I have a thrivent agent for many years that I trusted. My friend has a live insurance policy and after paying for many years now in the late 80s received a letter that her insurance is over at 90?? You have to be kidding! I thought this can't be, called my friend agent, he says yep/asked about mine/ same thing! Never mentioned it in the sales pitch.
I'm pulling my money..
Nov 13, 2007
6 Replies
What kind of life insurance? Term or whole life?
What does your policy say. After all, it is a contract that you and the company agreed to.
Dave
I thought I read in this newsgroup that it is normal for life insurance policies to not cover individuals over 90 years old. Is that not true?
Elizabeth Richardson
FORTUNATELY you are mistaken. It may be true that a SPECIFIC policy will not provide coverage beyond age 90 (or possibly 80 or 73), but in general, IF a policy is in effect at age 90, then it should cover that life for LIFE.
As a matter of fact, the last Universal Life policy that I sold, would ENDOW at age 100, or could be kept in effect until death. One must take into consideration however the amount of premium required to cover the RISK at age 90 or 95 or 100. It would (without bothering to look at the tables) be somewhere in the neighborhood of $999.00 per thousand ! ! ! ! ! ! or thereabouts.
Cal Lester CLU
In investment instruments like annuities an old, arbitrary date is merely a formality. The annuity is pure investment and the insurance part minimal to obtain tax deferral.
Elizabeth, it is common for insurance companies not to issue a new policy to anyone over 90, but that is not the case for existing policies.
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