Hello, I am 26y/o M and I've been tasked by my father to purchase a life insurance policy on him. He wants enough to cover death expenses and inheritance. I am a complete rookie when it comes to life insurance, will you please help me.
@izzywray Your father will need to apply himself but you can assist by locating a company or a broker. It all depends on how much your father is looking to purchase. A small permanent policy for 25-50k would probably cover final expenses, burial, and any debts at the time of his passing. He’ll likely need to medically qualify for the coverage so doctors records, an exam, and labs would also be required for a policy like this, but the insurance company will handle these requirements once he applies.
@izzywray Independent agent here. Should do a needs analysis and apply to an appropriate carrier accordingly. Happy to answer more detailed questions offline.
@izzywray Lots of information out there but it can certainly become overwhelming. Like mentioned you want a broker that’s thorough and guides you rather than “selling” you on something. I’ve assisted numerous people through these channels, even if it’s just providing basic information. Reach out to me if you want to.
@izzywray Best would be custom tailored whole life policy with non direct recognition mutual company that would grow around 5% compound rate for life of policy along with death benefit while letting you access 60%+ money as needed (around 100% by year 5). You can message me if you want to know more.
@cj Wow you seem to know a lot bout this. I need to purchase a policy for 75 year old father. Any advice would be appreciated before I speak w actual sales people
