Quote:
Originally Posted by Alexandria B
My mom has term life insurance for 10 years for New York Life.. is it true that in 10 years, she'll be able to renew it another 10 years? Won't that be more expensive? Also, what happens if you buy that 20 year term insurance and you don't pass away until 21, 22 or even 30 or more years? What happens to all your money, and isn't there a way to renew it? I heard that it would cost thousands and thousands more to renew it after 20 years.. Also, what about universal life insurance? I hear it's no good, but my mom wants to buy that too.. Can anyone please explain a bit?
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Have her investigate a fixed UL product. There are some available that are guaranteed to run to age 100 as long as you pay your premiums.
Yes, she should get out of term if she wants to continue owning life insurance in her later years. Her policy should have answers to all or most of those questions.