Cheapest 10 Yr Term Insurance for 74 Yr Old Perfect Health

[Cornelius]

If it's for pension max he may need a policy that will pay when he dies. What is going to make 10yrs any different from today except he may be older with health issues. If he's in such good health there's a good chance he may go past 10 years so look at those renewal premiums.

If possible if he can afford it maybe consider some blending. Thing is as you know premiums at those upper ages can be a bear. Just something to consider if all he is worried about is income for the wife if he dies if they are a homeowner she may have the option of a reverse mortgage to help her out for income if he passes.

 

[WinoBlues]

pension maximization. he's retiring and wants to take his full pension and if he dies wants something to go to his wife of 7 yrs. so he'll need $500k or so. I'm thinking a 10 yr is all he needs

I think what everyone is saying is "you fn crazy?" I did a pension max deal where we used a 20 plan against my recommendation. I had wife and husband sign disclosure and illustrations showing when coverage ends. Also $500,000.00? Not a lot of money. How old is the wife?

 

[WCMason]

pension maximization. he's retiring and wants to take his full pension and if he dies wants something to go to his wife of 7 yrs. so he'll need $500k or so. I'm thinking a 10 yr is all he needs

Oh, that's different. A ten year term is a really bad idea for pension maximization.

 

[aclaro]

As others have said, I think you truly misunderstand the concept of pension max. That being said, if you refuse to learn more, for 10 year, if he's age nearest 74 look at Ohio Natl. If he's age nearest 75 look at Pru. I don't believe that 20 is offered at that age. If you're looking for coverage to 121 look at Lincoln and North America. If you do use the term insure definitely focus on the convertibility of the policy, he just might need it.

 

[LGilmore]

10 years for pension max? Ok, is the balance lost for the wife going to come from your E&O coverage?

I'd rethink the suggestion.

 

[TwiLight]

I would recommend a GUL for Pension Max. At 74/75 you are only looking at a 10 year term plan and if he is as healthy as you say, he will outlive the Term plan. The best rates for 10yr term would be Transamerica or Sagicor at preferred rates would be about $801/mo for $500k

A GUL with Sagicor would be a little more that $1800/mo for $500k for Transamerica or Sagicor at preferred rates, which is not going to be easy for a 74 year old.

North American would be about $1727/mo for pref GUL and $911 for 10 Year Term, but I doubt you could get a preferred rate with them. Very tough at that age.

Overall, I would only be looking for Transamerica for an app. Trans has a Standard Plus rating and a Standard Rating that will be far lower than it's nearest competitor and a more likely rating that would be offered. So you get a top rate at Pref and the best rate at S+ and S

 

[Cornelius]

10 years for pension max? Ok, is the balance lost for the wife going to come from your E&O coverage?

I'd rethink the suggestion.

The way things are going jail may also be a consideration. Double document everything.

 

[jlata1]

well its all i can really describe his health as. he's my ex brother-in-law. age 74 take no medicines, never in hospital. got his black belt in martial arts at age 68. run 3 miles a day. you get the picture. but there is small fly in ointment. he just took a job as a professor in beirut,lebanon. Is this a problem or will some companies still write him? Thanks

 

[wln417]

Why don't you call your IMO? Or call one of the companies you're considering using?

 

[VolAgent]

The universities in Damascus and Baghdad didn't have an opening?