Life Insurance For Seniors-New Financial Approaches

I thought that all of you might find this interesting….

11 Most Nonsensical Reasons for Not Having Life Insurance

By Jonathan Pond

11) “I can’t afford the premium on the amount of coverage I need.”

Pond: There’s no doubt the economy is putting a strain on all of us these days, but you’d be surprised how little a term policy costs. A 20-year, $500,000 policy may cost about a dollar a day. Surely you’d agree your family is worth such a small sacrifice.

10) “I’m single. I don’t need any life insurance.”

Pond: OK, but there are many other situations that require life insurance. Do you own a small business, and would your business make it if something happened to you? Are marriage and children on the horizon? Are you or may… Continue reading

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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

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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

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“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

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