Can I buy life insurance for my grandmother?
She lives in Alaska and is 82yrs old.
She wants me to have a little money and take care of the funeral
expenses when she passes.
She's in very good health.
I was thinking a term life 10yr $100,000 policy.
The monthly payment is rougly $572.00 a month.
Is it possible if I make the payments on her life insurance?
- AnonymousLv 71 decade agoFavorite Answer
You can't buy term life on an 82 year old - you can only buy "prepaid" paid up life insurance. That means, you pay for it once, and whenever she dies, they pay out - even if it's 10 years from now.
At her age, you're not going to get odds. You're not going to get monthly payments. You CAN buy a $100,000 policy - but it will cost you $110,000. Up front.
And, of course, you'd need her permission and cooperation.
Now, this is YOUR wake up call. Go buy YOU a life insurance policy on YOUR life, so that when you're 82, YOUR grandchild isn't in the same position.
- Anonymous1 decade ago
why does an 82 yr old woman need a $100,000 life insurance policy?? it doesn't cost 1/10th that much to bury a person
the "payments would be $572 a month - you can't break them down any more - that's an insane amount to pay for life insurance for an 82 yr old - within 2 yrs you could save all the money you would need for a funeral -
if she lives another 15 yrs, you will have paid more than 100,000 in premiums - just invest the 572 a month
do you HAVE $7000 a yr you can spend on a life insurance policy? buy a $10,000 burial policy
- 1 decade ago
If you can save almost $600 a month for 10 years, that's $72,000. Just save that money and invest it instead. Yes, you can insure her with her permission and signature. Or she can insure herself with you as the beneficiary; but she could change that when she wants to. Either way it would be very expensive.
Best of Health to you Both
- Ryan MLv 71 decade ago
At her age you will have a hard time finding a policy. Also, if you were able to find one at all, the benefit would be SEVERELY limited for the first 6-12 months....maybe longer because of her age. Life insurance companies exist to make money, not to be a charity.
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- 4 years ago
Very interesting question, hopefully we'll get some good answers
- 4 years ago
Was wondering this too