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Esteemed Contributor
Posts: 5,530
Registered: ‎03-30-2014

Just like any other insurance, the policy needs to be reviewed every few years.  Nothing should just roll for 30 years.  Give the agent a call.  But first write down a whole bunch of questions.  Eye opening.

Respected Contributor
Posts: 3,100
Registered: ‎03-11-2010

@mominohio wrote:

@50Mickey wrote:

That sounds like term insurance. When I retired in 2004 I took out 2 $150,000 on my self and my husband because I had a minor child and I wanted protection until she finished college. The premiums stayed the same for 15 years.  This term was level until 2019 and the then premiums went through the roof. We no longer need this coverage so I dropped it.  Term insurance is basically renting insurance for when you  need it and it is cheap. Once you reach a certain age it is no longer affordable.  Whole life basically has a premium that does not change but many do not think it is a good investment. 


 

I agree, it does sound like term insurance. 

 

I bought a lot of term on my husband (in addition to the whole life we carry) for when we were raising our son and paying for the house. 

 

The term expired last year, and the yearly premium doubled last year. We are nearing paying off the house, so I paid another year, and will consider it each year from here on out, but term is for those years when you are very over extended with a family, mortgage and other responsibilities, then it usually needs to be let go, as it becomes too expensive. It's cheap for the term and you can usually get a lot of coverage for little money while you are young. 


That is true however one of the policies we have is $112,000 which we've been paying on years and years but cheap premiums---it's only $45 a month ---so decided to keep going with it.

Esteemed Contributor
Posts: 6,527
Registered: ‎03-10-2010

@Tribefan Yes, Alex Trebek does a life insurance commercial. I think it’s $9.99 a month per $1000 coverage.  Do the math...not a good deal.  

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Keepin' it real.
Esteemed Contributor
Posts: 6,527
Registered: ‎03-10-2010

@Kachina624 wrote:

@godi wrote:

I wonder if it has to do with the virus?  That's alarming though. Can you call your area governors hotline? If that's gouging they should be reported. 


@lovesrecess    You should have a state insurance regulatory agency where someone could answer your questions.

 

I had the same thing happen to me with a long-term care policy.  I had a significant birthday and zoom, up it went.  I had to let it go.


@Kachina624  That’s terrible! Did you go up because of age… Are you sure? Mine goes up every three years. That’s as often as they are allowed to raise it.  Not enough to make it unaffordable yet. I’m always given the option of decreasing the monthly benefit or decreasing the benefit period.  I always opt for decreasing the monthly benefit.  That keeps the premium close to what it was before the increase.

 

I’ve thought of canceling it, but I’ve been paying it too long to throw away the investment. Like all insurance… I hope I never need it but it gives me peace of mind and I’ll keep it as long as I can afford it.

 

 

*********************
Keepin' it real.
Trusted Contributor
Posts: 2,022
Registered: ‎10-07-2013

I believe that insurance companies are under the control and oversight of state insurance departments.  Why don't you call the one in your state and find out what they have to say.

Honored Contributor
Posts: 32,842
Registered: ‎03-10-2010

The OP has stated more than once it's a universal life policy yet posters still keep saying it's a term policy or whole life policy.  LOL

Honored Contributor
Posts: 53,402
Registered: ‎03-10-2010

@esmemerelda    I had my policy close to 25 years and the premium was always the same.  Then right before this birthday I got a notice if the big increase.  I have to assume it was due to age.

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