since when to they payout for suicide?
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As long as you own the policy for more than the stated minimum, which can be as little as two years.
Hard to believe an 81-yr-old would have term...it gets very expensive after 73 and you must keep it renewed at ever higher premiums every year or three. Whole Life, at 81, should be paid up, unless he took loans on the cash value. Even then, the premiums don’t rise as much as term.
My husband has a 25-year-old Whole Life policy that is now paying its premiums out of cash value. For the past 3 years, it has earned more than the premium and the cash value has actually appreciated some, even after deductions for premiums.
Insurance can be complicated.
it sure is
Maybe he got a 30-year term policy at age 52? You’re right that getting a 10-year extension in his 70s would be extremely expensive and of dubious utility, even if he still was working full-time.