Let's talk life insurance

[zilla68]

Just got notified from my farmers insurance agent that since i've reached the old age of 57 my life insurance policy is going up about 400 per month between my wife and I.
I have 1.5 x my annual salary thru work, but i've carried an additional 350k for her and my self.

anyone have any other options they use that I can check into?

 

[THD]

Is your employee life insurance at a fixed amount and do they give you the option to continue the policy into retirement? At your age I'm guessing that any new policy will be somewhat expensive.

I had a large policy with my employer which I reduced to 350k when I retired in '19 (using it to cover State tax on my estate, and other incidental expenses). My premium was $130 when I retired and went up to $180 after a couple yrs. I think they adjust the premium every 5 yrs. This is a group policy through my former employer which lessens the cost.

 

[RiverDave]

Going up 400 a month? What do you pay currently?

 

[madweazl]

Just got notified from my farmers insurance agent that since i've reached the old age of 57 my life insurance policy is going up about 400 per month between my wife and I.
I have 1.5 x my annual salary thru work, but i've carried an additional 350k for her and my self.

anyone have any other options they use that I can check into?

Have you shopped a term policy? I just renewed mine for another 20 years and it went from $68 to $83 per month. With that said, it was 500k and I'm 50 vs 57.

 

[Mac]

After 50, the clock is ticking and prices go up.

In my opinion, life insurance is a personal matter and not every plan, fits everyone. Income, debt and medical issues/conditions are huge factors in what fits.

When I retired, I "should" have gotten a policy but I was single and had no reason. There were service member plans I could have locked into at the time I retired but I missed the opportunity. After I remarried, I needed to make sure my wife was taken care of so I shopped around and got a policy that fit to make sure she would be taken care of and be able to maintain our lifestyle.

 

[Cookie]

My wife just told me my Life Insurance (Term 70) had a big jump in the premium this year as well, I am 57 years old. We have 500k on me and 250k on her (she is 58). We have had the policy for 25 years as well

 

[SLIM]

Told the wife that her new Husband can support her after I die Don't want to leave them too much, it may shorten my life.

 

[John@Outfront]

i am almost 63 and coming close to an end of a 20 year 1 million term. i will not renew any life insurance as kids are now grown and looking good, our assets will cover any expense upon the death of my wife and me

 

[RIDERED]

I'm going out the same way I came in. Naked and broke!

 

[zilla68]

Going up 400 a month? What do you pay currently?

between the wife and I, I think its 500 a month maybe, its lumped in with all the cars, kids etc, I'll have to look again

 

[zilla68]

Have you shopped a term policy? I just renewed mine for another 20 years and it went from $68 to $83 per month. With that said, it was 500k and I'm 50 vs 57.

i have not, looking for some options, since i've been with farmers for car insurance since I was probably 20, I liked it was all together in one spot, one contact, etc. i never had a reason to look. when the kids were born i decided i needed to do something just in case, now they are pretty much gone. pretty much lol

 

[GBR]

I would look into term at 70 my term expired to keep it active it would have almost tripled so we lowered the amount from 500k to 250k and it went up just under 200 a month but is locked in until I turn 80 by then will have to decide if the juice is worth the squeeze. Whole life policies just didn’t pencil for us when we were in business we carried 1 million of term no way could we afford whole policy for that amount.

 

[Crusty]

I've been shopping for a Whole Life Insurance Policy and setting up a Life Insurance Trust for it immediately. That's the only way to ensure my loved ones will avoid federal estate taxes and be covered for the modest lifestyle we currently live.

While I'm employed, my Life Insurance is great with the supplemental coverage I selected, but its the same as a Term policy, unless i die while employed it will be gone. That's the trade off with Term Insurance, no payout, no value if not used.

 

[BaBaBouy]

i am almost 63 and coming close to an end of a 20 year 1 million term. i will not renew any life insurance as kids are now grown and looking good, our assets will cover any expense upon the death of my wife and me

Look into having your company take out a “key man” policy on you, if you’re set up right “C Corp” or similar you may be able to pay for the policy as a business expense.