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I applied for life insurance when I was 48 and got a thirty year term policy of $500,000 at that time. With good health, I got an A+ rated company to give me "preferred" status. In short, there is coverage unless I live past age 78. This was a deliberate plan on my part. I realized if I waited and bought a 30 year term, it would last into my old ages. Of course, rates go up, the longer you wait. You also take some risk waiting until 48, that something may happen health wise and you may not qualify for coverage.
Most people get life insurance through work. I really don't know what you can do once you retire and get past a certain age. It may not be worth trying to get it or keep it.
My husband has a policy through work that he loses when he leaves the job. We also have 2 term policies. One until age 65 and a smaller one till age 70. Since we will only get SS, no pension or healthcare benefits, the insurance would be a help to me if something happened to him. Of course, age 70 seemed like "old age" when I took it out. Now, not so old!!!
I'm thinking I might do the 10 years, just to leave to the kids along with the house and some other assets, but then I'd have to kick off within 10 years. Opinions??
Quote:
Originally Posted by newenglandgirl
Thought I'd revive "this old thread" as others may find the discussion interesting.
My conscientious DH made sure to get insurance extended. I also have a smaller policy. We think it prudent to do this. Both of us would take a financial hit when either of us dies, leaving the other.
We also set up a revocable trust. And we have a will. These are things we should do for the sake of our heirs.
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