purchasing life insurance on a 70 year old man?
Posted on May 27, 2008 under Insurance Information |What are the pros / cons on purchasing life insurance on a
70 year old man. I just found out there is no life insurance
on him.
kingkings.com
Insurance Information
May 27th, 2008 at 4:29 am
Its not useful to purchase life insurance on a 70 year old man. The prime rule is that life insurance will not concsider a person who is more than 50 years.
May 27th, 2008 at 4:29 am
Even if you could purchase life insurance on a 70 yr. old man, the premiums would be astronomical. There are many factors that go into the underwriting of a life insurance policy, some of which include: sex, age, current overall health and/or pre-existing health conditions, smoker/non-smoker, etc. Sorry, but I think you are out of luck.
May 27th, 2008 at 4:29 am
Many life insurance carriers will write a policy up to age 75 or even 80. It will be expensive to buy. You may want to consider Long-Term Care.
May 27th, 2008 at 4:29 am
Chow, you don't know what you are talking about. Why did you answer this question?!?
Insurance can be purchased in some cases up to age 85. yes, it will be expensive and difficult to qualify for, but there may be underlying reasons to consider it. Without knowing the details of your situation no one can make that call.
Rich does have a good point about LTC.
May 27th, 2008 at 4:29 am
Long term care is an excellent option if it fits that particular need. If the benefits are meant for others however then life insurance is still a viable option. Check out thissite for free quotes on both.
May 27th, 2008 at 4:29 am
the insurance guys here covered it pretty well. life insurance is often used for very wealthy individuals for estate planning purposes, even at 70 years old and above. if that is the case, consult with a qualified estate planning attorney.
to complex to explain here but it does save a lot on estate taxes.
May 27th, 2008 at 4:29 am
What is your reason for getting this life insurance? Are you sure you are looking into getting the right insurance…someone else suggested long term care… maybe…but there are many options… what is your situation… I specialize in advising retirees.
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