President, Lane Independent Agency, Southern California
First let me ask you if you purchased temporary Term coverage, or permanent, Whole Life coverage? If it is Term, then, so long as you continue to pay the premium, it will last for the period you contracted for, as level term, and then the rates will rise considerably. 97% of folks let their Term policy lapse before that ever happens. I always recommend Whole Life, because it last a lifetime, if you pay the premiums, and those premiums NEVER increase, and also it builds up cash value which you can borrow against, or take out tax free to pay for college, retirement, or a new home. While more $ at first, eventually it actually becomes less expensive than term, as its built up value can pay the premiums for you. A quality company can provide you with a variety of choices. Call me, Gary Lane, Agent, New York Life, 949 797 2424. Thank you.
Insurance Advisor, Lordship Insurance Services, California
It all depends on what type of insurance you purchased. Whole Life plans typically run for your entire life. Universal Life will run provided you have not taken so much of the cash value that the policy runs out should you stop making payments on it. Term Life will last for the length of the term you purchased. With all of these policies you need to make your monthly payments or the policy could lapse and you would lose your coverage.
If you are asking the question how long the proceeds will last to the survivors at your death, that answer is dependent on what you want the life insurance to pay for or fund at your death and the amount of money a surviving spouse or child will need each month after you have passed on.
If you are asking the question regarding life insurance products, whole life is designed to last to age 99. Term life insurance will expire at the end of the policy term if not renewed or converted.
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If you are asking the question regarding life insurance products, whole life is designed to last to age 99. Term life insurance will expire at the end of the policy term if not renewed or converted.
Keith Prim - Dallas, TX 214-435-0791