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Old 09-26-2011, 01:00 PM
 
Location: Near a river
16,042 posts, read 19,024,159 times
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If your term life insurance policy is up or soon to be, do you plan on getting another policy? If so why, what kind, and at what premium?
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Old 09-26-2011, 03:24 PM
 
Location: New Orleans Louisiana
156 posts, read 352,535 times
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I recently got a new group policy for 50K at work for $25 a month. No physical for that one...just the release of medical information, etc. Another policy which I already have (from 1996)..also for 50K... was going up because of my age. It started at like $12 a month when I was in my mid 40's.... but had increased to over $40 a month and was reaching the point where it was going to start doubling every year. I finally read my original policy fine print and saw something called re-certify pricing in another column. The price in that column was stable and much lower for another 10 years(my original term was 10 years). I called and asked what re-certifying was. Think of it as re-applying for a new insurance policy. Of course, I should have done this a few years ago. I completed the re-certification process(this one included a physical, blood work, and all of the old questions and doctor information). I can have a new policy with them for 50K which will cost $25 a month for a 10 year term guaranteed (no rise in premium)...or the same 50K for $44 a month for 20 years (also guaranteed no rise in premiums). When I retire, a few years down the road, I think my group policy will automatically reduce because of my reduced income...so I am thinking I will have the other policy which is guaranteed until I am 80(if I get there).
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Old 09-26-2011, 04:12 PM
 
Location: SW MO
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No!
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Old 09-26-2011, 04:15 PM
 
Location: Near a river
16,042 posts, read 19,024,159 times
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Quote:
Originally Posted by GregoryS View Post
I recently got a new group policy for 50K at work for $25 a month. No physical for that one...just the release of medical information, etc. Another policy which I already have (from 1996)..also for 50K... was going up because of my age. It started at like $12 a month when I was in my mid 40's.... but had increased to over $40 a month and was reaching the point where it was going to start doubling every year. I finally read my original policy fine print and saw something called re-certify pricing in another column. The price in that column was stable and much lower for another 10 years(my original term was 10 years). I called and asked what re-certifying was. Think of it as re-applying for a new insurance policy. Of course, I should have done this a few years ago. I completed the re-certification process(this one included a physical, blood work, and all of the old questions and doctor information). I can have a new policy with them for 50K which will cost $25 a month for a 10 year term guaranteed (no rise in premium)...or the same 50K for $44 a month for 20 years (also guaranteed no rise in premiums). When I retire, a few years down the road, I think my group policy will automatically reduce because of my reduced income...so I am thinking I will have the other policy which is guaranteed until I am 80(if I get there).
Thanks for the reply. Yours is a group policy. I should have specified individual policy, as that is what I'm asking about.
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Old 09-26-2011, 04:16 PM
 
Location: Near a river
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Quote:
Originally Posted by Curmudgeon View Post
No!
Curmudge--elaborate??
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Old 09-26-2011, 04:19 PM
 
Location: Florida
4,386 posts, read 3,730,501 times
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The reason to get one is so your survivors have money for needs they can not provide for and you would have if alive. If you have no needs then you could skip the insurance. However, if you feel that you may need insurance in the future you might want to keep your policy. It is possible that your health or occupation could prevent you from getting insurance in the future. Shop around for price.
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Old 09-27-2011, 05:37 AM
 
Location: New Orleans Louisiana
156 posts, read 352,535 times
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Quote:
Originally Posted by newenglandgirl View Post
Thanks for the reply. Yours is a group policy. I should have specified individual policy, as that is what I'm asking about.
I have 2 policies. The first one I spoke of is a group policy. The second one, which is the one I am renewing, is an individual policy.
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Old 09-27-2011, 05:53 AM
 
Location: SW MO
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Quote:
Originally Posted by newenglandgirl View Post
Curmudge--elaborate??
I may be the only man around who has proof positive that my wife didn't marry me for my money and has no plans to bump me off to collect my insurance!

Several years ago as we prepared for my retirement, my wife asked me to drop my insurance policies as they were term and were about to bump up in premium due to my "advanced" age. At the time I warned her that a future medical condition could render me uninsurable (and I'll find out tomorrow if one has) and she understood but still felt that the premiums weren't worth the inevitability. She also asked me to cancel the coverage we had on her.

In hindsight, I don't regret the decision one bit. Should either one of us "go" we have ample resources and guaranteed income for the survivor to continue to maintain our quality of life and that, after all, is what counts most for us. Leaving a large estate is not and never has been our plan for our children or anyone else. Living a comfortable life is paramount. If all our heirs receive is whatever comes from the sale of our house, they can go buy a beer and toast us with it!
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Old 09-27-2011, 06:54 AM
 
Location: Baltimore, MD
3,746 posts, read 4,230,778 times
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I'm not yet at that point but my group policy will also wither away after I hit 65 (I think.)

The only reason I continue to hold it is because it is relatively cheap and I don't want my kids trying to find cash or maxing out their credit cards to get me cremated or buried. I've been told that funeral homes and/or cemeteries do not require payment up front if the survivors can produce a life insurance policy. However, I haven't given it much thought and it might be total b.s.

So, for those of us who are continuing to hold a small life insurance policy for this purpose, does anyone know if this is true?
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Old 09-27-2011, 08:34 AM
 
Location: SW MO
23,605 posts, read 31,552,600 times
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Quote:
Originally Posted by lenora View Post
I'm not yet at that point but my group policy will also wither away after I hit 65 (I think.)

The only reason I continue to hold it is because it is relatively cheap and I don't want my kids trying to find cash or maxing out their credit cards to get me cremated or buried. I've been told that funeral homes and/or cemeteries do not require payment up front if the survivors can produce a life insurance policy. However, I haven't given it much thought and it might be total b.s.

So, for those of us who are continuing to hold a small life insurance policy for this purpose, does anyone know if this is true?
In many cases the survivors can "assign" the policy to the funeral home which will take out their fees and costs and give the rest to the assigned beneficiaries.

We'll be cremated and interred in a veterans cemetary so the costs will be minimal, especially here.
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