What type of insurance policy should I get that will not expire in 20 years? Should I consider Term Life?
I am 61 and I would like to find a Policy that I could keep and not need to start over after 20 Years should I live that long.
Answers | 4
Ironically, I am working on a very similar case as we speak! Short Answer: All depends on your budget and how much coverage you need.
If you want the same amount of coverage (ie. $100,000) for the rest of your life, and you can afford the premiums, then something like a Whole Life or Universal Life policy would probably best suit your needs.
If, however, you see your life insurance needs DECREASING after those first 20 years, then there are a handful of fantastic programs that will keep your premiums the same, but will slowly start to reduce your death benefit after the 20 years have expired. This also holds true for 10-year Term and 15-year Term policies.
It's also worth noting that, in many cases, your current health will determine how much your insurance will cost. As a rule of thumb: Healthy = less expensive. Unhealthy = more expensive.