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what life insurance is best for a senior 62 female, on a fixed income, AARP or Landmark Life? asap?

My mom and I are ingnorant to the premiums and the small print on determining the rates. Need an honest opinion from a good christian person. Just need help in determining which is better AARP or Landmark Life? I see two very charts that have us concern if we made the right choice with the one paying more to get less...over a ten yr period. Thank you for taking time to respond

Public Comments

1. Stick to term life insurance. Whole life will cost you - and plenty - to say the least. Make sure that she is not going to be over insured. Insurance companies will scare you into thinking you need millions to get you to pay $10,000 a year in life insurance - so they can put massive profits in their pockets. And if they mention annuities - hang up - immediately. Google = life insurance calculator Figure out on your own how much she needs. What is her mortgage balance, car loans, card debt, and funeral expenses Don't insure for more than what you need - that's an useless waste of money - throwing away monthly premiums that she could easily put in her pocket now and enjoy her life now. Don't forget to deduct her assetts when figuring out how much insurance she needs. If she has 500K in assetts - she many not need insurance at all. /
2. You should contact a local insurance agent and find out more details about the types of life insurance products, the different rates, and the companies that offer it. You should check on the highly rated companies too. There are dozens of insurance companies to buy a policy from. Why are you choosing between those two companies? Did you check to see who is underwriting the AARP policy.
3. I get so mad when folks just scream buy term, when they don't take into account what you've said. Unless your mom (whom I presume is the 62 yr old) has some major medical condition, then I'd, personally, say neither of the ones you mentioned. Instead, I'd have you look at an Index Universal Life (why? because it's a permanent policy, can't be taken away as you age so long as the premiums are kept up, etc.). I looked at one carrier just for an example. By blending the policy so it's cheaper for her yet gives her $100,000 of coverage; coverage which doesn't go away in ten years, and figuring her at standard health, non-smoking, we have premiums of c.$110 per month I figured her paying for 20 years and then her not putting in another penny. Structured this way, the policy would run until age 120. (THIS IS NOT a solicitation for business, I just wanted you to have some idea of what I've spoken about.) There is more out there than guaranteed life and/or term. Most families, I've found, prefer that the insurance actually is in force when a loved one dies. Most term isn't - simply because it often gets to ridiculously expensive rates and most can't afford to renew it - even if the company allows for renewal at the age the person is. Many term policies won't even renew after 85 or 90, no matter what you offer to pay. PLEASE! see a good, licensed agent in your area. I'd suggest finding a broker, i.e., one who's not locked into any one company's products. There are many good companies out there (even lots of those with captive agents) but it's also nice to be able to shop around. I'd suggest you ask them if they can explore either a UL, IUL (indexed universal life) or potentially even a VUL (Variable universal life) product for your mom. BTW _ I also looked at a ten year $100K term policy for her - that would be about $61/month. Great. Then when you come back when she's 72, the price jumps to $190/month for the next ten year. See? That's why I suggest you look into a permanent policy for her now. You don't even want to know what happens at 82. (they refuse coverage entirely in this company)
4. What ieguy missed is that the senior 62 year old female is on a FIXED INCOME. Term is cheap. Anyone honest will tell you that. You might be able to get level premiums for 10 or 20 years. Other things to consider are, why waste money on life insurance? You might want to consider pre-paying on some funeral expenses. Speak to a funeral director and shop around. If you take out life insurance and can not keep paying on the premiums later, for whatever reason, you will just loose your money. Think about which plan is best in your case.