1 Reply Latest reply on Sep 5, 2011 10:14 AM by Patgrick

    Renewable life insurance

    Nell
       
      Should a person continue to pay renewable life insurance...started about 20 years ago... and now valued a $80,000 + if the next payment of $2000 includes Cost of Living option and the person is almost 65 years old?   The person has other fixed rate policies that would be adequate for spouse in the event of the insured's death.  The $2000 is to  be paid yearly for the next five years and is too expensive,it seems for the "benefit."  Should insured drop the policy?
        • Re: Renewable life insurance
          Patgrick
          The benefit seems to be very expensive for the COL option.  I would take the renewal without the COL if it is available.  In some case, you could "convert" the policy to a whole life, paying the same premium but at a significantly reduced face amount.  Hope this help.