Where is the best place to look for energy insurance for a 73 year mature lacking exams?
My father is 73 years old and is diabetic (takes daily shots). I would approaching to take out a life ins. policy on him, but know zilch about it. I am assuming term (maybe 5-10 years) would be the best route to progress. I am also looking for a policy/company that would not make him take any type of medical exams, etc. Looking to pay cheque 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 surrounded by the right direction?
Serious replies only please - Otherwise you are wasting time for both of us.
Answers:
My company offer simplified issue policies (guaranteed issue), which is the equivalent of a whole life policy next to no health questions, no medical exams for citizens up to 85 years of age and up to $35K.
All you can do is ask around. Call several insurance agencies where you live.
Rates are too expensive for someone of that age and with diabetes.
I would not squander my money starting a policy and if your unable to keep paying on it you would lose adjectives the money you had paid.
A better belief 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 establish 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
Honey, you're not going to bring a 5 - 10 year term policy on a guy who's 73. You're going to be buying a "guaranteed issue" whole time 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 own 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 duty $12
Rate varies by state, but when I checked for my 71 year old mother contained by law (who, being womanly, 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 remunerated in - IF he lives two years, which is long enough to collect. And if he lives two years, he'd probably live at smallest five years, which would be $4560 paid in. For her. For him, it's imagined going to be over $5,000. Which means, if he lives longer than five years, you're better off of late putting the money in the bank. And if he lives smaller number than two years, you're better off putting the money in the guard.
You're getting not very good probability, 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 pocket money, paid up life insurance policy shelling out almost $30,000 right up front - is really a waste of time . . . for both of you.
Accepting with the view 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 be allowed. Only Basic Sum Assured. and Double Accident coverage will be there upto age 75. That's all.
No way in need a medical exam. It will probably be unobtainable or prohibitively expensive.
lifeinsurance.awardspace.info - you can try this company. I personally enjoy their life insurance.
As I know they provide such a service for seniors.
If you are 73 and looking for $30,000 or less of term enthusiasm insurance you may be able to qualify for coverage from Globe Life.
Globe Life offers culture age 78 and under up to $30,000 of simplified life insurance next to no medical exam required.
Globe Life is rated A+ Superior by AM Best Company. They were founded within 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 near your quote when you request a quote online.
You can learn more about Globe Life Insurance online.
There may be other plans available for populace age 73 from carrier like Colonial Penn, Stonebridge Life, and Mutual of Omaha.
Make sure you read 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 grade, where you don't have full coverage until owning the policy for 1-2 years. Or, if you enjoy full coverage from the first day you own the life insurance policy.
Globe Life may proffer coverage but it depends on how they view diabetes.
It may be a good notion 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 almost diabetic life insurance at http://www.term-life-online.com/life-ins…
I hope that helps. Best of luck to you and your father.
First of all I would tell you what insurance is and how it works.
Insurance is done to protect the loss occur to loved ones after a sudden demise and mostly it is measured in terms of money an individual is earn.
Insurance as a product is a mutual understanding between the individuals and the insuring company to cover the above mentioned risk. It started way support with shipping companies when their was not a soul responsible after a sudden disaster.
I am sure your dad is no more earning now. So he fail to meet the very first condition to draw from 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 contained by unit linked plans of ANY company. The section linked plans which have a huge dominance contained by India are designed specifically to take care of cases resembling such too.
Then lets talk in the region of the confusion about paying low premiums. The premiums are not decided by a company. They are set according to the RISK cover. Risk ability death risk purely. As the age grows death which we ring up risk in insurance is definite. With the increasing risk the premium of matching 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 depart 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 surrounded by India. I too have an insurance license. But I am not here to sell but want to abet.
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 know the REASON they could find a appropriate product for your father.
Not sure, but I know they peddle 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 question
- guaranteed that coverage can't be decreased, and no increased premiums or whatever.
Idk what company, but keep under surveillance 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 :-)
I use Mutual of Omaha for society in your situation.
Depending on your state of residence will determine the amount of insurance he can get, these are merely 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 own recently raised it to $20,000. other states I know its complex and other companies will have similar policies. its a whole go plan so it builds a cash value. The frontage amount is on a graded benefit, this means that contained by the first two years you don't receive the full death benefit if someone dies as the result of a natural result in, however if its an accident it will pay the full benefit.
These policies are a dutiful option for people that don't own 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! :) only just trying to estimate from my knowledge. Source(s): me, life insurance agent
First of all, maintain in mind that any time you purchase coverage which is intended to be kept in force until the insured's extermination, term is never appropriate, no matter the age of the insured. But contained by this case, it's a moot point, as term would not potential be an option for your father.
The best policy for this purpose would probably be a single premium guaranteed issue whole energy. Probably the best such product I've seen is a maximum $25,000 policy issued by Gerber Life. The premium is quite satisfactory given the guaranteed issue. The only catch is that it pays a reduced, but still worthwhile, extermination benefit if death occurs within the first two policy years.
Above all, be sure to get professional guidance; and remember that lone bona fide financial advisors and planners, not insurance agents, are qualified to give such guidance. Source(s): 10-year financial planner
Related Questions:
Serious replies only please - Otherwise you are wasting time for both of us.
