How many years is your policy for? How old will you be when it's time to renew?
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Our term policies are 20, to cover the span of our mortgages and an additional 5 or 10 years. We'll be in our 40s when they lapse.
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We have two term policies - 15 year and 30 year, with the option to convert one to whole when the term is up.
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I think mine is only 10 years because I couldn't afford a longer one (I have a pre-existing condition that made it more expensive).
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Do you ladies know...can you usually lock in term rates? Or do they increase as you age (every 5 years or so)?
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@regberadaisy: ours are both 20 year policies. By that point our home will be paid for and our kids will be in college so most likely there will be no need to have life insurance any longer.
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@LindsayInNY: who is it with?
@FliegepilzHut: I don't know for sure but I think not. I'd gotta imagine life insurance for a 30 year old will be cheaper than for a 50. Not to mention health wise so many things can change.
@Mrs. Lion: I would personally still have a little something to cover funeral, burial, etc. That gets *really* expensive and I would hate for that cost to fall on others.
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@regberadaisy: by that point we should have plenty of money to cover funeral expenses out of our estate. We wont need insurance for that.
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@FliegepilzHut: You lock in the rate for the length of the policy. So my policy is 10 years and I'll be paying the same amount the entire time. That's why it's good to get a longer term if possible because after mine expires, if I want to get more life insurance, it WILL be more expensive because I'll be older and not as healthy!
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@Adira: Got it. Thanks!
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@FliegepilzHut: At least, that's how my insurance is. Maybe they are all different, but I'd definitely pick a policy that lets you lock in the rate!
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@Adira: That's what I was thinking...there's no great incentive to signing up early (young) if your rates increase no matter what!
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We purchased 30 year policies when we were 28 or 29, so we don't plan to renew!
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We just got 20 year policies, so I'll be in my 50s when it expires. We can convert all or some of it to whole life at any time during the term. Our rates for term are locked in for the 20 years.
We can revise it at any time, so as we have more kids / buy a bigger house / cars, etc. we can increase it. Or, once our kids are done with school / things are paid off, we can decrease it. We'll re-evaluate every 5 years or so, unless we have a major life change.
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20 years. We'll be 51 when they expire. I didn't think they'd be necessary past that for us.
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@regberadaisy: Both/all are with Guardian Insurance.
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