To Age 99 Term Insurance

[MaoZeDuo]

Whats your view on such term plans that covers you till age 99?

 

[Lewis.T]

Whats your view on such term plans that covers you till age 99?

Personally I find the premise good, the price versus a term to 65 isn't too unreasonable, and the fact that you can have riders that waive future premiums upon CI/ECI.

 

[Opps-gal]

http://forums.hardwarezone.com.sg/money-mind-210/term-till-99-a-4710717.html

There is another thread?

 

[limster]

If you are financially independent at retirement, there is no need for term insurance. That is why most term insurance stops around 62/65.

Since there is a near certainty that you will die before 99, the premiums paid for such a policy might actually exceed the payout sum (at least in NPV terms), because insurers need to make profits to pay their shareholders dividends.

 

[MaoZeDuo]

If you are financially independent at retirement, there is no need for term insurance. That is why most term insurance stops around 62/65.

Since there is a near certainty that you will die before 99, the premiums paid for such a policy might actually exceed the payout sum (at least in NPV terms), because insurers need to make profits to pay their shareholders dividends.

From protection perspective, I agree with u. Wad about as a legacy planning tool?

Anyone ran any figures comparing term-99 between a wholelife (or even universal life)?

 

[akwl88]

From protection perspective, I agree with u. Wad about as a legacy planning tool?

Anyone ran any figures comparing term-99 between a wholelife (or even universal life)?

if u want use it as a legacy planning tool, better pour all your assets inside the plan

maybe pay 10k per annum for 3-4mil coverage?

 

[Bigoya]

From protection perspective, I agree with u. Wad about as a legacy planning tool?

Anyone ran any figures comparing term-99 between a wholelife (or even universal life)?

Not sure about UL, but between WL and Term, Term certainly makes better sense.

If you are comparing between Term to age 65 coverage and Term to age 99 coverage of $1M each, you'd be better off covering to age 65 and BITR with the assumption that you invest the premium difference yearly and could get 8% p.a. on average out of your investment.

On the other hand, if you are comparing between cover to age 75 and 99, cover to 99 makes better sense.

I did my math before talking.