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 0,000 policy.
The monthly payment is rougly 2.00 a month.
Is it possible if I make the payments on her life ?

 

  • mbrcatz 1:04 am on February 10, 2010

    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.

  • Ryan M 1:04 am on February 10, 2010

    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.

  • Doctor Deth 1:04 am on February 10, 2010

    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

  • a w 1:04 am on February 10, 2010

    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

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