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    Hermelijn's Avatar
    Hermelijn Posts: 1, Reputation: 1
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    #1

    Mar 3, 2010, 11:25 PM
    Male, Mortgage Insurance, age 86
    I want to cover a mortgage of $ 265,000 with term insurance. Annual renewable is an option.
    Male 86 years.
    (And don't ask me why I didn't do it sooner, unless you have a time machine available, please).

    Hermelijn
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 4, 2010, 05:34 AM

    And what country is this in ?

    If it is in the US, the person will have to get an extreme medical exam and the premium will be so high it will not be worth it.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #3

    Mar 13, 2010, 03:36 PM

    You can't get an annual renewal option with term life insurance. It's either a 5 year term, a 10 year term, etc. not an annual renewable term as there is no such thing. The insurance premium is going to be astronomical even if the person is in good health after a rigorous health exam. And if there are any health problems more than likely no insurance carrier will insure the person being that old. Why should they? It's too much of an immediate risk to possibly get much premium money from the individual before the insurance company has to pay out on the policy.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Mar 13, 2010, 03:43 PM

    Actually there are annual renewal term policies, the premuim goes up every year.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #5

    Mar 13, 2010, 05:49 PM
    Quote Originally Posted by Fr_Chuck View Post
    Actually there are annual renewal term policies, the premuim goes up every year.
    Hey thanks for this info. Must be something new that I was not aware of. Bet the premiums are out of this world!
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