Term life insurance from Old (Group Plan) to Private Policy

[boston_blacky]

Hope you can advise me on this item. Last week, my long term Group Plan shifted gears because I moved into a new (older) age category; i.e. 70 plus.

So, I'm shopping around to find a Canadian Ins. Company who'll provide me with a 10 yr. Term Life Policy as my old group plan stopped (automatically) with my last B-Day. Ouch - did not see it coming. FYI, non-smoker with no health issues except hbp controled with meds. Approx. value/amount $100k. Tkx. in advance. :h

[Seon]

My term life insurance expires in 1-1/2yrs from now. I rolled the dice and hope to win that I'll still be alive, if not then the wife wins :B.

[FunnyCamper]

hubby is 52 and I am 56
hubby just semi retired and we have no life ins. now cause that conversion from group pol. to personal is steep.
We have no debt, money to retire etc and at this point, we are both cremate and be done with it, cheapest option 🙂 No bucks spent on life ins. cause at this point there is nothing to truly insure for us. Kid inheritance is handled etc. at this point so I would just say, MAYBE truly evaluate WHY you think you need life insurance. I mean ya might 🙂 but many at some point truly do not. Just access your needs and when at 70 yrs old you will pay very high monthly for that coverage. If you are needing 100K you will pay alot for it, so maybe think in other terms of banking those ins. payments and making a savings to cover.....just that all I am saying is really really think about what ya need and why you need it 🙂

At our age, nohn-smokers the bite was very high on us just getting 25K each just as a 'just in case needed' amt and we said nope at this point. LOL
so at this point....for us.....whatever LOL
just some info I will spew out for ya and to think about.

[Gdetrailer]

I would concur with DownTheAvenue.

As long as you have home, toys, autos paid for and no outstanding loans and you have some savings put away for say funeral expenses there is no need to spend money on an insurance policy..

Yeah, I get it, $100K insurance "just in case" for your loved ones sounds great, but one must consider all the "conditional" exclusions which WILL be in a policy at that age bracket.

Most insurance policies I would be eligible for in the say the US at age 70 are nothing more than a bunch of predatory scammers..

Many of these policies are glorified savings accounts and what is worse, stop paying and you LOSE EVERYTHING you put into it on those policies it takes MANY years to "build equity".

Pass before you have enough "equity" and you get REDUCED "benefit" payout.

Most new policies WILL have extreme limitations which will severely reduce any "benefit" for several yrs or more. Pass during that limitation period and your loved ones get nearly nothing.

I have had to deal with the bunch of scammers that use the popular "TV personality" as a paid spokesman.. Yeah, what a bunch of predators, they scam poor senior citizens who don't have much income that just do not know better and can't afford to lose the very tiny bit of "equity" they have..

One person that I know, paid $50 per month for nearly 20 yrs for a measly $3,000 life insurance policy.. Yep, they paid $12,000 for a $3,000 "policy"!!!

$3,000 will only cover half of the funeral.

Then, to make matters worse, that person in their 70's fell, broke their hip, unable to live on their own had to go to a nursing home.. Nursing home took all but $45 per month of this persons limited income..

We faced the problem of either having to cancel the insurance policy and lose the little bit they had or spend $5 per month of our own money to keep that scam insurance alive..

After months of back and forth with the insurance company they finally gave two "options".

One, a REDUCED frozen benefit 2/3 equity with no more payments.

Or two a FURTHER REDUCED 1/2 equity cash payout.

We selected the REDUCED FROZEN payout and HOPE they will keep their word..

In the mean time, this person has been in a nursing home for going on 4 yrs..

We setup a payment plan with the funeral director, and in those 4 yrs we have no put away almost enough to cover his funeral buy setting aside the $45 per month in that payment plan.

I would encourage you to take a hard look at where you are financially, you might be able to "prepay" and make your final arraignments, locking in the price now while it is cheaper to do so..

Doing so, you might find out that paying for life insurance is not needed.

[DownTheAvenue]

At your age why would you even consider life insurance, which will be very expensive? Remember, life insurance is to provide funds for people who are dependent upon your income; upon your death, the life insurance would provide money that you otherwise could have earned.