I received an unsolicited text saying my life insurance would change once I hit 69 years old. It looked like someone was trying to sell me term life insurance. I ignored it but my question is, has anyone had a change in their whole life insurance policy once they hit a certain age? Thanks for looking.
Whole Life insurance question
- Thread starter robordon
- Start date
Kaila
SF VIP
That sounds like a sales pitch to me, but I wouldn't know the info about life insurance policies.
Other than that they generally cover less, the older people get. From the info I've seen.
I wouldn't even look at any unsolicited messages of any kind, though.
In addition to the exponentially increasing numbers of offerings that you will be receiving from companies, with every passing milestone;
You are also joining an age group that is targeted by more scams than one can possibly investigate individually.
So I agree with ignoring everything that is from some entity that is for profit, or is unknown to you.
And ignore most items from sources that seem familiar to you, as well. They might also be scams, or businesses that want to profit off of what we dont know.
Welcome to the forum.
Other than that they generally cover less, the older people get. From the info I've seen.
I wouldn't even look at any unsolicited messages of any kind, though.
In addition to the exponentially increasing numbers of offerings that you will be receiving from companies, with every passing milestone;
You are also joining an age group that is targeted by more scams than one can possibly investigate individually.
So I agree with ignoring everything that is from some entity that is for profit, or is unknown to you.
And ignore most items from sources that seem familiar to you, as well. They might also be scams, or businesses that want to profit off of what we dont know.
Welcome to the forum.
Oldeagle66
Senior Member
The majority of those things are definitely scams or just over expensive insurance. Better and affordable insurance can be found without advertising.
MACKTEXAS
Well-known Member
I had a $100,000 term life policy and the premium changed to an unaffordable amount after 20 years. I knew in advance that would happen, and was okay with it; dropped the policy at the end of 20 years. I still have a whole life policy and the premium has never changed. A traditioal whole life policy is a permanent policy with a fixed premium and death benefit that remains the same for life as long as you continue to pay the premium. [Modified whole life policies may have exceptions. Some of those start with a low premium but it increases over time.]
Aunt Bea
SF VIP
- Location
- Near Mount Pilot
Talk to the company that issued your whole life insurance policy.
Years ago, I had a small whole life policy that was ‘paid up’ and started paying a dividend.
I eventually cashed it in but I believe that it could’ve been converted to a larger term insurance policy where the cash value and dividends would have been enough to pay the premiums on the new larger term coverage amount.
Years ago, I had a small whole life policy that was ‘paid up’ and started paying a dividend.
I eventually cashed it in but I believe that it could’ve been converted to a larger term insurance policy where the cash value and dividends would have been enough to pay the premiums on the new larger term coverage amount.
MACKTEXAS
Well-known Member
Thanks, Aunt Bea - I forgot about paid up whole life.