When I was in my 30's I purchased a $100,000 20 year term life insurance policy through Protective Life. Because I was in excellent health, I was given the best preferred rate class. I'm in my 50's now, and if I were to apply for insurance today, I probably wouldn't get that same preferred rate class.
That 20 year term policy will expire in a few years. Before it expires, I will be taking advantage of my option to convert"the policy to a permanent universal life policy, at the same preferred rate class I got when I was in my 30's! Plus I don't have to go through medical underwriting since I'm converting my term policy. Also, Protective Life has an ExtendedCare rider I can include that will give my family a monthly benefit of $4166 for 2 years if I need long term care. My monthly premium would be $160, and is well worth the piece of mind it will give me. This little life insurance policy is turning out to be a real life saver!
If you're worried about your life insurance or long term care needs, let's take a look at your current life insurance plans to see if you have any conversion options you can take advantage of. Call me for a free life insurance review.
Maggie Nessim, CIC
Faller Insurance Agency