Can I buy life insurance for my grandmother?

Question

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...

Answer 1

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.

Answer 2

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

Answer 3

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

Answer 4

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.

Answer 5

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

Answer 6

Was wondering this too