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I am 73 and my wife 64 We have been insured with a term ins…

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I am 73 and...

I am 73 and my wife 64 We have been insured with a term ins for $100000. We have had this policy for 20 yrs and were paying $256.14 per month.We received a notice two days ago that the premiers will as of two weeks by $724.50 per month. We have not had any major health problems.Is this legal and what can we do?Thanks Ed

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Ontario Canada

Lawyer's Assistant: Has anything been filed or reported?

No

Submitted: 7 months ago.Category: Legal
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Answered in 8 minutes by:
11/20/2017
Lawyer: David Fitch, Attorney replied 7 months ago
David Fitch
David Fitch, Attorney
Category: Legal
Satisfied Customers: 0
Experience: Owner/Founder at Elder Law Services, PLLC
Verified

Good Morning,

Given your facts, sounds very likely that you had a 20 year "level term" policy.

Insurance industry has a variety of types of term products that are differentiated primarily by the length of time that the established premium iss in effect. At the end of the term, 20 years in your case, the company offers renewal of coverage based on the ages of the insured at the time of renewal.

I know that is not what you were hoping for but I would suggest you look at the contract and see what it says about renewals.

If this doesn't answer your question, please give me more details. If it does, I would appreciate a rating above 3.

David Fitch

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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