1. 3998 POINTS
    Matt Benore
    Founder, DenverWest Insurance Professionals, Inc.,
    Term life insurance covers you for exactly what it states,  a term or specific time for example 15, 20 or 30 years.  During this term, your rates should be guaranteed level, if not find a policy that is.  After the term, most policies convert to what is called annual renewable meaning the rates will go up annually but not to exceed a guaranteed amount.  

    So, if your paid to age 80, you may have an option to continue coverage annually to a later age.  Look at the policy for specific details to see if this is the case.
    Answered on January 6, 2014
  2. 4249 POINTS
    Gary Lane
    President, Lane Independent Agency, Southern California
    Term policy covers you only for a specific term. You may be able to continue it past that term, but only at a vastly increased premium. Check your policy. What you might want to do is convert that term policy to a whole life policy if you still can. That way the premiums will never increase and you may be able to get some of your prepayment applied. Gary Lane, Registered Representative, New York Life, 949 797 2424. Thank you.
    Answered on January 6, 2014
  3. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Term life insurance is usually paid on a monthly, quarterly, semi-annual, or annual basis and cannot be paid up to cover you to a certain age. In that sense, it sounds like you may have Whole or Universal life insurance. In any event, though, the way your question is worded sounds as if your policy will end at age 80. You need to contact the insurance agency to see what other options might exist to make it last longer.
    Answered on January 6, 2014
  4. 7479 POINTS
    Steve Kobrin
    President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
    Policies paid to age 80 end at that age.

    So your first question is: is that what you really have?
    Check your policy data page from way back when you bought it.
    If you do not have that, call the carrier.

    Next question: why did you buy a policy that terminates at age 80?
    Was it because you wanted to grow cash inside the policy?
    If so, then at least you have some cash to transfer into a new policy to cover you going forward.

    You might even have sufficient cash to pay up a new policy guaranteed for the rest your life. That would be nice.

    Get prequalified and find out what your options are.
    Answered on June 16, 2015
  5. Did you find these answers helpful?

Add Your Answer To This Question

You must be logged in to add your answer.

<< Previous Question
Questions Home
Next Question >>