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need braintrust on life insurance

Discussion in 'The Okie Corral' started by *ASH*, Aug 15, 2012.

  1. *ASH*

    *ASH* FURBANITE

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    ok , who knows good companies to deal with for life insurance for older folks ???

    me and my family have policies thru new york life , that was set up long ago by my dad and they pay for themselves now



    im asking here before getting a headache searching google .




    anyone ??
     
  2. certifiedfunds

    certifiedfunds Cosmopolitan Bias

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    We have 30 year fixed term policies through Zander if that helps. IIRC its about $1000/$1MM
     

  3. Restless28

    Restless28

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    CF is right. Go to Zander. They hooked us up with term life for me and the wife. Combined, we have $750k for $63 a month. We also have double coverage Aflac and Allstate critical illness and accident insurance through each of our employers.

    Zander is a great company.
     
  4. Mrs.Cicero

    Mrs.Cicero Wayward Member

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    Why do older folks need a life insurance policy? As long as you have enough money to pay your funeral costs, I mean. As soon as my kids are through school, I'm dropping all the life insurance, because, really, I just don't see the point. And yes, I used to handle life and disability claims, before I was an E&O, and D&O, underwriter.

    Mrs.Cicero
     
  5. Adjuster

    Adjuster

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    Check with your bank or credit union. They usually offer life insurance to customers at very good rates. Some even offer a free token amount to members to get you signed up for more.



    /
     
  6. *ASH*

    *ASH* FURBANITE

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    yeah im reading up on zander as i type , wil give a call tomorrow and see what i can work out . thanks for info .:wavey:
     
  7. mortpes

    mortpes

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    I often wonder why younger members of a family do not buy term for their older senior members. It seems like a win win.
     
  8. VinnieD

    VinnieD

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    I work in the field. Here's the skinny. Whole life is crap. Stick to basic term life. It's cheap, pure protection like car insurance. Take what you would have spent on a more expensive policy and invest it in a long term reliable mutual fund.

    The idea is that for older people you want to eventually stop using life insurance. By a certain point you should have enough in your estate that you have plenty to leave to your survivors. Life insurance is basically meant to be income replacement. Look for a policy that will cover what you would have brought in for 1 to 3 years plus any debts you currently owe.
     
  9. mfm9

    mfm9 What?

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    Wow! I am stunned. All of the above advice was sensible and exactly correct. I had to check twice that I was still reading Glock Talk! :)

    -Mike
     
  10. certifiedfunds

    certifiedfunds Cosmopolitan Bias

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    My investment advisor could have put me in an insurance product but recommended zander. I think Ramsey recommends them too.

    funny story: When we initiated the policies I had to call Zander on a Friday and called at like 5:05pm. IIRC there was a message giving an after hours number. I called it and an elderly lady answered. I told her why I called and she said, "Hold on, let me get Bud"

    Bud Zander picked up the phone. THE AFTER HOURS NUMBER WAS THEIR HOUSE!:supergrin:
     
  11. TBO

    TBO Why so serious? CLM

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    "My family and I..."
     
  12. *ASH*

    *ASH* FURBANITE

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    lol very cool . i will be calling tomorrow .:wavey:
     
  13. Adjuster

    Adjuster

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    I am going to admit to being pretty ignorant in regards to life insurance. Does it pay if you die of old age, natural causes? If so then why doesn't everyone have life insurance? Why am I not taking out a policy on every elderly person I know?



    /
     
  14. *ASH*

    *ASH* FURBANITE

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    no lol , if only it worked like that , everyone would do it . some companies wont do over the age of 80. depends on other health issues , and most times for 50,000 of insurance it will be about 250 bucks a month on elderly folks . you have to weigh your options and work with what you got .
     
  15. certifiedfunds

    certifiedfunds Cosmopolitan Bias

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    [ame="http://www.youtube.com/watch?v=QTHhVpcrvRo"]dudley moore - crazy people - YouTube[/ame]
     
  16. Gallium

    Gallium CLM

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    Life insurance is a good tool to assist with estate planning, as it generally is not taxable. You can use life insurance to deal with some of the estate tax issues that arise with the transfer of assets of the deceased. Even with proper estate planning issues arise where the money from the life insurance settlement keeps the benefactor very liquid in the short to medium term.
     
  17. Restless28

    Restless28

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    Anyone who has a family and doesn't have a good term life policy is a fool.
     
  18. zoyter2

    zoyter2 Yeah, so what?

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    House paid for...check
    Burial services paid for....check
    Casket, plot, and marker paid for.....check
    No bills, accounts, outstanding debts....check
    Wife has full retirement of her own....check
    Son, grown and on his own.....check
    100K +- liquid assets....check

    Fool? :wavey:
     
  19. Restless28

    Restless28

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    Congrats on your success. Generally, most folks aren't in your position. That is why term life is necessary.
     
    Last edited: Aug 16, 2012
  20. Peace Warrior

    Peace Warrior Am Yisrael Chai CLM

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    Remember, it is really death insurance. Not making a joke. Look at it from a perspective of NOT being around. Plan accordingly.