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Should you still be paying life insurance premiums at 87 years of age?
Wiki User
∙ 14y ago
At age 87 I would imagine you have a whole life policy and it is probably paying dividends. The dividends may be enough to pay the annual premium or at the very least a portion of it. If this is the case you could probably arrange for such and no longer make premium payments. Call the insurance companies customer service department or your agent and inquire. Be careful of churning where they may suggest using cash values of one policy to take out and pay for another policy.
Wiki User
∙ 14y ago
It depends on your individual circumstances. If the policy still provides significant benefits to your loved ones upon your passing, it may be worth continuing to pay the premiums. However, if the cost outweighs the benefits or if your financial situation has changed, it may be sensible to review the policy and consider alternatives.
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Universal Life Insurance is a great tool if SET UP PROPERLY.This is an intrest sensative product.If it is set up right your premiums will not ever go up and can actually build an attractive amount of cash.Unfortunatly there are crooked people in the life insurance industry.Some agents will sell this product under funded as you stated to wee they will devouer themselves.One very important question to avoid this is to ask to what age your policy is funded to.The best way to fund this product is to age 100..Your policy was probably funded to age 72.. The pitfalls of a universal life policy are: We discovered that your premiums go up after the age of 60, however they don't explain that to you. after awhile your premiums don't cover the cost of insurnce and the policy sort of eats itself up as the premiums are too expensive to continue the insurance. We nearly lost my husbands insurance. He has paid over $25,000 in premiums. Now we have to reduce the benefit in order to retain the insurance!! Their way of telling you is simply that when you get your statement it will say something to the effect that :If you discontinue premiums,( ab\nd of course you are & have been paying your premiums, you just aren't aware that they have increased to cover the cost of insurance!! the cost of insurance will be insufficient to carry you through the next billing.They only bill you for your normal premiums even though the premiums have increased to cover the cost of insurtance. If you don't figure it out, you will have lost your insurance without realizing why. You have to suddenly pay your normal premium plus the cost of insurance. almost double!! Then if you rpolicy should laspe, you would then have to prove you are still insurable. their goes all the money you have paid in for 20 or more years.This is just morally wrong & very sad!! BUYER BEWARE!!!
