Sunlife insurance

Next year, though, that policy is elapsing, and at his age, Natiello's insurance premiums would spike if he decided to extend coverage.

"Can you convert the term life policy to a permanent policy?" "If you can obtain long-term care benefits as a rider through another life policy, that may the way to go." (One way to keep a lid on those premiums: Getting coverage for a smaller amount than before.) You may choose to keep the meter running on your existing policy, which typically gets renewed on an annual basis. By this point, life insurance is hopefully a waste of money." Those types offer different advantages, depending on the particular policy – such as not lapsing, containing options for investment growth, and having a cash-value component you can withdraw or borrow against – but are far more costly.