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re: What is the best kind of insurance to get for a 67 yr old male
Posted on 4/15/21 at 11:53 am to TDsngumbo
Posted on 4/15/21 at 11:53 am to TDsngumbo
quote:
All have mandatory 2 year wait periods and $9.95/month will get only $1,000. Even if your friend is unhealthy, he may qualify for immediate coverage. I work with nearly 15 different companies that specialize in this. Seriously, email me if you want the information.
Does a person have to be in a position that will result in negative economic consequences if the insured should die to be declared a beneficiary?
1
Posted on 4/15/21 at 12:03 pm to TDsngumbo
quote:
This is what I specialize in for a living. You will both need to sign the application if you’re paying for it.
If OP is paying for the policy and the beneficiary will he have to prove insurable interest or is that just for property?
Posted on 4/15/21 at 12:12 pm to Pisgah Pete
quote:
If OP is paying for the policy and the beneficiary will he have to prove insurable interest or is that just for property?
If the friend gives the authorization, some companies will allow it.
Posted on 4/15/21 at 12:13 pm to EA6B
quote:
Does a person have to be in a position that will result in negative economic consequences if the insured should die to be declared a beneficiary?
Not at all. The beneficiary is whoever the insured/owner says it is in most situations.
Posted on 4/15/21 at 12:15 pm to TDsngumbo
No one can answer this question unless we know why he wants the insurance
Posted on 4/15/21 at 12:16 pm to saderade
That is not true.
Posted on 4/15/21 at 12:17 pm to IAmNERD
quote:
Just make sure there are no holes in your story and get a rock solid alibi.
Documenting everything in a public forum is a great way to test holes in your story too.
Posted on 4/15/21 at 12:20 pm to Chalkywhite84
Probably some type of final expense policy. You may not qualify as having an insurable interest, so you may not be able to own the policy. If he’s the owner, he can make any changes or cash in the policy regardless of who pays the premium. Under most policies, a claim in the first two years will be contestable.
Posted on 4/15/21 at 12:23 pm to Tiger in the Sticks
quote:
Under most policies, a claim in the first two years will be contestable
If the insured is honest in his answers to the health questions on the application then the contestability period won’t be an issue. Just don’t give the insurance company a way to back out.
Posted on 4/15/21 at 12:28 pm to Chalkywhite84
Does he use any tobacco products?
Your options are going to be limited. For example, a 10 year term for 250k could be 273 a month if he doesn’t use tobacco and has no significant health issues. Substandard rates are going to be higher depending upon his health.
Your options are going to be limited. For example, a 10 year term for 250k could be 273 a month if he doesn’t use tobacco and has no significant health issues. Substandard rates are going to be higher depending upon his health.
Posted on 4/15/21 at 12:30 pm to DCtiger1
A 67 year old getting a term policy is not going to make sense 99% of the time. Too much underwriting and the company will use every medication, every health issue they find against him. A final expense policy makes much more sense unless he needs a large amount of coverage.
Posted on 4/15/21 at 12:35 pm to TDsngumbo
I’m giving him an example of what options are out there.
At age 67 anything other than guaranteed issue policies are going to review medical.
At age 67 anything other than guaranteed issue policies are going to review medical.
This post was edited on 4/15/21 at 12:37 pm
Posted on 4/15/21 at 12:51 pm to TDsngumbo
quote:Even without an insurable interest in the covered party?
If the friend gives the authorization, some companies will allow it.
If he joins AAA, he can get guaranteed issue insurance.
This post was edited on 4/15/21 at 12:53 pm
Posted on 4/15/21 at 1:46 pm to TDsngumbo
quote:
If the insured is honest in his answers to the health questions on the application then the contestability period won’t be an issue. Just don’t give the insurance company a way to back out.
It will probably still be investigated, though. Ordering medical records etc will create a delay. And if the policy is owned by an acquaintance, who is going to sign an authorization for release of records?
quote:
I work with nearly 15 different companies that specialize in this.
How many of these companies are issuing policies without insurable interest?
This post was edited on 4/15/21 at 2:02 pm
Posted on 4/15/21 at 2:25 pm to baldona
I want as much as i can get.
Dude is just helping me out by doing this.
I'm trying to get the best and most bang for the buck
Dude is just helping me out by doing this.
I'm trying to get the best and most bang for the buck
Posted on 4/15/21 at 2:47 pm to TDsngumbo
quote:
TDsngumbo
What if one pays premiums on term life as a “non-tobacco” user but has a celebratory cigar after a major life event and then dies?
Posted on 4/15/21 at 2:49 pm to Chalkywhite84
Hancock Whitney had a deal where you lock in 25k and it is a guaranteed for life. Payout is based on age when policy taken though. Can break it at any time. Took one out on wife and it pays out $140k and some change. Not a bad idea if you have some extra money lying around.
This post was edited on 4/15/21 at 2:50 pm
Posted on 4/15/21 at 3:00 pm to ibldprplgld
quote:
If possible, he needs to go through underwriting to try and get immediate coverage. If you go with a “no questions asked, everyone’s accepted” product, he’s gonna get put on a two-year wait period and you might end up paying a lot more for less coverage. And, if he dies in the first two years, the benefit won’t pay out and you might get a return of premium.
So find a local company and be honest? He thinks he has cancer but i think he will make 2 years. Can you explain the underwriting part and what i have to do
Posted on 4/15/21 at 3:01 pm to hottub
quote:
What if one pays premiums on term life as a “non-tobacco” user but has a celebratory cigar after a major life event and then dies?
Good question. 99% of the time the insurance company isn’t going to know. The exception would be if you die when the nicotine or tobacco is still in your system and a toxicology test is performed during the autopsy and the results show positive for it, the insurance company could potentially calculate the tobacco premiums from day one of the policy, subtract what was actually paid, then take that difference and subtract that from the death benefit payout. Not saying I agree with it but the law allows them to do that.
Posted on 4/15/21 at 3:03 pm to Chalkywhite84
If he has cancer the only option he will have is a guaranteed issue policy and most of those are max $25,000. You could combine a few of them if you really want but keep in mind that’s gonna cost.
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