Life Insurance For Seniors-New Financial Approaches

I came across this article describing the next generation of airline cost cutting. My initial reaction was outrage, but now I have to laugh at the absurdity of it’s madness. Next up will be airplanes with a roulette game for the few life preservers they supply, one pilot only and a flight manual for passengers in case of emergency, and recycled airline toilet water for drinking (bottled, of course). Make up your own list!

Is there no end to the madness?

If you have no life insurance, you should certainly consider life insurance for seniors now… Continue reading

clipped from www.life-senior-insurance.com

How is this possible?

The answer is that tantamount to premium financing, wherever the funders are dealing with mortality rate spreads, the institutional folks are also calculating these comparable spreads when it concerns immediate annuities.

This can appear labyrinthian, but it’s actually similar to the stock market option biz. One party believes the stock will go higher,and the other opines the direction is downward.

If you are between 70-85 years old, you might qualify for an immediate annuity that compensates you each month for… Continue reading

Ok, I know. It’s work. But do you want to live or exist? The choice is yours, of course, but every study shows the value of regular exercise for all of us.

In a recent article by USA Today, one WMCA director was quoted as saying:

“Seniors who exercise often don’t need to go to the doctor as much. They can come here and spend time with their peers, and then they feel better able to do things like grocery shop for themselves. They’re also more committed to the program because they realize how precious their quality of life is.”

The benefits of exercise are way too numerous to mention, one of which, however is the ability to obtain senior life

Today’s seniors have a multitude of financial opportunities when it comes to life insurance. There’s the concept of premium financing to obtain insurance, and the life settlements market to sell an unwanted policy.

Did you know, though, that a senior can obtain a loan if they want to keep the policy but require some emergency funds? An easy solution is to is to borrow against the policy. The senior must approach the life insurance issuer and clearly state the financial need for the funds. The loan amount is usually determined as a percentage of the policy face value, but every issuer has its own rules and regulations.

A fixed period of time is scheduled for loan repayment, typically in monthly installments. During this period of… Continue reading

Ah. You seniors.

Life insurance. Who needs it? Should you obtain life insurance?

Well, there’s no income issues per se, nor are there typically business concerns for the senior. There is a major concern for wealthy seniors, however, and that is Estate Taxation.

If you have an estate in excess of $2,000,000 in 2008, and you pass on, your estate will be taxed at a 45% rate on everything above the $2,000,000. So, as an easy example, suppose your estate is $10,000,000. $10,000,000 minus your $2,000,000 exclusion equal $8,000,000. Tax on the $8,000,000 at 45% is $3,600,000!!!! Now that you are sick to your stomach, there is a way to pay for this with little or no financial outlay.

Premium financing gives the senior… Continue reading

“Let he who is without sin, cast the first stone”.

Ok, I’m guilty. I have sinned. That said, I was reading an article about life insurance in Colorado and lo and behold I came across the following:

Colorado Law and the Two-Year Rule in Life Insurance Policies

Unlike the two-year rule, Colorado law does not require the one-year rule to be specifically stated in the insurance policy. In fact, the insurance policy typically says just the opposite. For example, the policy may say that the death benefit will not be paid if the insured commits suicide within two years of the policy issue date. Then, when a suicide does occur within that two-year window, the insurance company denies coverage making specific reference to the two-year suicide exclusion in the… Continue reading

By Kimberly Lankford
Provided by Kiplinger

Kenneth Sahs, 71, faced a once-in-a-lifetime decision last year. His $500,000 convertible term life insurance policy would soon expire. Sahs could drop it and get nothing or convert it to universal life, a form of cash-value insurance, and take on $12,000 a year in premiums.

Then Sahs and his wife, Marie, read in Kiplinger’s that they had a third choice: to sell the Continue reading

So you, the senior, want life insurance but you don’t want to pay the high premiums? Well, you’re in luck, it seems, if you qualify.

Here’s the skinny. You apply for life insurance through a premium financing company (you must be somewhat healthy-no cancer, serious cardiac conditions, or major diabetic problems). After providing all your medical history, and taking a short medical exam at your residence, the life insurance carriers rate Continue reading

It always comes down to available capital for investments, doesn’t it? Whether the funds are coming from an individual, small bank, hedge fund, pension fund, well, just about anywhere, everyone seems to be licking their collective financial wounds. The senior life insurance industry is no different.

The credit crunch, which saw the toppling of many a company, including the venerable Bear Stearns, has taken its toll on almost everyone, and the Continue reading