There are three main types of life insurance and they have three different intended lengths.
Whole-Life Insurance- Designed to stay in force until you die regardless of how long you live. Most people pay a premium on whole-life their entire lifetime but many will pay it in full within 10-years or 20-years. Some pay it with one single premium.
Term Life Insurance- Term is a policy that you decide how long yopu want to keep it when you buy it. Most people buy it for either 1-years, 20-years or 30-years. If you try to keep term life insurance too long you will pay a LOT of money to keep it going in the later years. That is usually the result of bad planning.
Universal Life (aka: Flexable Premium Life)- You COULD keep this policy going for as long as you live but the premium will usually go up a lot unless you die at a younger age. You can change the amount of premium you pay with these policies since they do not have a lifetime rate guarantee. Many people consider these to be time-bomb policies if they are not reviewed and adjusted regularly.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
It is going to depend on the type of policy purchased. For term insurance there is a stated policy end. Usually with newer term policies the end is age 90 or 95. With older policies as young as 70 could be the end. AARP's term life ends at age 80 for example.
With universal life policies have age limits of up to age 121 in some cases. There are some Guaranteed Universal LIfe policies that offer lifetime coverage. These are fairly new policies, that just require a set premium be paid for the life of the policy.
Whole life depending on the age of the policy will "endow" at age 100 or later. At that point the cash value will be greater than the death benefit and the insured gets the cash values.
The big thing to remember is that policy end dates are always changing when new insurance plans are created. The big thing is check your policy. An end date will be stated in the body of the policy. This is a multiple answer question, you have to look.
How long life insurance lasts is one of the main features that causes one policy to cost more than another. Very generally speaking, the less you pay, the shorter your policy will last. This is not a problem as long as your health is suitable to get a new policy when the short one ends.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Take your pick:
To age 121. Yep - the policy can be guaranteed for that long!
10, 15, 30, or 30 years. But - what happens after that? The price can be ENORMOUS.
Any time period you choose. Some policies can be that flexible.
Kind of depends on how much you need, and for how long you need it.
It can last as long as you do if you want to reap the benefit. After all, it is the only form of insurance for which you know a claim will definitely be paid. If you keep the policy in force.
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In the case of group life insurance, in most cases the life insurance terminates when you are no longer an active employee.
Some voluntary group life insurance plans through an employer are portable.
Whole-Life Insurance- Designed to stay in force until you die regardless of how long you live. Most people pay a premium on whole-life their entire lifetime but many will pay it in full within 10-years or 20-years. Some pay it with one single premium.
Term Life Insurance- Term is a policy that you decide how long yopu want to keep it when you buy it. Most people buy it for either 1-years, 20-years or 30-years. If you try to keep term life insurance too long you will pay a LOT of money to keep it going in the later years. That is usually the result of bad planning.
Universal Life (aka: Flexable Premium Life)- You COULD keep this policy going for as long as you live but the premium will usually go up a lot unless you die at a younger age. You can change the amount of premium you pay with these policies since they do not have a lifetime rate guarantee. Many people consider these to be time-bomb policies if they are not reviewed and adjusted regularly.
With universal life policies have age limits of up to age 121 in some cases. There are some Guaranteed Universal LIfe policies that offer lifetime coverage. These are fairly new policies, that just require a set premium be paid for the life of the policy.
Whole life depending on the age of the policy will "endow" at age 100 or later. At that point the cash value will be greater than the death benefit and the insured gets the cash values.
The big thing to remember is that policy end dates are always changing when new insurance plans are created. The big thing is check your policy. An end date will be stated in the body of the policy. This is a multiple answer question, you have to look.
To age 121. Yep - the policy can be guaranteed for that long!
10, 15, 30, or 30 years. But - what happens after that? The price can be ENORMOUS.
Any time period you choose. Some policies can be that flexible.
Kind of depends on how much you need, and for how long you need it.
It can last as long as you do if you want to reap the benefit. After all, it is the only form of insurance for which you know a claim will definitely be paid. If you keep the policy in force.