I need Term-Life Insurance policy help please.

[hurryupandbuy]

Spoiler: Please see info here

I'm feeling very pressured to buy term life insurance on someone else's behalf and I don't know what to do because I'm on a fixed income and very inexperienced with this. That someone is a mother with children who became disabled and has been using medical marijuana for her medical condition(s). She is also a former cigarette smoker. I am looking for a $100,000 or higher plan without a medical exam required. It will cover funeral costs, but is it also worth it as an investment for the dependents? Who will insure her? What is the best company? What is the worst company? What and who do I need to be cautious of? Do I need a fee-only financial planner for this? I already used term4sale.com and so far I'm stomped. I need answers and resources ASAP. Thank you for this forum and I hope you all can lead me in the right direction.

 

[myinsurebiz]

I'm feeling very pressured to buy term life insurance on someone else's behalf and I don't know what to do because I'm on a fixed income and very inexperienced with this. That someone is a mother with children who became disabled and has been using medical marijuana for her medical condition(s). She is also a former cigarette smoker. I am looking for a $100,000 or higher plan without a medical exam required. It will cover funeral costs, but is it also worth it as an investment for the dependents? Who will insure her? What is the best company? What is the worst company? What and who do I need to be cautious of? Do I need a fee-only financial planner for this? I already used term4sale.com and so far I'm stomped. I need answers and resources ASAP. Thank you for this forum and I hope you all can lead me in the right direction.

A policy owner needs Insurable Interest in most cases for most carriers.

Many options available for the conditions you mentioned - but see ^^^

p.s. - Term is a terrible vehicle as an "investment".

 

[hurryupandbuy]

A policy owner needs Insurable Interest in most cases for most carriers.

Many options available for the conditions you mentioned - but see ^^^

p.s. - Term is a terrible vehicle as an "investment".

What is insurable interest? What are some of the available options? And please elaborate on term-life being terrible as an investment. When a person dies and their funeral costs are covered and their children get the remainder (ex: $50,000 or $100,000) after funeral costs are deducted, then how would it be a terrible vehicle as an investment?

 

[myinsurebiz]

What is insurable interest? What are some of the available options? And please elaborate on term-life being terrible as an investment. When a person dies and their funeral costs are covered and their children get the remainder (ex: $50,000 or $100,000) after funeral costs are deducted, then how would it be a terrible vehicle as an investment?

What if they don't die during the "term" of the policy?

 

[Rob Lion]

Spoiler: Please see info here

I'm feeling very pressured to buy term life insurance on someone else's behalf and I don't know what to do because I'm on a fixed income and very inexperienced with this. That someone is a mother with children who became disabled and has been using medical marijuana for her medical condition(s). She is also a former cigarette smoker. I am looking for a $100,000 or higher plan without a medical exam required. It will cover funeral costs, but is it also worth it as an investment for the dependents? Who will insure her? What is the best company? What is the worst company? What and who do I need to be cautious of? Do I need a fee-only financial planner for this? I already used term4sale.com and so far I'm stomped. I need answers and resources ASAP. Thank you for this forum and I hope you all can lead me in the right direction.

Because Term expires assuming she could get approved her rates would be pretty high. Just get a Final expense policy they range from 0-40k and don't need a medical exam. I'm licensed in NJ if you guys need help.

 

[hurryupandbuy]

What if they don't die during the "term" of the policy?

I have thought of that. I was thinking about getting a 30-year term if her condition somehow causes premature death before 70. Wouldn't that still be smart and ensure that her funeral costs and dependents' needs are taken care of?

 

[hurryupandbuy]

Because Term expires assuming she could get approved her rates would be pretty high. Just get a Final expense policy they range from 0-40k and don't need a medical exam. I'm licensed in NJ if you guys need help.

What is a final expense policy? Is that only for funeral costs? I was thinking of getting a 30-year term life policy. How high do you think the term limit rates would be?

 

[Rob Lion]

What is a final expense policy? Is that only for funeral costs? I was thinking of getting a 30-year term life policy. How high do you think the term limit rates would be?

It doesn't have to be specifically used for funeral costs only, at a certain age most companies won't sell you more than a 20 year term.

 

[hurryupandbuy]

It doesn't have to be specifically used for funeral costs only, at a certain age most companies won't sell you more than a 20 year term.

What if the person is in their 40s?

 

[Rob Lion]

What if the person is in their 40s?

They can get a 30 year term but i'd look into something permanent finding life insurance options that aren't crazy expensive in your 70s is a struggle.