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?

6 Answers

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  • 1 decade ago
    Favorite 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.

  • Anonymous
    1 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 M
    Lv 7
    1 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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  • 3 years ago

    Very interesting question, hopefully we'll get some good answers

  • 3 years ago

    Was wondering this too

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