I turn 51 here shortly and received a notice that my life insurance was going from 15 per month to 70. Curious what others my age are paying and with what company you have Insurance with. I'm currently with Military Benefit association. Thanks all!
You also need to know the coverage amount. Level pay for 10 or 20 years keeps the payment the same and then it shoots up. I think I pay about 130 month for $1 million level payment for 20 years and it started when I was around your age.
I know I'll probably regret getting into this thread, but we'll see how it goes! Disclosure: This is a portion of what I do. As Rob mentioned, you need to understand what you have first and foremost. Many term policies will continue coverage after the primary term ends but the coverage gets MUCH more expensive. The increase you've seen seems to line up with what you might expect. Each year you continue will likely get more expensive. Life insurance is very dependent on your health, so asking what others pay doesn't necessarily mean anything. State, occupation, age, gender, sometimes hobbies (like racing), and mainly health, all play a role in what your premiums are.
Life insurance is very dependent on your health, so asking what others pay doesn't necessarily mean anything. State, occupation, age, gender, sometimes hobbies (like racing), and mainly health, all play a role in what your premiums are.[/QUOTE] Yeah the racing thing absolutely hammered my life insurance when I disclosed it on my Keyman and personal insurance The $1M keyman policy went from $1500 a year to $9,000
Was your rate not locked in when first obtained? That sounds more like whole life vs term life I have a $750k, 25 year term policy I got when I was 46 (3 years ago) for $1585.68 annually and it is locked in at that price. No increase for the life of the policy. This is through Pacific Life Insurance / Zander Ins. Wife reminds me often, she knows the combo to the gun safe and how a shovel works!
See my comment about the end of a term. In your scenario, what happens to your policy when you reach the end of the 25 years? You pay $1,585.68 for 25 years then one of two things usually happens: 1) The policy ends and you don't pay anything or have the coverage or 2) You keep the coverage by default and your premiums automatically go through the roof. The latter is considered a benefit because you may be uninsurable at that point and you can just cancel it anyways. What happens is written into the policy when you took it out and will be in the paperwork.
I’ve had this same company since I was a young Marine. I am in great health, only track days and no health issues at all. I was in SoCal for years and now in Texas. The invoice says Term II life insurance. 200k policy.
Worth calling the corporate number and talking to a rep. They should have no issues giving you an explanation of the increase and framework of the policy moving forward.
I love how insurance companies think asphalt is softer when you don't get a trophy at the end of the day
Regular group term is typically age banded. Every 5 or 10 years your premium goes up. Individual term can be a fixed rate for a set number of years. Typically individual policies are written for a set number of years. It sounds like you just age banded up.
As crazy as it sounds, this can be somewhat negotiable. When I disclosed my plans which included racing as well as a few other risky activities, my rate skyrocketed to the point I couldn't afford it anymore. I continued to make the argument that I wasn't a professional and after about a month, underwriting came back and took the extra premium off of the policy without any extra riders/exclusions. This was all in the pre-purchase stage when you actually have a little bit of leverage. As far as I know, they can't come back and jack up the rates now until the end of the term. I know some will disagree with this, but having previously worked in the insurance business, I always find it best to disclose up front and make sure everything is in writing rather than risk a claim not being paid. For instance, if I answered NO to racing activities on my application, then I get killed while racing, I'm not even going to be around to lobby for the claim to be paid. Now it is all on record and they agreed to write the policy anyway.
Well, if you are already racing and/or plan to, that's one thing. I do not remember there being a requirement to notify the carrier if you change your mind about racing or flying or skydiving once issued. If so, you'd be like that guy on Young Guns when they told him to pick up a rifle and defend his home.
Racing and skydiving are usually deal killers unless you haven't done either in the past 12 or 24 months. What you do after the coverage is bound is your business but plan for some investigation if a claim arises. If they can show you intended to take part in that hobby and concealed it you have a problem. If you had the policy for a while and discovered a new hobby after the fact you are probably fine. Those questions are on the app for a reason
