UL to age 120, any way to extend?

[JJ2713]

Do you have the option of extending a UL policy past the age limit?

Let's say, it's till 100 or 120, can you put an addendum on the policy that states you can keep the policy indefinitely until you pass away as long as you continue making premium payments (or, in the case of a paid up policy like a SPL, then start making new monthly premium payments)?

Or you can't do this and whatever age the policy ends is when the life insurance ends?

 

[Robert Barney]

Do you have the option of extending a UL policy past the age limit?

Let's say, it's till 100 or 120, can you put an addendum on the policy that states you can keep the policy indefinitely until you pass away as long as you continue making premium payments (or, in the case of a paid up policy like a SPL, then start making new monthly premium payments)?

Or you can't do this and whatever age the policy ends is when the life insurance ends?

First, when companies increased the coverage period from 100 to 121 - back in the good old days (15-20 years ago?) - the issue had been what if someone lives past 100? In those days most companies took the position that the coverage became paid up, and the death benefit would pay when death actually occurred.

Then everyone started rolling out "to 121" products. To day a "to 100" product is a conscious decision to pay less, and lose the coverage at 100.

NOTE: This is different than a to 121 product, with premiums payable to 100.

Today, no one asks the question about living past 121, because no one ever has. But I imagine the same answer would apply as used to apply to the very old to 100 products.

Back to what I think the question is, I don't believe there is any company, that I am aware of, that will let you buy an extension to go from 100 to 121 after the policy issued; assuming you you started with a new "to 100" coverage guarantee in the last 10 years or a new one today. I suspect you could replace the "to 100" product with a "to 121" product, and some companies would let you take whatever CSV you had in the old one, and put it in the new one, and reduce the annual premium for the new one, but I can't imagine why they would make it easy to extend an existing product.

But I would love to hear if anyone knows of a company that does allow it.

 

[Allen Trent]

he issue had been what if someone lives past 100? In those days most companies took the position that the coverage became paid up, and the death benefit would pay when death actually occurred.

Keep in mind, that is not how all ULs work. Some ULs at age 100 state that the paid up death benefit is equal to the CV at the time it hits the max age. Also keep in mind that it doesnt always happen at the persons birthday of age 100, but at the anniversary following age 100.

I have seen a few policies end between the birthday & the anniversary because the monthly ART COI rates get astronomical for a 99 or 100 year old. Many agents believe a person with $30k CV at age 100 with a $100k face amount will have a paid up $100k policy, but not all contracts. Some may have a $30k paid up policy or if their anniversary is 11 months away, may have no policy if the COI eats up all the CV.

Have to read each contract to figure out what will happen. But I agree, I am not aware of carriers allowing an extension of max age

 

[Robert Barney]

I have to confess that I read into this first post that the discussion was about no lapse Guaranteed UL.

Perhaps the thread starter can help us out here.

 

[adjusterjack]

Life insurance is based on mortality tables which were changed from age 100 to age 120 due to the increase in people living past age 100.

 

[JJ2713]

I'm talking about a GUL policy (just death benefit), not whole life or anything with cash value.

My reason for asking is this...

- If someone wants to purchase a GUL policy to leave behind as an inheritance to his children/grandchildren, he doesn't want the policy to not pay off because he lives beyond the end date.
- Or a couple wants a first-to-die policy to replace the Social Security check that would be lost when one spouse passes away. They don't want to out-live the date of the policy.

I guess what I'm asking is... does a GUL exist that offers a true lifetime no-lapse guarantee even if you live beyond the age the policy is for, let's say 100 or 120?

Someone using a GUL for estate planning and only having be "till age 90 or 95" is foolish. Many people live beyond 90 nowadays. So, 100 would be the minimum age to be safe. Till 120 would be better.

I just want to know if there are policies that exist that don't lapse because the person outlives the end age.

 

[DHK]

Even whole life (the policy with the strongest guarantees) endows at age 121.

 

[JJ2713]

What about a GUL to age 120?

 

[Robert Barney]

I'm talking about a GUL policy (just death benefit), not whole life or anything with cash value.

So was I, my first post stands as is.

Someone using a GUL for estate planning and only having be "till age 90 or 95" is foolish. Many people live beyond 90 nowadays. So, 100 would be the minimum age to be safe. Till 120 would be better.

Age 100 is NOT safe. I would read this thread:

https://insurance-forums.com/community/threads/no-lapse-ul-to-age-100.94084/

Lots of people now living to age 100.

Narrow and focus your attention to "no lapse UL to age 121". Contact the life insurance company directly, and ask if the insured lives beyond 121, what happens:

1. their policy lapses at 121
2. their policy becomes paid-up at 121
3. their policy endows at 121.​

I expect you to hear it becomes paid-up at 121 but if you can find ONE company that says it lapses at 121, let us all know immediately and I will poll all the companies on this issue.

Full disclosure, I own Compulife Software and we compare a significant number of no lapse UL products in our database. I have assumed, all along, that a product "to age 121", means it is paid up at 121 and won't lapse after. For example, for just a little more money, you can buy a no lapse UL to age 121, that is paid-up at 100.

 

[MosesNewmanNAAIP]

from the 8,827 N.A.A.I.P. Life insurance quote engine users, I see a ton of business coming in from Protective Life. Protective Choice UL is lifetime UL that guarantees to pay a benefit. Premiums stop at age 121.

At the bottom of our website you can register and login to iPipeline Information and you can see the details of every major player in the industry. iPipeline is Free thru our link. As well, our website, life quote engines (99% accurate), full life application and lots of other tech tools are always free.

For 100% accurate life quoters, that is only available via iPipeline.
Screenshot from iPipeline below.