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Posted 5/16/2019 11:56 PM (GMT 0)
I know this topic has been raised before but wanted to see if people can advise now on life insurance.

I recently let a twenty year old policy lapse as the rate was going to jump. Was thinking of getting a 10 year or maybe 15 year term policy and wondering how my health (great - other than treatment for prostate cancer) will affect my insurability/rates.
Posted 5/17/2019 12:08 AM (GMT 0)
If you still work get it through your job
Posted 5/17/2019 12:20 AM (GMT 0)
If you have any way to keep that one you just let lapse get it back otherwise like Howard said get it thru work if you can where I use to work after 60 you had to do a annual physical after my diagnosis they dropped me like a sack of potatoes! Good Luck

Larry
Posted 5/17/2019 1:13 AM (GMT 0)
You look to be in a good position to inquire. Most companies want to see five years of control which you are close to. The key is to get to a very good agent that has a lot of experience with substandard risks. Look for members of the MDRT as they are the top five per cent of agents.

Coverage at work disappears when you retire. For most that is a long time until death. Never depend on employer provided life insurance for long term planning.
Posted 5/17/2019 3:51 PM (GMT 0)
I know life insurance gets really expensive as you get older, but it's hard for me to imagine anyone with a need for same and any sort of health issue would not keep it going. My term policy is coming up soon and I'll want to come up with something. By now I don't need as much as I had, but I would still feel uncomfortable with none. I actually spoke with my insurance guy this week as he can convert my policy with no health check. It will cost more for less coverage,
but could be worth it. I've also thought about calling that guy from the game show.
Posted 5/17/2019 5:17 PM (GMT 0)
It all depends on what your need for life insurance really is. Everyone is different.

The most common needs are to replace income during working years, to extinguish debt, to provide for a child's higher education, and to pay final expenses like a funeral. As we age, these needs generally reduce and usually disappear except for final expenses. Thus, our need for life insurance generally reduces to minimal amounts as we age. However our need for other insurance, particularly Long Term Care increase. In our practice we often reduce or even eliminate life and disability insurance and then use those premiums to purchase Long Term care insurance as people reach retirement.
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