My 10 year term life insurance premium is expiring next month, and the new rate will be almost 3x what I was paying previously. I’m in my late 40s, and like Clark, I had aortic valve replacement in the past year. I have received quotes online from providers that give online quotes (not all insurance companies will give quotes online) and do not require a physical. Their prices were higher than my current company. Do I just need to bite the bullet and stay with my current company, since they are not asking me about my medical history? Is a 3x increase standard considering I’m close to 50?
Do you need life insurance? Do you have people dependent on your income? Most people buy term insurance to cover their kids until they are grown and then the term expires.
Hi Larry, yes it needed. My question is more if the amount of the increase is par for the course when going from your 40s into your 50s. My premium is $84/mo for a rate locked in my late 30s. The new premium will be $264 per month, but no physical or medical updates are required.
If you can get it, try SBLI savings bank life insurance. Cheap premiums