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A client today from Indiana, was telling me about their life insurance policy that was good until 2064. That would be to her age 95. She, like so many people, are really not quite clear on what they have.

In her case she had a 30 year term policy. The guaranteed level premium period went to 2032. After that, while the prices were guaranteed, they were guaranteed to go up substantially every year. By 2060 she would be paying nearly as much a year as the $600,000 death benefit.

OK, I don’t want anyone left out on this. So, when you get home today, and I mean everyone in the US who has a life insurance policy, pull it out. I don’t care if it’s universal life, whole life, or term insurance. Pull it out and find out how long the premium is guaranteed to remain level.

Bottom line. I hope everyone really does this. It’s can be critical.  If you can’t figure it out, call an independent agent to help you research it. If you figure it out too late, you could lose your insurance.

This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.