- Jun 12, 2014
- 9,695
- 26,065
Founding Member
My 20 year term runs out in May. I was paying around $500/yr for a $500,000 policy. I also had policies through work as did my wife. To renew for another 20 years it goes from $500/yr to $6,800/yr. We're pretty set so THAT ain't happenin'.
My original 20 year policy I got when I was 28 is for $650,000 and is $350 a year.
My new 15 year policy I got at 40 is for 1.15M and is $550 a year.
Like you said... I got the quote to renew when I turned 48 and it was shocking. I dont know what is so different in their calculations between a 40 and 48 year old.
So it just made sense to me to go ahead and get a new policy while the premium was reasonable and just be doubled up for 5 years. Now, I could always drop my original policy and save that $350. But I figured these next 5 years are pretty clutch if something happened to me.
Luckily, my company also throws in a 250,000 policy. I've told all my close friends to be suspicious of my wife if I have an odd death in the next few years