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Old 10-27-21, 07:48 PM  
adawn
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Location: Illinois
My dad was in the wealth management business and so is my sister. They both only recommend(ed) term. My dad always had a term policy I think from the same insurance guy he bought his health insurance from (American Family Insurance).

My dad was self-employed. He and my mom had been debating whether to renew the term policy or whatever around age 68 or 69 when it was expiring. The premiums were still reasonable (not a huge increase) so they decided to keep it going. Within 2-3 years he died of pancreatic cancer despite being in otherwise normal health and still working (think he had slightly high cholesterol, low thyroid, and had maybe 20-30 extra pounds on him).

My mom had enough to retire on without the life insurance payout but it certainly didn't hurt. Also, the insurance company paid out really fast. One of few "good" insurance experiences my mom has had in her lifetime. And it did replace some lost earning years because my dad had planned to keep working through his 70s since he liked working and wealth management is a somewhat low key, flexible job once you've built up a book of business (at least for him and my sister; can't speak for others in the industry).
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Old 10-27-21, 08:52 PM  
sherry7899
 
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Dawn, I am so sorry for the loss of your father. I am glad renewing their term life was affordable. Ours was not. The new rate was TEN times higher than the original rate and we could not afford to renew it. We could not find a new company that would insure pre existing health conditions. I am very thankful we paid off our house early and had no credit card debt or school or car loans.
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Old 10-27-21, 09:45 PM  
adawn
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Quote:
Originally Posted by sherry7899 View Post
Dawn, I am so sorry for the loss of your father. I am glad renewing their term life was affordable. Ours was not. The new rate was TEN times higher than the original rate and we could not afford to renew it. We could not find a new company that would insure pre existing health conditions. I am very thankful we paid off our house early and had no credit card debt or school or car loans.
Thank you Sherry. It has been 9 years since my father passed.

You are very fortunate and wise to not have any debt to worry about at least. (I say both fortunate and wise because sometimes debt is unavoidable in certain situations.)
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Old 10-28-21, 09:38 AM  
Pat58
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Sherry, ten times higher renewal rate is insane!
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Old 10-28-21, 09:54 AM  
BunnyHop
 
Join Date: Nov 2008
Years ago, my dad bought term life insurance on himself, with his children as beneficiaries. He bought the sort that pays its own premiums so he didn't have to keep track of it.

The only flaw in his plan is that he lived about 15 years beyond the end of that policy, and my sister and I only managed to cash out the policy before it expired because I noticed it was about to expire and because we got the paperwork in soon enough. They didn't make it easy to do, but we got the policy cancelled and the money back out of it.

Was it terrible that instead of receiving the life insurance, we got the money back out? No. On the other hand, it would have been super easy for either my sister or me to simply not realize the policies were expiring and lose out on the chance to get the money out.

I do think that people need to be careful how they invest, and have good systems in place to keep track.
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Old 10-28-21, 10:45 AM  
Scorpio6
 
Join Date: Jul 2009
Location: St. Louis MO
Term. Whole life is just a forced savings acct and you can do that on your own.
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Old 10-29-21, 05:21 AM  
BamaTanya
 
Join Date: Feb 2012
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Originally Posted by sherry7899 View Post
Are there any you can take out in middle age or older while having pre-existing health conditions?
A friend f ours wanted to buy additional insurance outside of his employer but could not find anything (other than the ones who advertise on tv) because of his pre existing health conditions.
My brother has had a chronic and sometimes critical condition since his twenties. He and his wife had two children after he went through chemotherapy. His wife shopped for those little policies (5-10K) that say "no medical questions" and purchased several from different companies -- just so they could manage if he passed.

I renewed my term policy after my cancer diagnosis. My insurance company wouldn't increase my policy payout and my premium did increase, but they couldn't deny me as a current customer. At least that's what they said at the time.
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