Life insurance for senior citizen

[oaktree]

Hello, A new member here. I am looking for a life insurance policy preferably with cash value like IUL for my mother who is 73 years old. She is diabetic and not sure what options are there other than term where the premiums could be invested. Currently I m getting quotes for term policy for ~$500-$600/month for $50000 policy, instead of spending so much, I was exploring options where the premium could be invested. Any ideas would be very helpful.

Thank you!

 

[goillini52]

Hello, A new member here. I am looking for a life insurance policy preferably with cash value like IUL for my mother who is 73 years old. She is diabetic and not sure what options are there other than term where the premiums could be invested. Currently I m getting quotes for term policy for ~$500-$600/month for $50000 policy, instead of spending so much, I was exploring options where the premium could be invested. Any ideas would be very helpful.

Thank you!

You could get $50K of Final Expense insurance for about half of that.

 

[adjusterjack]

instead of spending so much, I was exploring options where the premium could be invested.

I-Bond. She can buy one for up to $10,000 right now with you as beneficiary. They are currently paying 9.62%.

She can buy an additional I-Bond each calendar year.

Individual - Series I Savings Bonds (treasurydirect.gov)

She can do it online.

You would be wise to buy one for yourself. Easy way to park $10,000 at a high interest rate.

 

[scagnt83]

Hello, A new member here. I am looking for a life insurance policy preferably with cash value like IUL for my mother who is 73 years old. She is diabetic and not sure what options are there other than term where the premiums could be invested. Currently I m getting quotes for term policy for ~$500-$600/month for $50000 policy, instead of spending so much, I was exploring options where the premium could be invested. Any ideas would be very helpful.

Thank you!

Just so you know, the IUL will be more expensive per month than the term will.

The IUL will have cash value. However, it is essentially part of the Death Benefit. You dont get both. Using the CV depletes the DB.

So if you are buying this with the intent to use the DB. The CV is immaterial.

That means you should look at a GUL, Guaranteed Universal Life, policy. It will last her entire life, but has minimal Cash Value. Its essentially a lifetime term policy. It will be the lowest priced option that guarantees the death benefit will pay.

However, the issue is getting her approved. Her A1c and daily insulin intake are key to how much the diabetes will increase premium. Along with build and any other health issues, medications, past procedures, or procedures not yet performed. That means for $50k, her premium could be $3k per year.... or it could be $6k per year worst case scenario.

BTW, $600/m for a term policy, even at her age, is extremely high. Penn Mutual's highest scenario premium for a $100k GUL is $11,245 per year. Best case scenario would be around $4,500 per year. That is a $100k policy guaranteed to age 121.

 

[Baseball7]

Happy to help. Feel free to reach out direct or via my site.

 

[WinoBlues]

Hello, A new member here. I am looking for a life insurance policy preferably with cash value like IUL for my mother who is 73 years old. She is diabetic and not sure what options are there other than term where the premiums could be invested. Currently I m getting quotes for term policy for ~$500-$600/month for $50000 policy, instead of spending so much, I was exploring options where the premium could be invested. Any ideas would be very helpful.

Thank you!

Way to little info. Also kinda jumping around on solutions from IUL for CV to Term and BTID.

Age and health are going to be a big part of the equation.

@scagnt83 gave you some solid information.

Is the primary goal death benefit or CV? If CV how much and how far out. If say 20 years she is 95.

 

[Konrad Konopko]

There’s final expense policies and certainly variable options. I’d be happy to help, NYL agent here

 

[Todd King]

There’s final expense policies and certainly variable options. I’d be happy to help, NYL agent here

Ah...NYL....the company that is WAYYY overpriced!

 

[goillini52]

I have an aunt with dementia, a nasty thing to have. She used to live with us when her condition was better. When it just started manifesting and was diagnosed, it was a surprise as we hadn't noticed anything odd about her behavior. When the condition progressed, she needed someone to be by her side almost all the time. We tried, but it was impossible for us to keep our jobs and look after her. At some point, she got health insurance for her condition, and that's when we looked for assisted living options.

I think you're in the wrong thread.