Life insurance for 50+?

[Vipergrün]

I have a current term life insurance policy, which I do not believe can be extended and only covers me for another 10 years.

I'd like to get a second policy to cover a longer period of time. I should have done this prior to turning 50....ugggh.

My youngest kids are 13 and 16, house will be paid off in less than 10, spouse has a job and a retirement pension.

Q1. Should I even worry about longer coverage?

Q2. Who are the over 50 crowd using for life insurance?

Q3. I cannot say I will never attend a DE or other track event, or do a 2nd skydive jump, etc. I assume the policy is void if I die performing one of these? Or can they cancel on a whim if they find out?

Thought I'd stop here prior to filling out a bunch of online forms and getting a "free" quote.

Thanks!

[jcommin]

I'm 66 yrs old, am an empty nester, no debt. aside from my company insurance, I got rid of everything. I had a policy from NY Life from 18 yrs of age and I cashed out of it. For what I invested in it and for my return, it was a joke. The only thing I have left from my youth is a variable life policy from Prudential. That has been ok, I will use the money to provide a burial plan for me.

looking back, I would go with term insurance until such time it no longer makes sense.

Insurance is like Vegas to me. They make the money playing the odds. The house wins.

Save your money any invest yourself.

[recycled sixtie]

I am coming up to 70 yo. I got a 10 year term about 3 years ago. It is strictly term policy and has no savings component. As the above says it is loaded like Vegas in favour of the life ins. co. You have to ask yourself if you passed on without life insurance how would your spouse be regarding finances? Of course they would not insure me unless I was in good shape.

[asphaltgambler]

I'm 56 with a term policy into it's 8th year / 20 total. I would recommend a 20 year at your age as the rates will be more competitive than if you did 10 and then re-up'd another 10. Shop around especially if you are in good health and good weight / height ratio

[aigel]

Q1: NO

You will have a paid off house, grown children out of college, a working spouse with a job and pension. What are you trying to do - give them extra spending money? Undoubtedly you are saving for retirement - that money will also go to the family.

Insurance is to avoid hardship. I doubt your family will have hardship if you go at 60 without life insurance. Life insurance is for younger famillies, where the wife may still be home with children, the mortgage high etc. You don't want your family to lose the house and your wife to have to return to work before the kids are a little older.

I have about 10 more years on mine and am still in my 40s. I will definitely not renew. AAMOF, I was thinking about canceling it when I turn 50, but the premiums are pretty low, as it was a 20 year policy and only track driving and skin diving knocked me off the 'super premium' or whatever they called the best rate.

Cheers,

George

[Evans, Marv]

Rather than spending on a term (or any life insurance policy), have you considered the idea of a long term care policy? A good one is hard to come by, because they usually don't pay for 100% or pay for an unlimited period of time. But if a bad situation develops down the line, it would help out rather than the family carrying the full brunt of expenses. Something like that might serve more purpose. The older you get, the more expensive they are. You might find a good one if you look around.

[wdfifteen]

I wouldn't worry about longer coverage. Your family should be able to fend for itself in 10 years. Inheriting the money you save on life insurance (assuming you don't use it for a track car) will help.

[Vipergrün]

As usual, the wisdom of PPOT comes through. I appreciate the feedback and I think I'll look into long-term care or something more worthwhile.

As for a track car, a newer 911 will be in my future, perhaps I'll turn the policy $$ into a tire fund :--)