the best plan which best fits THEIR circumstances. It’s THEIR plan, and no one else’s.
If ANYONE says that the people you mentioned above don’t need insurance, or says that they need one kind or another, or a specific amount, without doing a Financial Need Analysis to determine the total needs, he/she is not a professional, and is doing a disservice to the client.
The FNA will also help determine if there is a need to tax-shelter some funds, or whether Disability Income coverage is needed to provide an income should they be sick or hurt and can’t work.
According to statistics, disability is a greater risk than death prior to the age of 65.