My Grandmother recently turned 96 and received an unsurprising clean bill of health from her doctor. Even though she is well into her 90’s, none of us doubt that she will live another five years at least. She currently has life fully paid for insurance policy, but it’s so old that it won’t even cover the cost of a funeral. Is it to late for her to get insurance and is there any way to get a plan that lowers the payments the longer she lives?
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An agent through my bank offers 10k life insurance for $15 a month, no test needed, any age, etc… See if her bank has an agent that can do similar things. Worst comes to worst, just cremate her for cheap!
Any life insurance would cost an outragous amount of money
Better idea is to put that money away each month in a savings account for her funeral
Pretty sad that she does not have any assets that would cover a funeral.
No one in her family could afford to pay for this?
Life insurance for a 96 year old is totally pointless and ridiculously expensive based on the actuarial tables for someone of that age. A pre-paid funeral would be more appropriate.
A 96 year cannot buy a life insurance policy. Their life expectancy is about a year. They can save their money though.
L O L ! !
I don’t think sooooo. Most insurance carriers wont insure anyone over 84 and some have narrowed it down to age 74 and recently I look at the AARP magazine advertising New York Life with an age limit of 69 for life insurance.
If you want money for funeral, forget life insurance at her age. No one will sell you a policy. It would cost a fortune in premiums every month if they did but they dont. You buy a pre-need burial plan and make monthly payments for 3 or 4 years until it’s paid off. Dont forget, you must purchase a plot separately and the cemetery has charges.
Lower the payment the longer she lives. My dear kid, the older you are the higher the chance that you will die, so insurance premiums are higher not lower.
Even if she could get more life insurance at her age, the premium each year would probably be at least 20% of what it covers when she dies. Therefore, if you are correct that she will live another five years, you will get less from the insurance than you will pay for it. Therefore, the best option is something much simpler than insurance: A bank account. Just put the money that insurance wold cost into the bank. When she dies, take the money out of the bank and use it to pay for the funeral. You will probably get more money that way than you would using insurance.
Yeah, 96 is too late, to bet on whether or not she’ll be dying soon. At this point, if she doesn’t have enough assets to cover the cost of her own funeral, it’s going to be up to the family members to cover the costs.
It is impossible for a 96 years old to get into any life insurance policy at all. Bt instead of putting the money into life insurance, why not save it.