Huge jump in term life premium—is this typical?

[Anonymous]

You need to work out what you are getting insurance for.

In our case it was to cover the costs of education/childcare if one or both of us died young. So we got a 20 year policy in our early 30s. That took us to when the kids started college (rest would be covered by 529s). No need for insurance after that.

[Anonymous]

Why would anyone get a 10 year policy at 60? Crazy.

[Anonymous]

Our whole life is for tax reasons, not actually for insurance.

[Anonymous]

OP again. Thanks everyone. For whatever reason I don’t remember even considering 20 or 30 year. The agent presented it as term or whole and for whatever reason the term was 10. I think she thought we would convert chunks to whole as we went along. In retrospect I agree the 10 year term made no sense at our age. Ugh.

We’ll forget about whole and comparison shop for new term. Hopefully a 20-year policy. We have two preschoolers and earn similar modest salaries. Trying not to think of all the money we wasted these past ten years ☹️

[Anonymous]

Anonymous wrote:Why would anyone get a 10 year policy at 60? Crazy.

Um, because they're not financially independent by age 60, which applies to like 85% of the population.

[Anonymous]

Anonymous wrote:OP again. Thanks everyone. For whatever reason I don’t remember even considering 20 or 30 year. The agent presented it as term or whole and for whatever reason the term was 10. I think she thought we would convert chunks to whole as we went along. In retrospect I agree the 10 year term made no sense at our age. Ugh.

We’ll forget about whole and comparison shop for new term. Hopefully a 20-year policy. We have two preschoolers and earn similar modest salaries. Trying not to think of all the money we wasted these past ten years ☹️

Don’t feel too bad. It wasn’t wasted. If you had needed to use the insurance, you would have had it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why would anyone get a 10 year policy at 60? Crazy.

Um, because they're not financially independent by age 60, which applies to like 85% of the population.

What do you mean? What are you insuring against?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why would anyone get a 10 year policy at 60? Crazy.

Um, because they're not financially independent by age 60, which applies to like 85% of the population.

What do you mean? What are you insuring against?

DP here. Like if both spouses are still working, and one can't cover the mortgage alone. Or even worse, can't even pay funeral expenses if one dies. Not everyone lives in Bethesda, Janet.

[Anonymous]

Use policy genius to find a better rate.

[Anonymous]

Inflation is out of control. Insurance is becoming a luxury. Food, Shelter, Transportation and energy are crowding out everything else.

You can get on Obamacare after you get sick. Forget about life insurance .. the times we are headed into the companies may go out of business anyway.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why would anyone get a 10 year policy at 60? Crazy.

Um, because they're not financially independent by age 60, which applies to like 85% of the population.

What do you mean? What are you insuring against?

DP here. Like if both spouses are still working, and one can't cover the mortgage alone. Or even worse, can't even pay funeral expenses if one dies. Not everyone lives in Bethesda, Janet.

Or you could save the cash you'd have to pay for premiums on a 60 year old.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why would anyone get a 10 year policy at 60? Crazy.

Um, because they're not financially independent by age 60, which applies to like 85% of the population.

What do you mean? What are you insuring against?

DP here. Like if both spouses are still working, and one can't cover the mortgage alone. Or even worse, can't even pay funeral expenses if one dies. Not everyone lives in Bethesda, Janet.

Or you could save the cash you'd have to pay for premiums on a 60 year old.

This. The premium on a 60 year old would be astronomical.