Life Insurance for 68 Yo Man in NY?

mikichan

Expert
24
Are there any companies that will give life insurance to a 68 year old man in New York? What is the average premium?

- Health is average
- Face value ~20K
 
Best to check with American Progressive, Foresters, and Columbian. Those are about the only games in town.
 
Foresters, Columbian and CSA will offer FE policies. If he's a non-smoker and good health, Foresters should be lower premium.
If he's a smoker, Columbian should fare out better since there FE does not ask if they are smokers or not.
Columbian $140.84 EFT
Foresters N/S $118.65
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Foresters Smoker jumps up to $169.40.

PM me if you need a any further info or a contract.
 
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Would a whole life, universal life, or term make more sense in this instance?

I am hoping that my dad will live many more years, outliving any term policy.

Would a permanent policy cost significantly more at his age?

He should be able to go thru a medical exam if need be. He wouldn't own the policy.

(I'm assuming term is an option at his age?)
 
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I think you need to talk to an agent about your goals and figure out the right product.
 
If your dad is in good health and is willing to go through a paramed and blood work, of course his rates may be be considerably lower.
I would suggest permanent and stay away from term at his age.
If he is average ht and wt, takes a med for HPB thats under control and Cholesteral that is also under control, I would try the standand whole life before applying for an FE policy.

If he has a couple of other medical conditions that may not be too severe, than you might want to consider the FE product which he should get a level benefit of insurance. Again, Good luck!
 
If it's all about the death benefit, there's a few directions you could take this. As CaptiveBroker has pointed out, there are simplified underwriting choices with Foresters and Columbian. You aren't going to save a ton of money going the fully underwritten route, as preferred is off the table for everyone by NML.

To give you an example, on the fully underwritten WL side:

Guardian: $146/mo for 425k db (Guardian doesn't go below $25k)

Met Life $131/mo for $20k db

Am Gen is $131/mo for $20k on a non-par (no dividends) WL policy

On the GUL front you need to be at least $50k, and the winner there is ING at $142/mo. That's guaranteed for the rest of his life as long as the premium is paid. This is where full underwriting might be worth it.

Term looks pretty bad. 50k is the minimum on a 20 year policy and comes in at $156/mo, that's from Genworth

Just for kicks I looked at $100k because that'll put more players on the table, U.S. Life was the winner there at $255/mo.

If you want to go down to a ten year term Genworth wins there at $122/mo, again that's only a 10 year term policy.

The term policies where fully underwritten, but I assumed standard on all of those as well.
 
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