Can Life Insurance Be Cancelled Because of Age?
As you get older you may be wondering can life insurance be
cancelled because of old age? The answer to that question is NO- as long as the policy is in force and you continue
to make your premium payments.
If you have whole life insurance, then you have
permanent insurance that will last for your entire lifetime, as long as you make your premium payments. So it
doesn’t matter if you live to be 70, 80, 90, or 100 years old, your whole life insurance policy will still be in
force. The insurance company cannot decide to cancel your life insurance simply because you reach a certain
What if you have a term policy?
Term policies are temporary insurance, or
insurance that lasts for a certain term (ten year,
twenty year, thirty year, etc). Let’s say you purchase a 30
year term life insurance policy when you are 45 years old. The policy will mature when you are 75 years
old. At that point you can choose to renew the policy, but the premium that you pay will be much higher because
you are older. If you choose not to pay the increased premium, then the policy will expire at the end of the 30
years. If you renew your policy, then your life insurance policy will continue at the new premium rate.
Renewable Until Age 95
Many life insurance companies give you the option of renewing your term life insurance policy up until
the age of 95. If you are still living at the age of 95, then your options to buy life insurance are extremely
limited. You definitely don't want to wait until this age to be making life insurance decisions.
Another option with many term life policies is something called conversion privileges. The insurance company will give
you the option to convert your term life policy to whole life up until a certain age. Many people will take
advantage of this opportunity, even if it means a higher premium, because they want the security of knowing
that they will have life insurance for the rest of their lives.
Get a free no obligation quote today and compare multiple quotes from the
nation's highest rated carriers. Remember that all life insurance carriers have different rates, so it
pays to compare.