Cheapest 10 Yr Term Insurance for 74 Yr Old Perfect Health

[jlata1]

Its not my suggestion. My nephew came to me saying he's hell bent on taking his full retirement and buying an insurance policy. but i 100% agree as his wife of 7 yrs is age 57 and take the surviorship option is a much much better alternative if he truely wants to protect his wife. My dad was also in incredible health and retired at age 68 and was hell bent on taking his full pension. I talked hime into a 750K 10 yr level term so my mother would get something and the 40 yrs he worked would not be in vein if he died in a few yrs and he got preferred/ns with north american 15 yrs ago and he's still in great health todat at 83 and dropped the policy after 10 yrs. as the premium tripled

 

[Iwillpay]

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

If a man knows when he is going to die he should buy term, if not whole life or GUL no lapse is the best bet.

 

[jlata1]

Just trying to do some quick fact finding to see if its even possible as i'm not in that mkt before i waste my time

 

[WinoBlues]

Its not my suggestion. My nephew came to me saying he's hell bent on taking his full retirement and buying an insurance policy. but i 100% agree as his wife of 7 yrs is age 57 and take the surviorship option is a much much better alternative if he truely wants to protect his wife. My dad was also in incredible health and retired at age 68 and was hell bent on taking his full pension. I talked hime into a 750K 10 yr level term so my mother would get something and the 40 yrs he worked would not be in vein if he died in a few yrs and he got preferred/ns with north american 15 yrs ago and he's still in great health todat at 83 and dropped the policy after 10 yrs. as the premium tripled

So what does your mother get now if your father died today?

I make a lot of money off of people like your family. People who stubbornly held on to buying term now after a couple term policies they no longer qualify for standard term. ChaChing!

BTW, you said you thought a 10 was all he needed.

I think you are pulling our leg, though.

 

[wln417]

He's not only pulling our leg, he's trying to get us to do his work for him.

Just look at the line about how he doesn't want to waste his time. He sure doesn't mind wasting ours, though.

 

[Josh]

Its not my suggestion. My nephew came to me saying he's hell bent on taking his full retirement and buying an insurance policy. but i 100% agree as his wife of 7 yrs is age 57 and take the surviorship option is a much much better alternative if he truely wants to protect his wife.

Pension offset/maximization is a great concept that can be great, in many ways it comes down to the math. If she's that much younger than she's probably going to outlive him.

Is he only worried about the next 10 years and assumes after that she'll be fine?

What is the difference in getting pension. For example, if his full pension is $3k/month, but the survivorship is $2k, what happens if he puts $500/month in a UL? Of course I'm just pulling out numbers, but this is the math you need to be looking at. How much is the increased income on taking the full option and how much of that should be put towards a life insurance policy. Does he only want to hedge the bet for 10 years or do they want to know regardless of what happens they have it offset?

If I were in your situation I'd get the number of the amount of savings, cut it in half, and then see what type of a GUL benefit you can get with that.

That all said, there are much more qualified individuals on here that would probably happily go over other ways of looking at this as well, but it sounds like what you're shopping for might not even be the prospects best solution for solving the problem at hand.

 

[LGilmore]

With the large difference in age between spouses, taking the full payout option really is selfish, especially when he's only willing to insure for a decade. Essentially unless there is other wealth to tap, this is a death sentence for the spouse too.

If you're an agent offer up a GUL with a guarantee to 100. If he won't do, then tell him sorry you can't help him.

Again if you're a professional and going to be writing this business realize you're expected to know what you're doing. Even with family business.

If you're just looking for answers, GUL is your best option.

 

[Norwayguy]

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

So when he dies at 85 the wife has no insurance coverage and loses the pension....Pension max should be done with a permanent plan.

 

[ScottLFB]

The 10yr funding timeframe on the Pension max is already going to look rough enough on an illustration given that he's 74, now call the carriers and find out how much of an add on flat fee extra he will be looking at for leaving the country on a semi-permanent basis. That should put a damper on the rest of the money you were hoping would accumulate in the cash value.

 

[LottieGarza]

According to me at this age none of the companies will agree to sale a life insurance at low cost. You have to pay at least $100 per month.