Advice : 65yo Term policy

[Chazm]

I haven’t done a term policy in years and my dad wanted to add some more term.

He’s 65 years old. No meds. No health issues whatsoever. Has yearly checkup. 6’2” and 175lbs. Non smoker.

He, for some reason decided to refinance his house for 30 years a few months ago. So if he passes, my mom won’t make enough money to pay expenses. They “plan” on selling the house in 5-10 years.

So he’s looking for a 10-15 year term and looking to spend about $100/month. Any good options out there? I’ve looked at some quotes but didn’t know if some were better than others

 

[DigitalBGA.com]

$250,000/10 year term is about $100/month assuming absolute best rate class available. Apply there and once approved you will know what you are working with and can chip away to fit budget/terms.

 

[Chazm]

$250,000/10 year term is about $100/month assuming absolute best rate class available. Apply there and once approved you will know what you are working with and can chip away to fit budget/terms.

Apply where?

 

[billyb]

You didn't mention face amount. Banner is who I would use. For $250,000 they will be $110. The agency I use offers a service where you submit basic info to the company and they do everything else. I am 61 and was recently issued P+ and that is the offer you need to get the rate you are after. Most FMO's offer Banner probably even the one you use now for Medicare.

 

[Chazm]

You didn't mention face amount. Banner is who I would use. For $250,000 they will be $110. The agency I use offers a service where you submit basic info to the company and they do everything else. I am 61 and was recently issued P+ and that is the offer you need to get the rate you are after. Most FMO's offer Banner probably even the one you use now for Medicare.

I’ll check with Premier senior marketing, who I use. The face amount is pretty much whatever he can get for $100. I’ll show him both 10 and 15 year. But thanks I’ll check out banner

 

[InsuranceIsLife]

Protective Custom Choice Term over Banner hands down. If ever needed to convert (Sh*t happens and good health isn't promised) Banner has one product you can convert to which is very pricy.
If actual age 64, PRU price wise (term essentials), to my surprise is showing up #1 out of 30 companies. That is assuming his actual age 64, insurance age 65. $121 and some change assuming best rate class 15 yr 250k

 

[Life Hawk]

$100K 10 yr model, preferred male NT, $87.55

2 thoughts:

• Preferred for his age is based off information that is in the health history
• Purchase an amount that might be used to pay mortgage while the house is in the process of being sold (like setting up a pay account)... this helps to reduce the overall amount needed in the face of the term plan and can reduce monthly premium cost

Just a thought.

 

[NewbieNewbie]

Do not forget family history that. That is very important in term. (Parents and siblings) Any history of heart disease cancer or stroke. If yes what age and are they still living.

 

[TomZack]

Ohio National has 10 yr with great conversion options (any CV product that they offer and they are good) which would be helpful in case they don't sell or he becomes uninsurable (you can convert to permanent)

$250K Super preferred for $111/month

But few people actually qualify for Super (fam history, blood pressure, A1C #, Cholesterol, etc)

So....Preferred $200k is the same monthly $111- which it sounds like he would qualify for

You didn't specify the face amount.

 

[InsuranceIsLife]

If the client is 65 most carriers doesn't factor family history regardless if living or not.