Getting life insurance for my grandparents?

My grandparents are in their seventies – early eighties. Financially, they are having a tough time and do not have life insurance.

As their grand-daughter, I would like to establish a policy that will be just enough to cover their final expenses. They live in the state of Missouri and I live in Minnesota.

Would I be able to get a policy for them?
What types of policy should I look at –term or whole life?
What are your recommendations for insurance companies?

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  mbrcatz 11:49 am on October 19, 2010 Permalink
  

  Companies like Globe Life or Mutual of Omaha will issue a life insurance policy on a "guaranteed issue" basis, up until the age of 76.

  After 76, you can still buy life insurance – but you won’t get odds. You’ll be making one lump sum payment, probably the death benefit plus 10%.

  Additionally, there is no payout, unless they live a full two years after the policy is purchased.

  There is no "term" life insurance, when you’re in your 80’s – because you WON’T outlive the term.

  My recommendation is to not waste your money on insurance. You’d have to get their permission, also, which is another can of worms. Just start socking away $250 (what those two policies would have cost you) each month into the bank account, and whoever dies first, you have the money to pay for their funeral. And if it’s MORE than a couple of years, you’ll have the money to pay for both funerals.

  Which is REALLY your reminder – if YOU want life insurance, buy it now.

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  Smiling 11:49 am on October 19, 2010 Permalink
  

  If they are over 80 it will be difficult to get any kind of life insurance. If the guaranteed enrollments through AARP and Colonial Life end at 80.

  Since you are solely looking for final expenses/funeral coverage, a better option would be to go through the pre-paid funeral program at the mortuary/cemetery where they will reside. Make sure that multiple people know the specifics of this plan. The mortuary companies often get 1 for the price of 2. There is no one besides the deceased who knows of the plan, so when the time comes the survivors end up re-purchasing the funeral costs.

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  Caveat Emptor 11:49 am on October 19, 2010 Permalink
  

  First, you could only do so with their concurrence. Second, you will probably find such insurance very expensive – if available at all. Life insurance is not "for your grandparents" – it is for the beneficiary(ies), so what exactly is the need here?

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  Zarg222 11:49 am on October 19, 2010 Permalink
  

  they may be almost impossible to get life insurance for and it is going to be very expensive if you are able to get it – the premiums over a few years may wind up costing you as much as their "final expenses" would be – just start saving money and egt other family members to chip in – or just worry about it when the time comes

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