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04-18-2020 11:52 AM - edited 04-22-2020 11:17 AM
Hi, I have had term life insurance for 20 years and have paid around $215 a year. I got a notice this week that my yearly cost will go up to $1,500 a year. That is alot more than I expected and cant afford this each year. Having asthma and age over 60 I guess it increases after 20 years!
My question if anyone can suggest anything is do I need to have life insurance?
I have my home, auto and term life all at one insurance company and have not checked around. My worry is that it will be very high per year for the term insurance anywhere.
04-18-2020 12:08 PM
Only you know if you need life insurance.
Do you have enough saved for burial or cremation services.
Is your house paid for, is your car paid for, what kind of credit card debt would there be.....
04-18-2020 12:18 PM
@HouseMouseOne more question to ask yourself before you buy - Who is dependent on that insurance? If it's no one and you've answered @CelticCrafter 's questions - then why ask yourself why you are buying life insrance.
04-18-2020 12:23 PM
I have 2 different lypes of life insurance and one of them is called term life. And you need to check with your agent on this, But with my term life the prices increase with age and policy pay out goes down with age,
04-18-2020 12:33 PM
DH and I haven't had "life insurance" for years. We have no children or anyone else who depends on us. We have more than enough money to pay off the mortgage, if necessary, and for burials. Ask yourself why you need life insurance. The money for the premium could be put aside for any expenses that may need to be paid when you leave this world!
04-18-2020 12:51 PM
It might be wise to ask yourself why term life is something you even want or need.
i ditched mine long ago.
04-18-2020 12:52 PM
Seems when you reach the magical age set by the insurance company, it skyrockets. I really don't think shopping around will benefit you much. At this point, do you feel to need it as far as paying expenses or leaving something to heirs? That decision is yours alone.
04-18-2020 01:22 PM
In very general terms, life insurance is for your final expenses and for the financial benefit and care of anyone you might be leaving behind like a spouse, or dependant child.
At your age and with health issues, good insurance is going to be expensive. You may want a small policy just for final expenses if you aren't leaving someone behind that will rely on your income or support. Or just set aside enough money or prepay as many of the final expenses as you need.
The time to buy big insurance policies is when you are very young. I bought as much as I could afford at 18 and again at about 22, whole life, and the death benefits has grown greatly over the decades. Term insurance is for those years when you have lots of expenses like kids to raise, home to pay for etc.
In reality, most people need much less life insurance as they get older and much of the paying/supporting is done and over with.
A financial adviser might help you decide what you need.
04-18-2020 02:14 PM
@Still Raining wrote:It might be wise to ask yourself why term life is something you even want or need.
i ditched mine long ago.
@Still Raining Agreed. My "final arrangements" are made and paid for. I cancelled my life insurance years ago. Cost had nothing to do with it. I no longer needed it.
04-19-2020 05:26 AM
Thank you very much to all who replied. This gives me things to think about and decide. With my child and my husband gone now, I had a family friend on the policy. I am rethinking all of this since the cost is going up too much.
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