I think the 5th year after my 20 year 2mil policy expires the premiums get into 6 figures. It basically protects you against a cancer diagnosis late in the policy so you aren't deciding between death or money for your family. Even if you can't afford the premiums, you can probably sell the policy or it might have an advance payout option.I’d only renew that policy if spouse was highly likely to die within the next year or so.A real life example. Spouse (now late 70s age) has a term life policy expiring next month with American General. Original term was for 20 years at $910/year with a 250k death benefit. Renewal premium for one year will be $8330. Extremely doubtful that we will renew the policy.
If you want to see something that will curl your toes, ask American General for a projection of future premiums. Premiums will significantly increase every year and pass the “ridiculous” threshold sooner than you might think.
Statistics: Posted by barnaclebob — Tue Jan 13, 2026 10:00 am — Replies 33 — Views 2398