Term for Age 65+

[axeman462]

are there any companies that offer competitive rates for term insurance that last longer than 15 years for people age 65 and older?

 

[agentjhc]

I just a ran a quote on 67 year old...Banner, Lincoln, Transamerica, ING, American General all seem to do so

 

[0b1kanobee]

You might want to look at GUL for some of those.

 

[axeman462]

You might want to look at GUL for some of those.

wouldn't the premium on a GUL be significantly more expensive than a term?
- - - - - - - - - - - - - - - - - -

I just a ran a quote on 67 year old...Banner, Lincoln, Transamerica, ING, American General all seem to do so

How many year term do these companies offer someone that is age 67?

 

[WinoBlues]

Compulife
...............

 

[agentjhc]

I know 20...didn't look further...Protective GUL does not quote a whole lot more to age 100
- - - - - - - - - - - - - - - - - -
I know a few months back Protective was jammed up and taking a long time to process apps, is this still the case?

 

[mcleanbr]

When you are talking about a 65 year old and you look out 30 years to 95, you are looking at premiums that are the same as a GUL to age 121. You would be better off in a GUL for the flexibility. You can see that with Compulife which Wino mentioned. a valuable tool for you.

 

[Josh]

are there any companies that offer competitive rates for term insurance that last longer than 15 years for people age 65 and older?

Although not a direct answer to your question, you have me a little concerned here. What is the purpose of the insurance? In a fairly limited set of circumstances does a 20 year term product make sense for someone 65 and older. Although I'm not aware of any noteworthy cases where an agent has been sued for selling a product that isn't suitable, that may be the direction we're heading. It may not be as egregious as selling an 83 year old an annuity with a 15 year surrender period, but nearly as concerning. If the insured loses coverage at 87 and dies at 88, do you think the family isn't going to be upset about that and look for a way to deal with their anger from not getting a payment on the insurance policy he paid for "all those years"?

 

[WinoBlues]

I think there are not any such plan or term for 65+ people in insurance.

Cincinnati life, Prudential, ONL, Lincoln Financial, Transamerica, Banner, AIG to name a few.

 

[agentjhc]

Although not a direct answer to your question, you have me a little concerned here. What is the purpose of the insurance? In a fairly limited set of circumstances does a 20 year term product make sense for someone 65 and older. Although I'm not aware of any noteworthy cases where an agent has been sued for selling a product that isn't suitable, that may be the direction we're heading. It may not be as egregious as selling an 83 year old an annuity with a 15 year surrender period, but nearly as concerning. If the insured loses coverage at 87 and dies at 88, do you think the family isn't going to be upset about that and look for a way to deal with their anger from not getting a payment on the insurance policy he paid for "all those years"?

Perhaps, but could not the same be said for a 41 yr old that buys 20 yr and dies at 62?