Ideas on Type of Policy and with Whom?

[csalter]

My wife would like to take out a small life insurance policy of $50,000 - $100,000 on her mom who is 60 y/o with good health. She wants the policy to cover any estate issues. Personally, I don't think she needs one, but this is what she wants to do.

I am not an insurance person, but from what I do know a permanent policy would be appropriate but I am not sure what kind. Is UL or WL more appropriate? Which company may offer good rates for this? Any help would be appreciated.

 

[WinoBlues]

My wife would like to take out a small life insurance policy of $50,000 - $100,000 on her mom who is 60 y/o with good health. She wants the policy to cover any estate issues. Personally, I don't think she needs one, but this is what she wants to do.

I am not an insurance person, but from what I do know a permanent policy would be appropriate but I am not sure what kind. Is UL or WL more appropriate? Which company may offer good rates for this? Any help would be appreciated.

Need a lot more information. Such as her health, your wife's goal and do you want the lowest cost short term or long term? Such as pay forever or 10 years? If unhealthy find a good FE agent, if in normal 60 year old health find a good traditional agent. Or find one that offers both.

 

[GreenSky]

Or find one that offers both.

I didn't think anyone offered both traditional and FE policies.

Rick

 

[WinoBlues]

I didn't think anyone offered both traditional and FE policies.

Rick

Unicorn Insurance Agency.

 

[csalter]

I didn't think anyone offered both traditional and FE policies.

Rick

What's an FE policy.

 

[csalter]

I didn't think anyone offered both traditional and FE policies.

Rick

What's an FE policy?

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Need a lot more information. Such as her health, your wife's goal and do you want the lowest cost short term or long term? Such as pay forever or 10 years? If unhealthy find a good FE agent, if in normal 60 year old health find a good traditional agent. Or find one that offers both.

I had stated in my first post that her health was good. She has no health issues at all. My wife wants to use the money to pay any inheritance taxes or to pay off her mother's house and any outstanding debt that needs clearing. I think she wants to do it forever and not by a 10 pay.

Thanks.

 

[indiana260]

What's an FE policy?

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I had stated in my first post that her health was good. She has no health issues at all. My wife wants to use the money to pay any inheritance taxes or to pay off her mother's house and any outstanding debt that needs clearing. I think she wants to do it forever and not by a 10 pay.

Thanks.

I like North American custom guarantee.
Level death benefit and proud that will never increase. Also will get some built in riders (critical, chronic and terminal illness). NA ifs a little tougher on underwriting but they have the lowest premium.

 

[WinoBlues]

What's an FE policy?

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I had stated in my first post that her health was good. She has no health issues at all. My wife wants to use the money to pay any inheritance taxes or to pay off her mother's house and any outstanding debt that needs clearing. I think she wants to do it forever and not by a 10 pay.

Thanks.

FE is typically a whole life policy that has easier underwriting but also higher cost built in. Can be a good option for an unhealthy person wanting a quick easy to apply for small policy, $25,000 and under. $50,000.00 and in reasonably going health not so much.

Based on what you have posted I would look at a GUL. As indiana260 said NOCOLH is a good option . I would also suggest looking at Sagicor as they are going to be non-med, offer preferred and standard and no doctor reports to wait for. They also approve in a day or so instead of a month or two.

Talk to an agent that can give you both the FE and Traditional options. There can be advantages to both.

There are some good agents here pick one or two and just have a conversation with them.

Lee

 

[csalter]

Thank you everyone for your assistance. I will see what she decides to do.