The answer depends on whether you folks will still need life insurance when
he reaches 80, and what you’ll need it for. For example:
1) Do you have significant debts that will still need
to be paid off (at his age 80)? 2) What other resources (income streams and assets)
do you have that can meet any obligations and your ongoing living expenses? 3) Are you counting on a large lump sum payout at
your husband’s death just to meet your ongoing living expenses? (assuming he
dies before you) 4) Will you mostly need life insurance just to
cover final expenses? (final healthcare expenses, memorial and burial, etc)
Last I checked, most insurance companies would not renew term life
policies after 80. But if your
insurer does, the cost will almost certainly be prohibitive.
If all you folks will need is basic coverage for final expenses, there
are several insurers that offer permanent life policies for that (either a
large one-time premium or ongoing smaller premiums). If you’ll still need a large
lump sum to meet other obligations, you may have to explore other options, such
as a reverse mortgage if you have home equity that can be tapped.
If you expect your husband to live past age 80 and he will still have a need for life insurance after age 80, he may want to consider buying a whole life insurance plan that will provide guaranteed lifetime protection.
I believe term life insurance policies do not provide the option to renew your life insurance coverage beyond age 75.
These plans provide lifetime life insurance protection, and will not end unless you cancel the coverage or stop paying the premiums.
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