10-28-21, 09:54 AM | |
Join Date: Nov 2008
|
Years ago, my dad bought term life insurance on himself, with his children as beneficiaries. He bought the sort that pays its own premiums so he didn't have to keep track of it.
The only flaw in his plan is that he lived about 15 years beyond the end of that policy, and my sister and I only managed to cash out the policy before it expired because I noticed it was about to expire and because we got the paperwork in soon enough. They didn't make it easy to do, but we got the policy cancelled and the money back out of it. Was it terrible that instead of receiving the life insurance, we got the money back out? No. On the other hand, it would have been super easy for either my sister or me to simply not realize the policies were expiring and lose out on the chance to get the money out. I do think that people need to be careful how they invest, and have good systems in place to keep track.
__________________
Anna |
10-29-21, 05:21 AM | ||
Join Date: Feb 2012
|
Quote:
I renewed my term policy after my cancer diagnosis. My insurance company wouldn't increase my policy payout and my premium did increase, but they couldn't deny me as a current customer. At least that's what they said at the time. |
|
Tags |
aging, life insurance, off topic, off-topic, retirement |
Thread Tools | Search this Thread |
Display Modes | |
|
|