Hi folks,
My father, a 78-year-old veteran, is approaching the end of his term life insurance policy with USAA. The premiums have recently increased dramatically from $140 to $1500 per month for a $100k policy, which is no longer affordable for us. We’ve been given the option to reduce the coverage to $50k for $450 per month, but we’re looking for other options to potentially lower the cost or find a more suitable policy.
Given that my father is in good health for his age, are there any recommendations or alternatives we should consider? We want to ensure he has adequate coverage without breaking the bank. Any advice or suggestions would be greatly appreciated 
Wow, that’s a big jump in premiums… My dad had a similar issue with his policy last year. We ended up looking into term life insurance options from other companies. Some had better rates for seniors in good health.
Might be worth shopping around and comparing quotes. Also, consider if he really needs that much coverage – sometimes lowering the amount can still offer good protection without the sky-high cost.
I had a similar experience with a family member’s term life insurance policy and found a few ways to address the issue. First, consider shopping around with different insurers, as rates can vary significantly. Companies like AARP or other veteran-focused organizations might offer competitive rates for seniors. Also, explore the option of converting the policy to a whole life or final expense policy, which might offer lower premiums but different coverage terms. It’s worth comparing quotes and discussing with an insurance broker who can help navigate the options based on your father’s health and needs. Finding a balance between coverage and affordability is key, and there are often more options than one might initially realize.