Term Insurance
I currently have a Term Insurance Policy($400K) through my employer retirement plan. I am currently retired.
As I get older, the premium for the policy has been increased. I can reduce the premium by reducing the policy benefit value, but before I can go ahead and do this, I would like to ask if there are any other insurance choices that can reduce the premium?
Thank you
Terry Says
Probably your best insurance deal is through your employer. But let me ask you this question first: Why are you still paying on a life insurance policy? Who is the beneficiary? At this stage of life, won’t your retirement assets provide enough coverage for a surviving spouse?
You can check for current term policy prices at websites like Accuquote.com. But I’ll bet you have the best deal now.
Oh one more thing: What happens to the policy when you retire? Does it automatically end?
