Life Insurance For Seniors-New Financial Approaches

Should you worry about the financial meltdown if you are an AIG policy holder? An 85 Billion dollar bet tells us not to worry. We don’t think you’re at risk because of a few important issues:

1-According to Business Week, each individual insurance unit of AIG is regulated separately, essentially creating walls between each part of the company. “Regulators require that each subsidiary has the resources to cover any potential claims.”

2-Even if there was a problem with these units, the The National Association of Insurance Commissioners said “if needed, regulators would step in and ensure policyholders are protected.” These funds are in place in all states.

3-If AIG were declared insolvent, which is a worst case scenario, individual and corporate policyholders would be protected by state guarantee funds, said Bob… Continue reading

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Whew. We’re all getting older…each and every day. Why not get wiser, too, or at least stay with it.

We seniors (yes, me too) now have a plethora of ways to connect with others and remain as independent as we want, and the future looks very bright indeed.

From iPods to the Jitterbug clamshell phone with it’s extra large buttons, amplified cell phones, the autos being built green and yes, with extra large knobs, to the LCD touch screens to control every electronic device in our home, including programmable step ladders, and fingerprint scanned home entry, we’ve come a long way.

Read Eric Taub’s wonderful NY Times senior technology

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Today’s Seniors have a vast array of websites that cater to the your growing market, from senior travel, senior fashion, senior experiences. Why not join some of these interactive groups and share experiences, thoughts, ideas? Try Eons or Gather or About for Seniors for an interactive experience or if your family has cancer issues, try the support system at Cancer Survivors Network.

There are an endless array of senior sites and blogs available. Try a search on Google Blog Search for the term “Seniors”, or use Google to obtain news articles through Google News, or even use Google to find “senior forums”, where you can participate and ask and answer questions on a myriad of topics. Get involved and keep your… Continue reading

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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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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

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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

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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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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

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