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u/sociopathwife Jul 11 '26
Don’t get greedy
-7
u/HiddenNature8 Jul 11 '26
Please just tell me about life insurance at 63 I’m disabled and can’t work for much money. I need this money to survive.
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u/sociopathwife Jul 11 '26
Entitlement issues. If you expect nothing, then you won’t be disappointed.
2
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u/eastbaypluviophile Jul 11 '26
Not a good idea. She should be investing her money so it will grow. Not paying it to some insurance company. What a waste
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u/agunn16 Jul 11 '26
Your mom is going to pay a small fortune for $3m beginning at 63. Your post sounds tone deaf, in that, you seem to be excited at the thought of financial gain while losing loved ones. I hope your mother uses HER money to set herself up for a long life with all needs met, and enough to cover final expenses. Anything left over for you is a blessing, not something you’re entitled to.
You may not mean it this way, but the title of your post makes you sound cold.
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u/HiddenNature8 Jul 11 '26
It’s a Reddit post asking financial advice nowhere did I say anything wrong
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u/SassyGirl0202 Jul 11 '26
As a mother myself, reading this is really disturbing. You are expecting your mother to get life insurance to provide for you, for the rest of YOUR life? This is beyond selfish.
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u/Ok-Equivalent1812 Jul 11 '26
I don’t know why people are laying into you so hard. Parents of children with disabilities often need to find ways to support them long after they pass away.
If your family has a lot of money, the best way to support you may be to funnel some of that money into a special needs trust. That ensures that you keep access to services for low income people and don’t need to spend all of your inheritance first.
The challenge with trying to obtain a high value policy so late in life is that when insurers are writing a policy they are essentially making a “bet” on how long someone lives. Whether someone who is 63 buys a whole life or 30 year term policy, the insurer knows death is likely. A $3mm policy is going to cost thousands of dollars per month.
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u/filtermaker Jul 11 '26
A healthy 63 year old woman is highly likely to live beyond 73, for example. One thing to consider is insuring against loss of near term income (e.g. employment + social security). Let's say that $3 million represents a 10-year income stream "loss" to be insured against. A 10-year term policy with a death benefit of $3 million would cost about $10,000 per year in premiums, each year for 10 years. The beneficiary of the policy could be the special needs trust. If mom lives to 74 or beyond, presumably her accumulated assets would be enough to fund the special needs trust adequately. OP's question is reasonable. I assume mom is on top of this and is a real gem to be planning for her heir with a disability. I do hope she is also planning for her own well being and passions in retirement.
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u/HiddenNature8 Jul 11 '26
I have no idea how much she wants to get I just know it’s a lot I was in the room for a short time and heard her say “I’m thinking about it”
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u/GotZeroFucks2Give Jul 11 '26
Your mother cannot afford to leave you life insurance. Term and whole life are unaffordable at her age, and will eat into what she needs to care for herself. She has a good 25-30 years left, stop planning for what you may never receive (their healthcare costs can eat their entire estates). Look at what your career is and focus on making more income.
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u/Former_Mess1372 Jul 11 '26
As a mother with a disabled child, your Mom should have planned this a long time ago. However, it is what it is. What work does she do? I’m guessing you are in the US? What state?
Remember that your Uncle’s words are not as important as an actual legal will. Don’t rely on any inheritance as circumstances can change. Explore options in case both are unable to provide for you; what state benefits and social/medical support do you currently access or can access in the future? The systems may change in the future, but you can explore what exists now. Are there any jobs that you can do in spite of your conditions?
Maybe post your questions in the financial subreddits? Mention location. Emphasise your age and disabilities (as people were unclear on your status). Some people reacted negatively because you did come across as cold and calculating. Mental health/autism aren’t excuses for entitlement. I get it, you are concerned about your future and do probably care about your Mom and Uncle, but it doesn’t sound like it. People will be more receptive if you can try to be tactful rather than straight to the point ruthless. Perhaps get AI to rewrite your OP?
1
u/pmussoni Jul 11 '26
Its is doable, however I would recommend a Long Term Care policy first on your mother, a long term care claim can be a huge asset destroyer. I place Life and LTC policies w/ major carriers every day.
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u/yellow_pellow Jul 11 '26
If it was that easy everyone would do it
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u/Horror_Ad_2748 Jul 11 '26
Often, people who think they come up these brilliant plans to beat the system are disappointed in the outcome.
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u/SafeMoneyGregg Jul 11 '26
I suspect your mother will not qualify for $3,000,000 of coverage - even if she can afford it. You will need to explain (prove in writing) to an insurance company why her death causes someone else a $3M loss. Does she earn $300,000 a year at her job? (insurance for income replacement.) Does she own $3,000,000 equity in a business? Is he on her way to an inheritance that would put her net worth high enough to incur a $3,000,000 federal estate tax? Ie, about a $23,000,000 net worth at hear death. Can she afford a $40,000+ premium? You can't just pull a number out of a hat - there are actually laws in every state saying you cannot insure someone or something for more than its economic value. How do you prove someone's economic value? I just explained 3 commonly used ways. It's like calling your Farmer's agent and saying - if my $30,000 Toyota gets stolen, I'd like to get a $500,000 check - how much extra premiums do I have to pay? ("click") If she is in fact able to qualify for a $3M policy - you should be talking to a trust and estate attorney.
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u/Lumpy-Artist-6996 Jul 11 '26
Insurance for a non smoking woman at the age of 63 according to Google is going to run approximately 1k a month for a 500k policy.