LTC Insurance Question

[vlsvls]

Hello,
I obtained some life insurance a year ago for ten years. I am paying $119.00 per month. It is life insurance and when I die, my daughter gets the $180,000. However, I do not know much about life insurance so I am coming here to find out more. Say, I am still around after ten years, does this policy lapses? Or do I get it extended beyond that? This life insurance does not carry a "loan" with it. Is this normal? The insurance is Genworth. Anyone know if this is a reputable company? If I was to switch to another, what do I lose? Am anxious to hear your responses.

 

[billberry12]

Without seeing the policy, it's hard to say what you have. From the way you describe it, it is 10 year term, which means at the end of ten years, you no longer have any life insurance. However, it could be a UL. If so, you might be able to increase the premium to keep it going past ten years.

My suggestion would be to have the person that sold it to you give you a full explanation. If you can't find the agent, call Genworth to get an expalnation. You need to understand what you bought.

 

[vlsvls]

Thanks. I think it is a Ul because my agent said that I could extend it beyond 10 years. Okay got it now. Now I have to figure out how long I might live and base it on that. LOL !!! Again thanks.

 

[Arthur Rudnick]

I think it is a Ul because my agent said that I could extend it beyond 10 years. Okay got it now. Now I have to figure out how long I might live and base it on that. LOL !!! Again thanks.

You're paying $119/month now through year 10.
Look at your policy, years 11+ may cost $1,119/month.

You need to speak with either the agent that sold you the policy or give the company a call.

You're spending $1,400/year for 10 years for a total of $14,000 and you have no idea what you own.

Just curious.............
How are you going to figure out how long you're going to live? Please teach me how to do that and I can become a very rich man.

 

[JGold814]

You're probably going to want to either convert the policy to permanent insurance (if not a UL), or replace the 10 year term policy (whether it's a UL or not) since the premiums will increase by a substantial margin after the 10 year period has expired even if you're able to extend it.

How old are you now?

 

[dgoldenz]

Genworth policies sold last year are not convertible since they are already UL.

 

[NCAgent]

Genworth policies sold last year are not convertible since they are already UL.

QFT.

Honestly, if you are worried about doing things with this policy after 10 years, I'd get another one. This policy will go up in price after 10 years to what is unsustainable for most people.

Talk to the agent who got it for you and see why it takes a year to decide what to do after year 10. I don't mean to be rude, but if your needs have changed then you need an agent to see what to do for your new needs. Somehow the needs provided determined that a 10 year genworth policy is right, or you got one online because it was inexpensive.

 

[billberry12]

"or you got one online because it was inexpensive."

That must be what happened. The OP has not mentioned an agent involved yet.

If so, this is a good argument for "who needs an agent anyway?"