Where is the best place to look for life insurance for a 73 year old without exams?
My father is 73 years old and is diabetic (takes daily shots). I would like to take out a life ins. policy on him, but know nothing about it. I am assuming term (maybe 5-10 years) would be the best route to go. I am also looking for a policy/company that would not make him take any type of medical exams, etc. Looking to pay the lowest premiums possible. Have not decided on the amount of insurance, but am not really looking for anything more than a $30k policy. Can anyone help steer me in the right direction?
Serious replies only please - Otherwise you are wasting time for both of us.
- rcdruryLv 71 decade agoFavorite Answer
First of all, keep in mind that any time you purchase coverage which is intended to be kept in force until the insured's death, term is never appropriate, no matter the age of the insured. But in this case, it's a moot point, as term would not likely be an option for your father.
The best policy for this purpose would probably be a single premium guaranteed issue whole life. Probably the best such product I've seen is a maximum $25,000 policy issued by Gerber Life. The premium is quite reasonable given the guaranteed issue. The only catch is that it pays a reduced, but still worthwhile, death benefit if death occurs in the first two policy years.
Above all, be sure to get professional guidance; and remember that only bona fide financial advisors and planners, not insurance agents, are qualified to give such guidance.Source(s): 10-year financial planner
- 4 years ago
At 25 years of age, there isn't much that you are looking to pay off if something were to happen to you. In most cases you want enough for any outstanding debts that you personally have. Otherwise, if something happens to you, all the money goes to those companies that you owe two. Now at your age and "assuming, your in good health", I would consider a WHOLE LIFE insurance policy. These insurance policies have different options (aka riders), that can be added in case of disability or what not. Disability rider is nice, because if you are disabled then the insurance company pays the premium for you. There is an internal rate of return, roughly about 5-6% at your age. So this is why it is critical to take advantage now. Then once your retired, you can use that cash value to supplement any short falls in income, and the cash is NON TAXABLE. Most people have a buy-term invest the rest type strategy, but if you do it correctly and not just look at this investment as a life insurance policy. You'll receive the tax benefits years down the road.
- 1 decade ago
I use Mutual of Omaha for people in your situation.
Depending on your state of residence will determine the amount of insurance he can get, these are just due to policy requirements and approvals from the state.
What the policy is is a guaranteed issue coverage, no health questions and no physical needed. In my state the max amount for this type of policy is $10,000 they may have recently raised it to $20,000. other states I know its higher and other companies will have similar policies. its a whole life plan so it builds a cash value. The face amount is on a graded benefit, this means that in the first two years you don't receive the full death benefit if someone dies as the result of a natural cause, however if its an accident it will pay the full benefit.
These policies are a good option for people that don't have any other choices. without running an illustration i'd say the premium would be around $70 a month, but don't hold me to that! :) just trying to estimate from my knowledge.Source(s): me, life insurance agent
- Anonymous1 decade ago
If you are 73 and looking for $30,000 or less of term life insurance you may be able to qualify for coverage from Globe Life.
Globe Life offers people age 78 and under up to $30,000 of simplified life insurance with no medical exam required.
Globe Life is rated A+ Superior by AM Best Company. They were founded in 1951 and provide a Free Look period of 30 days.
You can starts your policy for $1 and after the first month the premiums are based on your age, which are shown with your quote when you request a quote online.
You can learn more about Globe Life Insurance online.
There may be other plans available for people age 73 from carrier like Colonial Penn, Stonebridge Life, and Mutual of Omaha.
Make sure you understand how the coverage works and if your premiums are guaranteed to remain the same for a period of time.
Also find out if the coverage is graded, where you don't have full coverage until owning the policy for 1-2 years. Or, if you have full coverage from the first day you own the life insurance policy.
Globe Life may offer coverage but it depends on how they view diabetes.
It may be a good idea for you to compare rates and plans from multiple carriers online to find the best price and coverage for your father. You can learn more about diabetic life insurance at http://www.term-life-online.com/life-insurance-for...
I hope that helps. Best of luck to you and your father.
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- AnonymousLv 71 decade ago
Honey, you're not going to get a 5 - 10 year term policy on a guy who's 73. You're going to be buying a "guaranteed issue" whole life policy. And you're not going to find that much coverage, even if you "stack" them up.