Answers:
My company offer simplified issue policies (guaranteed issue), which is the equivalent of a whole life policy next to no health questions, no medical exams for citizens up to 85 years of age and up to $35K.
All you can do is ask around. Call several insurance agencies where you live.
Rates are too expensive for someone of that age and with diabetes.
I would not squander my money starting a policy and if your unable to keep paying on it you would lose adjectives the money you had paid.
A better belief 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 establish 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
Honey, you're not going to bring a 5 - 10 year term policy on a guy who's 73. You're going to be buying a "guaranteed issue" whole time 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 own 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 duty $12
Rate varies by state, but when I checked for my 71 year old mother contained by law (who, being womanly, 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 remunerated in - IF he lives two years, which is long enough to collect. And if he lives two years, he'd probably live at smallest five years, which would be $4560 paid in. For her. For him, it's imagined going to be over $5,000. Which means, if he lives longer than five years, you're better off of late putting the money in the bank. And if he lives smaller number than two years, you're better off putting the money in the guard.
You're getting not very good probability, 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 pocket money, paid up life insurance policy shelling out almost $30,000 right up front - is really a waste of time . . . for both of you.
Accepting with the view 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 be allowed. Only Basic Sum Assured. and Double Accident coverage will be there upto age 75. That's all.
No way in need a medical exam. It will probably be unobtainable or prohibitively expensive.
lifeinsurance.awardspace.info - you can try this company. I personally enjoy their life insurance.
As I know they provide such a service for seniors.
If you are 73 and looking for $30,000 or less of term enthusiasm insurance you may be able to qualify for coverage from Globe Life.
Globe Life offers culture age 78 and under up to $30,000 of simplified life insurance next to no medical exam required.
Globe Life is rated A+ Superior by AM Best Company. They were founded within 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 near your quote when you request a quote online.
You can learn more about Globe Life Insurance online.
There may be other plans available for populace age 73 from carrier like Colonial Penn, Stonebridge Life, and Mutual of Omaha.
Make sure you read 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 grade, where you don't have full coverage until owning the policy for 1-2 years. Or, if you enjoy full coverage from the first day you own the life insurance policy.
Globe Life may proffer coverage but it depends on how they view diabetes.
It may be a good notion 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 almost diabetic life insurance at http://www.term-life-online.com/life-ins…
I hope that helps. Best of luck to you and your father.
First of all I would tell you what insurance is and how it works.
Insurance is done to protect the loss occur to loved ones after a sudden demise and mostly it is measured in terms of money an individual is earn.
Insurance as a product is a mutual understanding between the individuals and the insuring company to cover the above mentioned risk. It started way support with shipping companies when their was not a soul responsible after a sudden disaster.
I am sure your dad is no more earning now. So he fail to meet the very first condition to draw from 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 contained by unit linked plans of ANY company. The section linked plans which have a huge dominance contained by India are designed specifically to take care of cases resembling such too.
Then lets talk in the region of the confusion about paying low premiums. The premiums are not decided by a company. They are set according to the RISK cover. Risk ability death risk purely. As the age grows death which we ring up risk in insurance is definite. With the increasing risk the premium of matching 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 depart 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 surrounded by India. I too have an insurance license. But I am not here to sell but want to abet.
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 know the REASON they could find a appropriate product for your father.
Not sure, but I know they peddle 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 question
- guaranteed that coverage can't be decreased, and no increased premiums or whatever.
Idk what company, but keep under surveillance 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 :-)
I use Mutual of Omaha for society in your situation.
Depending on your state of residence will determine the amount of insurance he can get, these are merely 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 own recently raised it to $20,000. other states I know its complex and other companies will have similar policies. its a whole go plan so it builds a cash value. The frontage amount is on a graded benefit, this means that contained by the first two years you don't receive the full death benefit if someone dies as the result of a natural result in, however if its an accident it will pay the full benefit.
These policies are a dutiful option for people that don't own 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! :) only just trying to estimate from my knowledge. Source(s): me, life insurance agent
First of all, maintain in mind that any time you purchase coverage which is intended to be kept in force until the insured's extermination, term is never appropriate, no matter the age of the insured. But contained by this case, it's a moot point, as term would not potential be an option for your father.
The best policy for this purpose would probably be a single premium guaranteed issue whole energy. Probably the best such product I've seen is a maximum $25,000 policy issued by Gerber Life. The premium is quite satisfactory given the guaranteed issue. The only catch is that it pays a reduced, but still worthwhile, extermination benefit if death occurs within the first two policy years.
Above all, be sure to get professional guidance; and remember that lone bona fide financial advisors and planners, not insurance agents, are qualified to give such guidance. Source(s): 10-year financial planner
Related Questions:
- What is energy insurer reserve?
- I'm interested surrounded by becoming an insurance agent next to New York Life. Is this a devout move into this company?
- Does anyone know of a place that will abet you take in for questioning up on house payments?
- How do I outlook my medical history?
- Life Insurance for serving British Forces?