<p>Well I learned a big lesson today. Our 10 year term policies are expiring and the cost to renew with the same payout is 3-5 times the current monthly rate. If we would have renewed BEFORE we turned 50 the cost would have been substantially lower.</p>
<p>Yup, I work in an office that handles life insurance among other things and a lot of people are enamored with that 10 year term premium, but overall there is waaay more whinging by 10 year term holders than by 15-20 year policyowners at renewal time. </p>
<p>It is so much more expensive as we age, especially since so many people’s health changes, too. I see so many people get preferred best rates in their 20s/30s/40s and by the 50s other ‘stuff’ pops up for these totally healthy people. People who 10 years ago met rigourous build & lab result standards and now have had cancer or heart things or even just high BP or higher cholesterol. No one is more disgusted than the skinny marathon runner whose rates are doubled/tripled/etc by being bumped to standard rates. Even sadder are the people who are uninsurable.</p>
<p>It should not be a huge difference between 49 & 50, it’s just that the remaining years to insure are such expensive years, more people dying.</p>
<p>We bought 20 year term life after having 10 year policies in our 20’s and 30’s. Financial planner said it was a good idea to renew with 20 year policies. Figured the kids would be grown up and our policies wouldn’t be as critical.</p>