[Graninavan]

Advice for affordable Life Insurance​

Advice please for affordable Life Insurance for Hubby and I, both 72 yrs.

 

[Suzanne rose]

I'm with Noble Oak.
I loved that they actually sent a nurse out to do blood pressure ect so everything is documented and you know there won't be problems when a claim is done.

Most life insurance companies sign you up easily with no health checks but when it comes to a claim any pre existing conditions could prevent a claim.

I pay $80 a month for $200,000 when I started in my monthly payments were $35 I've been with Noble Oak for maybe 15 years but have had life insurance for 30 years. I originally took it out to cover my mortgage and money for my kids if something happened to me.

With age repayments go up.
At my age 63 I would actually cancel it but hubby believes if we cancel now after paying all these years we will then actually need it.

At 72 I wouldn't take out life insurance unless you either don't own your home or are paying it off.

No matter where you look premiums will be high because of your age.
But life insurance is cheaper than funeral insurance as well as getting better benefits

 

[Viellarde]

I don't think affordable life insurance at 73 next birthday exists.
Reason to purchase Life Ins: protect spouse and dependant children in case of one's death.
Mortgage should carry its own insurance. I provided my children with an education so that they can in turn provide for their families.
If the need is to cover Funeral costs:
Suggestion: Prepaid funeral. Decide on type of funeral and shop burial sites and funeral parlours accordingly. Most offer easy payment by instalments.
Funeral Insurance isn't for everyone unless you're certain of cashing in before paying a fortune in premiums. Usually no claim within the first 2years, except for accidental death. Again, premiums are high to cover the REAL cost of a funeral.
Good luck.