Mutual of Omaha, and Globe Life both have policies like this. Premiums are what they are, at his age. And the CATCH to the no medical exam policies, is that you have to live at least two years after you start paying your monthly premium, to collect the payout.
So. Here's some of the rate info from the Mutual of Omaha site:
Policy limit $5,000 to $20,000
Policy annual fee $12
Rate varies by state, but when I checked for my 71 year old mother in law (who, being female, would have a lower rate than your father), it was around $75 a month for $5,000 of coverage.
Do the math. 75 x 12 x 2 = $1824 paid in - IF he lives two years, which is long enough to collect. And if he lives two years, he'd probably live at least five years, which would be $4560 paid in. For her. For him, it's likely going to be over $5,000. Which means, if he lives longer than five years, you're better off just putting the money in the bank. And if he lives less than two years, you're better off putting the money in the bank.
You're getting not very good odds, that he'll die between two and five years from now.
So the ONLY product you are likely to buy - assuming you don't want a single payment, paid up life insurance policy shelling out about $30,000 right up front - is really a waste of time . . . for both of you.
- 1 decade ago
First of all I would tell you what insurance is and how it works.
Insurance is done to protect the loss occurred to loved ones after a sudden demise and mostly it is measured in terms of money an individual is earning.
Insurance as a product is a mutual understanding between the individuals and the insuring company to cover the above mentioned risk. It started way back with shipping companies when their was no one responsible after a sudden disaster.
I am sure your dad is no more earning now. So he fails to meet the very first condition to get LIFE insurance. Secondly he is above the retirement age which 60-65. I am sure he can't insure himself at this age.
But for investment sake and I mean only investment not RISK COVER he surely can insure in unit linked plans of ANY company. The unit linked plans which have a huge dominance in India are designed specifically to take care of cases like such too.
Then lets talk about the confusion about paying low premiums. The premiums are not decided by a company. They are set according to the RISK cover. Risk means death risk purely. As the age grows death which we call risk in insurance is definite. With the increasing risk the premium of the same product increases. Conclusion: premium increases as age increases.
FORGET the idea of getting lowest premiums though.
Thirdly YOU (as an individual) or your father HAVE to decide for the sum assured you want.(only if you are allowed to insure him). Means never leave it on the insuring agent or the company to decide that for you. NEVER.
I told you this because I did a insurance course with IRDA which is the regulatory authority for insurance in India. I too have an insurance license. But I am not here to sell but want to help.
So the big question comes to my mind as a consultant is WHY do you want to insure your father? Don't take me wrong but if your agent or your company knew the REASON they could find a appropriate product for your father.
- spicy_salsa69Lv 51 decade ago
My company offers simplified issue policies (guaranteed issue), which is the equivalent of a whole life policy with no health questions, no medical exams for people up to 85 years of age and up to $35K.
All you can do is ask around. Call several insurance agencies where you live.
- 1 decade ago
Accepting with the views expressed by Mr. S.Sukhjinder, in any insurance company ( licenced as per the IRDA Norms in India) Rest ECG and FAsting Blood Sugar Tests are the minimum requirements for a Sum Assured upto Rs. 200000/- ( Two lakhs) and aged more thant 56 years and above are compulsory. and No Risk plans were allowed. Only Basic Sum Assured. and Double Accident coverage will be there upto age 75. That's all.
- car253Lv 71 decade ago
Rates are too expensive for someone of that age and with diabetes.
I would not waste my money starting a policy and if your unable to keep paying on it you would lose all the money you had paid.
A better idea is just to pre-pay on some funeral expenses. Now is the time to plan for the future because you can shop around for the best prices and decide what you want to do later. Pre-paid is the best plan. You can not lose your money going that way.Source(s): Insurance Agent
- EmilyLv 51 decade ago
Not sure, but I know they advertise on tv all the time for some company.
- If you're between the ages of 50-75, you cannot be turned down.
- no medical exam
- no health questions
- guaranteed that coverage can't be decreased, and no increased premiums or whatever.
Idk what company, but watch the commercials you'll see it.
There might be a catch to that though, we're its more expensive than other companies or something, but it's worth looking into it. Good luck :-)