Yes, you can get life insurance at 77. Guaranteed issue whole life and death benefit driven annuities don't require medical exams, though premiums are higher and benefits take time to build. The speaker breaks down costs, underwriting, and tax implications for insuring someone that age.
It says, where can I get insurance for my mom, currently 77 years old? So what we would simply need to do is we want to set up a time to simply qualify to see what mom could get approved for based on her age and health. And we'll also look at finances. Let's assume that mom is, quote, unquote, uninsurable. Meaning if, if I, if I get denied from one life insurance company, chances are all of them are just going to deny you. That's typically what I've seen. So it's not like you go to one, you know, company here, they don't want to do business, and then you can go somewhere else. It's not how it works in the life insurance space. They're all kind of communicating in a way. Even though they're separate companies, they're able to see if you apply for life insurance recently or in the past. And if company A denied you, like B, C, D, E, F, all the way to Z, most likely will get that denial. So then there's just your one last option, which is called guaranteed issue whole life. Another word for it is final expense. So if we're trying to qualify for life insurance but are uninsurable, last option is right around here. Guaranteed issue, whole life or final expense. And there's usually two ratings within the classification of guaranteed whole life. From what I've seen different companies, it's like something, they might call it legacy and then maybe something called graded. So one is obviously more advantageous than the other. There is no medical requirement, so they're not going to require blood, urine, and you're not going to have to go through an extensive underwriting process. Like literally we would get on a call together. And if you got the money prepared, you can literally issue in one phone call with a licensed insurance agent like myself, you can literally get on a call with me or someone on my team and we literally draw the quote, put the person's name, date of birth, answer a couple questions, and then it spits out an approval, tells us the price, tells us a quote, and if you're good with that, can literally insure you right then and there for whomever it is you're trying to insure. So it's actually a relatively quick process. So that's one of the advantages there. So fast process, no medical requirement, depending on the company. And this is just from my own research, I personally have only been a part of about maybe two or three cases of this product. And the company that was used each time was a company called corebridge, which Is very, in terms of high rating, highly used, very popular in this specific service of guaranteed issue, whole life. I believe there are other companies that will call the individual and do like a telephone medical questionnaire and then a company like Corbridge doesn't and they just, they just ask questions. You answer those questions based on those answers, spits out a quote and then you then receive the answer. So relatively quick process. Now, when compared to term life insurance or standard whole life insurance, the death benefit is much lower. So say, you know, low death benefit, the cost. And this is, again, this isn't really technically accurate what I'm about to say, but the prices that I've seen so far when I'm running quotes for some clients that I'm working on and cases that have been closed are about in the 200, maybe $300 range a month is what it would potentially cost you. Potentially. I do believe there is a certain age where this wouldn't even work for the person. So let's say you're dealing with someone who's uninsurable and too old. I do believe there's a certain age. I forgot what it is. I want to say it's no older than 80. So I think if someone's over the age of 80, I don't think this would make sense for them. I don't think companies would even issue it. I don't know for sure. I have to dig a little bit deeper on that. But I do know there is a certain age where it just, they're not gonna issue it. So let's say I'm uninsurable and too old. There's potentially another option that I've been learning about from a business partner and friend of mine. And it's a financial product. I don't know if this is the exact name of it, but it's a death benefit driven annuity. So it's a type of an annuity. That's the financial product, it's an annuity. But instead of what annuities traditionally do for people or what most people know, what annuities typically solve for is guaranteed income for life. That's what most people buy, annuities, that's what a pension is. A pension is an annuity. Guaranteed income for life. Social Security income is an annuity from the government. Guaranteed income for life. When you die, it stops. Whereas a death benefit driven annuity, you would contribute dollars into it and it's actually going to grow dollars and provide a death benefit. So you don't take income from it. It's just something that you fund and will pay a higher death benefit out, obviously than what you paid in. The key thing to note is that money that that's growing in the annuity death benefit is taxable, okay? So unlike life insurance, which is protected under the tax code, the death benefit is not taxed. So you get that tax free death benefit whenever you purchase life insurance, any kind of life insurance, Iul vul, whole life term guaranteed issue, whole life, joint group life insurance from work, all of it is always going to be tax free upon death. An annuity does not have that tax protection, okay? Because it's a separate kind of product, it typically solves for a different thing. So this could be another option.
