Ask Terry Questions Life Insurance for Older Guy

Life Insurance for Older Guy

By Terry Savage on August 06, 2018 | Wild Card

Huge fan, u r amazingly informative & articulate, I’m 64, disabled, no local family but for 2 distant cousins very well off. I want to make advance final arrangements and secure life insurance benefitting cousins to facilitate. Am I too old for conventional Life for say 100K, or am I better off with multiple burial plans advertized on TV for 25K increments? I was hoping cousins might provide assistance in anticipation of ultimate payout. Thank you so much.

Terry Says

Well, I understand your plight and sympathize with your goals, but I don’t think life insurance is going to be the answer. You are facing an issue that many people have as they grow older and alone. And it’s not just burial that you need to worry about; it’s hospitalization, healthcare power of attorney, and end-of-life wishes that will matter most to you while you are alive.
You sound active and smart, though disabled. Can you build a relationship with a church,or a social group where you would at least have someone to call in an emergency. It doesn’t sound like your distant relations are going to be very helpful in an emergency. The idea of leaving money as a “bribe” would work just as well with a younger neighbor or friend.

Believe me, your final resting place and burial costs are the least of your problems. Purchase a plot and make arrangements with a funeral home. But I’d steer clear of pre-paying funeral expenses, since that money may go astray long before the plan is needed. If there isn’t enough money around for a great casket, you won’t be around to notice it!

Focus on the here-and-now. Make lists of your assets and how to access them, and use my Personal Financial Organizer form (free at my website) as a guide. And leave a list of important phone numbers easily accessible in your home. Then concentrate on building a friendship with a person you trust who can use this info in an emergency.



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