Let me start off by admitting that life insurance was the furthest thing from my mind and I really had no interest...and still have very little interest in learning much about it. So I'm turning to this forum in hopes of getting some "simple" advice as to what I should do.
When I was in my mid 20's I got a 100K SBLI policy
Im 47 now and mistakenly let this policy lapse about 8 months ago..
My wife and I agree that a 100K policy is enough for me.
Can this policy be reinstated? If so, is it worth reinstating or would it be better/less expensive to just start out fresh with a new Term policy?
If it is better to start out fresh, where do I go, without being overwhelmed with having to make too many decisions.? Basically, I just want to keep it simple and as inexpensive as possible.
The lapsed policy was 1 yr renewable and convertible( still don't understand that part) started back in 1997 with annual premium of $100. Premiums increased every year with last amount that was due/unpaid in May 2015 being $266. Increasing every year according to policy in 2020=$417, 2025=$652, 2030= $998.
As far as my current heath:
Healthy as far as I know...47 non smoker, not taking any meds. Other than some bruised ribs last year, not much of a medical history for me other than annual doc appointments which are fortunately uneventful. I could probably stand to lose 5 lbs but not overweight. Family history of diabetes and cancer on mothers side.
What is the best and least expensive thing to do without me having to overthink this?? Im just looking for $100K coverage right now for a policy that I can just pay make my annual premium and not think about it. Yes. when it comes to this stuff.... I'm lazy!
Thanks in advance!
When I was in my mid 20's I got a 100K SBLI policy
Im 47 now and mistakenly let this policy lapse about 8 months ago..
My wife and I agree that a 100K policy is enough for me.
Can this policy be reinstated? If so, is it worth reinstating or would it be better/less expensive to just start out fresh with a new Term policy?
If it is better to start out fresh, where do I go, without being overwhelmed with having to make too many decisions.? Basically, I just want to keep it simple and as inexpensive as possible.
The lapsed policy was 1 yr renewable and convertible( still don't understand that part) started back in 1997 with annual premium of $100. Premiums increased every year with last amount that was due/unpaid in May 2015 being $266. Increasing every year according to policy in 2020=$417, 2025=$652, 2030= $998.
As far as my current heath:
Healthy as far as I know...47 non smoker, not taking any meds. Other than some bruised ribs last year, not much of a medical history for me other than annual doc appointments which are fortunately uneventful. I could probably stand to lose 5 lbs but not overweight. Family history of diabetes and cancer on mothers side.
What is the best and least expensive thing to do without me having to overthink this?? Im just looking for $100K coverage right now for a policy that I can just pay make my annual premium and not think about it. Yes. when it comes to this stuff.... I'm lazy!
Thanks in advance!