Where can I find affordable life insurance for sr citizen in-laws?
I read a previous thread suggesting MediCare, but I am not talking about HEALTH insurance. They only have term life insurance tied to current job, and they need to retire. They have no burial policy, and each is worried about leaving the other with burial expenses and debts. I have seen a few ads online, but when you get to the fine print, they seem mostly like scams. They probably wouldn’t get a very good rating if a health exam were required. Probably $15 -$25K max would be the amount needed. They live in Texas if that matters.
American General (AIG) Has the most competitive senior rates You can use this site to compare with other insures rates
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American General (AIG) Has the most competitive senior rates You can use this site to compare with other insures rates
http://free-best-life-insures-comparator-usa.blogspot.com/
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Any decent insurance will require medical underwriting. Those "no medical exam" ads are high-priced ripoffs. If funeral expenses are the concern, look into prepaid funeral plans.
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I’d suggest New York Life Insurance Company, which is specific about life insurance and it provides plenty of different options and choices for life insurance. It doesn’t matter where the clients live, you can always go to an agent and ask for the info.
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Well, life insurance is a bet. The odds are always going to favor the house.
If they’re under 76, they can get a small amount of "guaranteed issue" no medical exam policies, from companies like Mutual of Omaha or Globe Life. Of course, there are catches – the maximum coverage amount is $10,000, which should cover a funeral, AND, they have to pay in to the policies at least two years, in order for the policies to pay out. They have to LIVE at least two more years.
When you add up the premiums – about $75 per month per person – you find out, that you’re actually betting they live at least two years, but not more than five, or else you’ve paid IN more than that $10K.
So. With TWO of them, you’re PROBABLY best off, just putting the money in the bank and earmarking it "funeral". Because then, no matter which passes first, the money can still be used that way.
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marivel, Life insurance is actually very flexible. Since I’m from Alaska I’m not sure about Texas laws and regulations, so I recommend you contact a nearby insurance agent. http://www.goodinternetdeals.com/Life-Insurance.html They should be able to assist you.
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