I am approaching retirement in 77 days(whose counting??) and I am reviewing my term policy that I have with TransAmerica which has two important riders attached to it for chronically ill and critical illness which allows me to receive benefits prior to death so it will not be burden to my wife in the event that something happens to me.
Pro
Price remains same for policy up to 86 years old.
There is a chronically ill rider to policy which allows drawing money from the policy for care.
They define chronically ill as being unable to perform without substantial assistance for a period of 90 days
There is also a critical illness rider which allows withdrawal of benefit if any of the following happens to me:
heart attack
stroke
cancer
renal failure
major organ transplant
sclerosis
It states that the owner of the policy may elect to accelerate all or a portion of the benefit.
Con
Premium will go higher when I'm 86
In the event of something happening to me they have the right to get a 2nd opinion from a Doctor.
Yearly costs is $ 2, 770 for the $250,000 policy. My thoughts on keeping this policy is that my 401k will not be touched for expenses until after the policy amount is spent.
I have been reading up on not having life insurance policies when retired and was wondering what others thought about the policy and if it is worth keeping. Thanks.
Pro
Price remains same for policy up to 86 years old.
There is a chronically ill rider to policy which allows drawing money from the policy for care.
They define chronically ill as being unable to perform without substantial assistance for a period of 90 days
There is also a critical illness rider which allows withdrawal of benefit if any of the following happens to me:
heart attack
stroke
cancer
renal failure
major organ transplant
sclerosis
It states that the owner of the policy may elect to accelerate all or a portion of the benefit.
Con
Premium will go higher when I'm 86
In the event of something happening to me they have the right to get a 2nd opinion from a Doctor.
Yearly costs is $ 2, 770 for the $250,000 policy. My thoughts on keeping this policy is that my 401k will not be touched for expenses until after the policy amount is spent.
I have been reading up on not having life insurance policies when retired and was wondering what others thought about the policy and if it is worth keeping. Thanks.
