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Life insurance for 15,000 or more...for someone 65 or older..no health questions.?

My father is 69 years old, and wants to take out more life insurance, but is having trouble finding a suitable policy for his needs, colonial penn only wanted to give him 5k in coverage...and he is looking for AT LEAST 15k...He already has life insurance for 15k with aarp/nylife. I was wondering if anyone knew of another life insurance company who could give him at least another 15k, without asking health questions, like aarp/nylife? I told him that I would check on the net to see if I could find something for him, so your help would be appreciated... thanks!:)

Public Comments

1. The premiums may be so high, that he would be better off taking that payment and putting it in a savings account. Don't go with companies you never heard of before. If they go out of business - you'll never see a penny of life insurance. /
2. He might have to "stack" policies. Globe Life and Mutual of Omaha will each issue $10,000 policies, up to a total insured amount of $25,000 or some such. But with no medical exams and no questions (which isn't exactly accurate, because even those guaranteed issue policies have QUESTIONS), you have to live at least two full years, before they'll cover a death claim. Now, he can go to a "high risk" broker, and find someone willing to sell him a $15,000 policy, IF he's willing to pay $20,000. But he's probably not. If he's looking for "odds", it's going to be ONLY a guaranteed issue company. He'll have to buy multiple policies. And he'll have to live at least 730 days after that, for the death benefit to apply. Which, actually, is YOUR reminder. You need to buy YOUR life insurance NOW, while it's available and affordable, so you're not in the same situation, when YOU are 69.
3. why does he need more life insurance? $5000 should cover any funeral expenses at his age, it's going to be very expensive - he'd be better off just putting the monthly payment into savings/investing it
4. Nearly every company that sells insurance, also sells final insurance, as it is called. Although there are "no direct health questions" asked, actually there are indirect ones, and the answers to these determine how much people pay, and how much insurance they are entitled to. Normally one is asked what meds they take, and this will tell the interviewer(potential insurance salesperson), what to charge, as he looks up the price in his trusty handbook. If one has heart issues for example, one pays a higher amount, as certain medications tell the tale. And you don't want to lie on these applications, as they are checked behind the scenes. Moral of story: in most cases regardless of the company you talk with, prices and amounts will be comparable. Remember, insurance companies are there to extract as much as possible from their clients, and pay out as little as possible.
5. For the amount of money your father is paying for his $15,000 policy he may be able to do a TAX-FREE 1035 EXCHANGE of his existing policy into a $30,000 universal life policy (UL). Sure, he will need to answer medical questions and maybe a small exam but if he's willing (and there's nothing medically to prevent and insurance company from issuing a favorably rated policy) he may be getting more coverage for less out-of-pocket money. The cash in the NY Life policy will transfer to the UL as an earnings cushion that should offset some of the premium increase of buying the new policy. Have the company you are applying to provide an illustration with guaranteed insurance to age 100 or 121. If your father is against the exam, have him apply to a couple of companies, pay the higher premiums they request and be done with it .
6. Easy to find. You could pick up a plan for about $130/month at $15000. Just contact an insurance broker.
7. Yes, you can get additional insurance if you're in Canada. If he has some health issues, then mind it that the non-medical policies do not pay insurance amount if the death happens within 2 years of taking the policy.