| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 372.1 | thru IEEE? | SCHOOL::DESAI | | Wed Feb 03 1993 12:17 | 2 |
| Make him IEEE member and buy their term insurance. If I can find more
details, I will post (rates etc.)
|
| 372.2 | | ELWOOD::KAPLAN | Larry Kaplan, DTN: 237-6872 | Wed Feb 03 1993 13:17 | 8 |
| Carefully research IEEE before you go this route. Their rates are
excellent, but they are quite picky about their acceptance criteria.
For example, they immediately rejected my wife because she has
multiple sclerosis, a disease which researchers believe has no effect
on life span.
L.
|
| 372.3 | Some facts | SLOAN::HOM | | Wed Feb 03 1993 13:31 | 18 |
| Based on 1988 data, the expected number of deaths for
a white male age 62 is 18 per 1,000 males.
Assuming zero administrative costs, a $100K policy would cost
each member of that population $150 month. This assumes all 18
individuals died at the end of 12 months. Typically insurance
companies charge about 1.5x that rate.
Re: -.1
If you work through the rates for IEEE insurance, their mortality
rates assumptions are lower than that for the average population.
That's the reason for their low rates and correspondingly high
rejection rate. As a person with IEEE insurance, I want the
toughest acceptance criteria possible. It's for this reason
that the Digital life insurance rates are so high - there's no
selection criteria.
Gim
|
| 372.4 | THEIR IS A BETTER WAY | WFOV11::CHANG | | Wed Feb 03 1993 13:52 | 7 |
| RE LIFE INSURANCE
AT 62 YEARS OF AGE HOW LONG DOES HE WANT TO BE INSURED. YOU WOULD BE
ABLE TO GET 100K FOR ABOUT $118 PER MONTH, ASSUMING THAT HE IS NON
SMOKER AND IN GOO HEALTH. IF I CAN ANSWER ANYMORE QUESTIONS CALL
413-527-5507 OR 242-2895 TKS
ROGER
|
| 372.5 | forget IEEE | LEDS::SIMARD | There's no traffic jam on the extra mile! | Thu Feb 04 1993 14:45 | 7 |
| Forget IEEE, he's just a blue collar "joe", however, he doesn't smoke
and is in great health.
I'm just a secretary and he's blue collar so let's keep it in relation
to that. There's no engineering salary here.
|
| 372.6 | If from Mass. try SBLI | LEDS::VESESKIS | | Thu Feb 04 1993 16:38 | 10 |
|
If you are a Mass. resident then you may want to look into SBLI
insurance. Most banks carry and there rates tend to be very low.
He will be required to take a physical but if he is in good shape
and a non-smoker then his chances will be good of securing insurance.
I don't know the rate structure for a 62 year old but I think you find it
very competitive to other insurance companies.
Ken
|
| 372.7 | SBLI cost for $100,000 at age 62 | MPGS::BEAULIEU | | Wed Feb 17 1993 12:03 | 16 |
|
According to the SBLI rates chart (that I have here in front of me) the
rate for a 62 year old non-smoker is $806.00 per year for $100,000
of insurance which works out to 67.17 per month. This is for a "Yearly
Renewable Term Policy" which means that it is "automatically renewed
each year up to age 70" (however the premium goes up each year up to
$1391.00 at age 69). "The policy may be converted to a permanent form
of life insurance,
Has he considered what his family would REALLY need to maintain thier
current lifestyle if he were to die suddenly (taking into consideration
any wages, pensions, social security etc that they might receive). If
the "mortgage and incidentals" do not total $100,000 he may want to
consider a smaller policy. For example, the same policy for $50,000
would cost 465.00 (or $38.75 per month) at age 62 and $808.00 at age 69.
|
| 372.8 | If we had only known... | CADSYS::FLEECE::RITCHIE | Elaine Kokernak Ritchie | Wed Feb 17 1993 12:07 | 10 |
| As a side note, it is much easier to get SBLI for $99,000 than it is to get
$100,000. We have recently applied for $100,000 for my husband. They are giving
him endless grief about his borderline heart results. The medical people who
have been visiting him for various tests have all said this would not have
happened if we had only asked for $99,000.
I wish someone had told us that at some point. If we get turned down, we
are going to reapply for a lesser amount and see what happens.
Elaine
|
| 372.9 | they came for the physical the other night | LEDS::SIMARD | There's no traffic jam on the extra mile! | Wed Mar 03 1993 12:57 | 19 |
| Well, we went with SBLI, as in a previous note it's only $67 +- a
month for the first year and the second year through the 5th it
actually goes down. The only problem is that it's good for 15 years
and only convertible to a specific type of policy which costs an awful lot
for the same coverage. So, maybe he'll die within 15 years?
They came out for the physical the other night. He's really healthy
and doesn't smoke or have colesteral or blood pressure problems. They
do a urine to see if he smokes, I guess they can find the nicotine in
it. They did not do an HIV test. They specifically said it didn't
include one. I understand they want you to go to your own doctor for
that. I guess it's another way of their not spending the money for
it.
So, looks like we are on our way with this.
Thanks
|