Gearhead Jim
Full time employment: Posting here.
I'm 70, and my pension stops when I drop.
Between SS and our other investments, my wife won't be eating dog food if she outlives me (she's 2 yrs younger) but it would be a big comedown.
Right now I have a $500k 20 year term life insurance policy that ends when I'm 78. Buying more term life at that age would be awfully expensive.
Is there any way to buy something like a "deferred term life insurance", where I would pay the premium now but the coverage wouldn't start until age 78 when my current term expires? That could reduce the premium in two ways- the insurance company gets to invest the money for 8 years or longer before the coverage begins, and I have about a 20%-30% of dying before the insurance takes effect and so the company pays out nothing?
Or is there another way to skin that cat?
Between SS and our other investments, my wife won't be eating dog food if she outlives me (she's 2 yrs younger) but it would be a big comedown.
Right now I have a $500k 20 year term life insurance policy that ends when I'm 78. Buying more term life at that age would be awfully expensive.
Is there any way to buy something like a "deferred term life insurance", where I would pay the premium now but the coverage wouldn't start until age 78 when my current term expires? That could reduce the premium in two ways- the insurance company gets to invest the money for 8 years or longer before the coverage begins, and I have about a 20%-30% of dying before the insurance takes effect and so the company pays out nothing?
Or is there another way to skin that cat?