Life insurance recoMy grandma is 64 and got quoted a 20yr term for $800/m for $1,000,000... good deal?mmendations

General
1

My grandma has had 3 heart surgery’s and currently got a machine that pumps blood to her heart. I’m 23(m) I live with her. The property would go to my ant, and I would have no where to stay if she decides to kick me out after my grandma passes away. Should I take this offer? I have no debt No credit 401k Roth ira $2k emergency savings My expenses such as food/rent/gas/dog food/fun is $600/month I work from home also gym home Make $2400/month

I would be left with $1k/month Can still invest on roth ira ($250/m) and 401k($250/m) plus emergency ($250/m), Work on credit

Can you guys help me decide what to do? Open to ideas Any advice?

7 Likes
2

Has she applied? Quote is just a quote. With that medical history, she would most likely get declined.

6 Likes
3

She’ll be declined once you try and move forward.

5 Likes
4

No debt, no credit, I got 401k, I got Roth ira, I got savings. I make $2400 for clarification

5 Likes
5

No life insurance company would approve that.

As someone who sells life insurance, I often see families apply too late when they already have an illness. They don’t get approved.

The OP should consider buying whole life insurance for themselves.

4 Likes
6

If that’s an actual offer, take it and run. If it’s a quote, she’s unlikely to pass underwriting. She can get guaranteed issue whole life policies though. They cap out at $25k but she could buy through multiple companies.

3 Likes
7

No. Better luck with $800 in the stock market or ETH.
:v:

3 Likes
8

If she gets approved, the insurance premiums will probably go up quickly. Unless she has a guaranteed premium policy, which is very rare.

Be sure to read all the small print.

2 Likes