Quote:
Originally Posted by Riverwild
It sounds like you have "term" life insurance rather than "whole" life.
Term life insurance ends at a specific age and has no cash value.
Whole life has a cash value that you can borrow against and you can get the money you have paid into it back if you cancel it.
With term life, the company can raise rates as long as the rate is raised for everyone in the same age group. Your policy will specify what the terms are when it comes to raises in premiums.
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Yeah, it's term (not whole).
They are sending me a copy of mine and a copy of Alan's.
I put ours somewhere but can't find them, so when these come, I'll carefully look them over.
But it is what it is. I'm not going to pay all this money for the next 16 years to have nothing to show for it.
We took it out when our son was a baby. It was necessary at the time.
I can't believe what happened to our economy...people losing 401 k's, their pension plans, THEIR HOMES!!!
Oh my goodness.
Melody
P.S. They raised my husband's premium almost double. Alan feels that they found out about his health, his stent, his IVIG, etc. and that's why they did that. Do you think this is at all possible?