Life Insurance Companies

[2BLUE]

My grandmother just pased away last month and now my grandfather came to me today saying he wants to get life insurance and asking me all about it...i have no clue...he pretty old though... 77

Questions were like...

Am i to old?

If i die of natural causes do they pay out or only if my death was by accident ( like hit and run or something)

Im going to to take him next week but thought maybe you guys would know...also there's fixed term and life term and you can pick the amount of coverage...thats what makes no sence to me cause they all say UP TO 30K 50K, 60K....500 000k well what are you guarenteed?

[max_boost]

You are guaranteed the coverage amount and it's tax free. There are unlimited options when it comes to life insurance so best advice is talk to an advisor.

For my Statefarm policy, first two year is like probation, (can't remember the term or details) after that, they will have to pay out no matter how I die.

[Amysicle]

According to my personal finance class... Life insurance for older people gets pretty expensive because that's when health problems start showing up, the amount of time they can get money out of your grandfather goes down, etc. So it's a higher risk to insure him because the chances of them making more money on the payments vs. him dying and having to pay out half a million is too great.

Be careful of companies that say they'll cover anyone, especially over a certain age with no medical. Read the fine print and check their balance sheet.

[icecreamvan]

They might not cover him, and if they do you're looking at crazy premiums. ie. $1000+/month.

[2BLUE]

Thanks guys!

[topmade]

Yeah man, he's pretty old and if they will cover him it's going to be pretty expensive with a low payback like 10k or something because no offense, it's a guaranteed payout for the company to insure someone at that age.

[Team_BMW]

You really don't need life insurance when your old since there's nothing left to be paid off or really covered.

Only when your young, and have a family you should have life insurance. Term is probably the best way to go.

[sputnik]

Life insurance is generally only available for those under 75.

He is 77 and now single. What does he need life insurance for?

Most likely his assets are far greater than his liabilities.

[SilverRex]

speaking of life insurance, what does people normally get? term? invested? illness?

im curious, now that I have a 6 month old, I have to plan ahead while everyone is still relatively young in the family.

[Euro838]

I'd definitely shop around to get the best rates. A lot of banks are doing it now. I'd suggest clarica, manulife, sunlife, etc. Usually if you bundle, you'll get a lot better rates. i.e. car, home, life, etc. You should also understand all the different types of plans that they have before making a decision. Depending on your preference, there is basically whole or term life. There will usually be variations of these two.