Life Insurance Stopped Offering After 15 Years

[dutchman822]

California

I had life insurance coverage on myself and my wife through my employer. After about 15 years of paying for this coverage, the new owners of the company stopped offering the coverage in June of this year to anyone over 69 so I could not renew the policy on my wife due to that restriction.

This is almost $12,000 in premiums over the years.

Isnt there some sort of cash out or some way to recover part of that money?

 

[cbg]

No - that is, not if it's term life insurance, which almost all employer sponsored coverage is. There is never a way to recoup premiums for life term life insurance, which always ends at a particular age; thus "term" insurance, it's only good for a specified period of time.

If it is whole life insurance, which it almost certainly is NOT (it is rare in the extreme for employers to provide anything but term life insurance to their employees, and if they do provide whole life it is generally only for officers or key employees) then there MIGHT be a cash value available that you could retrieve. But the odds that employer sponsored life insurance is anything but term life, are very, very slim.

 

[xylene]

Think of it this way.

If you had gone to the casino and lost for 15 years straight to the tune of 12 grand...

and then the casino closed....

Would you be entitled to a refund because you wont be able to 'win back' your money?

Of course not.

You were buying a life insurance policy. You didn't get to collect. That's good.

 

[Betty]

It's not like you didn't get anything for the premiums paid. You got ins.
coverage on you & your wife for 15 years.