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I want term insurance but the longest I see is 30 years. Can I get it for like 40 years, or 45 years?

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  Answers  |  2

February 11, 2016

Oh boy, did you just wander into it with that question! The simple answer is that you can't buy a longer term plan than 30 years. There is one carrier that lets you kind of think you can but I'll skip that one.

Term insurance is temporary coverage and quite often the insured lives past the term and no benefit is paid. If we could buy life insurance where we couldn't outlive it, that would be permanent life insurance - and you can buy that now, in the form of Whole Life and Universal Life. If term insurance was to become the same as permanent coverage, it would cost more and pay a claim every time. Again, we have that now.

At the moment, the best way to get 40 or 50 years from a life insurance plan is with Universal Life. Here is how. I use carrier software to generate a UL plan that comes to an end 40 or 45 years from now. It is permanent coverage (as a plan type) but I custom design it to last just so long (like a term plan). There, you have coverage for 40 or 45 years. Will it cost more than term? Yes, but remember, you are comparing a 45 year plan against a 30 year plan (based on what is available now). The longer the "term" the more expensive it is to buy, so yes it will cost more. There are more technical bits that I could touch on, but the summation is that yes you can get what you want but it may not be labeled the way you might expect. If I took the label off your car, it would still get you from here to there, the same would happen with UL built to behave like term. Want to know more? Contact me and we can explore.


$commenter.renderDisplayableName() | 09.29.20 @ 01:11


February 15, 2016

Kirby is right in steering you toward a UL. There are Universal Life policies available that offer a "No Lapse Guarantee" and I would most certainly find one of those as opposed to one without. That way, your coverage will NEVER expire as long as premiums are paid. UL's are notorious for flipping upside-down when most people need them the most - when they enter their late 60's and beyond. I ask you the question, "Why would you pay for something for 30+ years when the likelihood of it being a viable solution to your needs is minimal?"

$commenter.renderDisplayableName() | 09.29.20 @ 01:11