Term Life Premiums in Later Years

[groovinator]

I know there are Increasing Term policies and Level Term policies, but are there ways to lower the rate of increase in the later years of Term policies? For example, can I pay higher premiums now (age 40) on an Increasing Term policy in order to reduce the sky-high premium levels when I'm 65? (I know converting to Whole is an option, but aside from that....)

 

[ALawyer]

Look, if you want low cost term forever, you'll have to convince the insurance company you won't die, ever.

You can get yourself reunderwritten now and take out a new 10-20 year term policy, and then repeat that every 5 - 10 years, and that will hold down the cost. You can buy a universal life insurance policy with a high cash deposit, and a paid up additions rider. But when you get to 65 let's hope you're so rich you'll have no need for life insurance -- perhaps your investment potfolio with the money you would have put into the insurance is at the moon, or your kids will be so successful they won't need any money -- and they'd have to be at least 25 then....