Donald's Angel @donaldsangel

There may, however, be an important distinction depending on what type of life-insurance policy this is. If the $78 → $300 → $700 increases are premiums that were allowed to rise under the policy, it could be a form of annually renewable or other age-rated coverage. In that situation, the insurer can price coverage much higher as the insured gets older, subject to the policy terms and applicable law. But if this is supposed to be a level-premium term policy or permanent life-insurance policy, those dramatic increases deserve closer examination. The policy's original illustration, premium schedule, current policy statement, and any notices explaining the increase can tell you what's actually happening. Don't simply stop paying the $700 premium yet. Depending on the policy, there may be alternatives such as: 1. Reducing the $150,000 death benefit; 2. Converting to a lower-cost permanent policy, if a conversion option exists; 3. Using existing cash value to help pay premiums, if it's a permanent policy; 4. Changing the policy's premium structure; 5. Using a reduced paid-up option; 6. Replacing it with another policy—but only after determining whether your husband's age and health make replacement financially sensible. And because he's 73, don't cancel the existing coverage before knowing whether a replacement policy is actually available and affordable. #LifeInsurance #LifeInsuranceAwareness #TermPolicy #LifeInsuranceMonth