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Additional ... |
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Additional Details
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Lynne | If I buy a term insurance policy for 30 years, what happens if I live more than 30 years? |
Additional Details
Will I have to pay a high price for more insurance?
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 |
 
Doing the Right Thing
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There is many options you can take when that happens
1) If you invest $100-$300 a month into an IRA and your portfolio earns an average rate of 10% over a 30 year period, you can have at least 6 figures in your IRA account. In 30 years, you may not need as much coverage as you do now. So you can lower your coverage to keep the premiums low or about the same.
2) You may exchange it for a smaller term policy such as 20 years or 15 years or 10 years.
3) You may convert it to a cash value life policy.
4) You may renew it without having to provide proof of insurability.
Anyway, there are many things you can do and you really won't know your financial situation in 30 years. Until then, you should buy the right amount of coverage needed to protect your family and invest your money into tax-deferred accounts.
Don't under estimate the power of investing. If you invest now, you can potentially become self-insured, meaning you won't need life insurance anymore. In reality, no body really want any kind of insurance. It cost money and there's a chance nothing can ever happen to you. But since you don't have lots of money saved right now, that's why you would buy insurance. As you continue invest your money, in 30 years you probably won't need life insurance or as much coverage.
To answer your final question about premiums going up, yes your premiums will go up if you keep the same coverage and the same term length. But you won't know what you need in 30 years. In 30 years, you can change the coverage and the term length or even cancel it so that you can save more for retirement. |
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H.S.M.
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Buy Term & invest the rest to overcome this problem.or buy whole-life or universal insurance which will cover you for the full life,but they cost a bit more.The best & the cheapest one is the Universal insurance which could be paid off in just 10 years,provides coverage as long as you live,get your money back at retirement,still be covered,never make any payments after 10 years.
For more info send me email respbonus@yahoo.com I'm a certified financial advisor,could save you thousands $$$$$ in tax. |
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CMass Stan
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Once the 30 year term ends, if you have no other life insurance coverage, you're uninsured. And yeah, taking out a new policy 30 yrs from now will cost you plenty in premiums.
But maybe your life insurance needs are such that you don't need that much 30 years from now. Hopefully you have enough assets built up then that, if you should pass on afterwards, your beneficiaries will be able to handle them. |
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nurse ratchet
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A 30 year policy expires at the end of the 30 year term. If you have purchased a policy that has a guaranteed renewable endorsement on it, you will be guaranteed an offer to renew the policy at that time. It will be more expensive, but this is a very important option. You may be very sick and uninsurable at that time, and be turned down for life insurance otherwise. |
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xls8000
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Look at a Return of Premium policy if you want money back. You will be paying more, of course, but overall if you don't die you will get your money back. And of course the premiums will still be less over the term than the actual policy's payout. |
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bostonianinmo
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You become uninsured. The policy expires at the end of the 30 year term. If you still need insurance, you'll need to take out a new policy. |
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Fatty
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You have no insurance and have to buy a new policy. |
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Frank O
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you get nothing. |
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mbrcatz
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You make sure it's renewable AND CONVERTIBLE. Then you renew it, if you still need it.
Yes, you'll pay a much higher price, but if you DO THE MATH, and add up what you WOULD Have been paying for whole life, you still come out ahead.
Term costs about 1/10 of whole life. So, if you pay $300 a year for term, for 30 years, you've saved roughly $81,000 in premium (which could have been earning you interest!) so when you renew it, so what if you pay $3,000 a year now? The INTEREST off your prior savings can cover that! So that makes it just like FREE INSURANCE. |
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CaseyAngelEyes
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A 30 year term policy expires after 30 years & you don't have coverage. Most people feel that they will be well enough off by that point & don't mind the policy ending. You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did. The policies start at around $2 per month.
Go to: http://www.insureme.com/landing.aspx?Refby=616164&Type=life
Take care,
Casey |
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PJ
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Depends on the policy.
At the end of the term, some policies have no options, they just end. You will need to get a new policy (hopefully you will be in good health).
Some policies covert to a annual term policy after the 30 years but the rates go very high. The only people that would take that option are those people that can not get a new policy (because of age/health).
Most companies will let you convert your term policy to a whole life. Some will let you only do this during the first 5 or 10 years. Others will let you do it anytime. That means that if you had a $300,000 term policy that was 19 years old and getting ready to expire you could covert it to a whole life policy for any amount up to $300,000 without evidence of insurability (your health). |
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nilajaj
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well, i asked a co-worker and she says, nothing happens you just dont pay for it anymore.... |
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