Probably not the right forum but…. I got laid off a while back and kept retiree health coverage and life insurance. About to be 65 and move to Medicare, thank God. I’m keeping life insurance however as the cost is pretty good right now. It will cover reduction in my pension if I die and at a minimum will give my surviving kids a bit of a boost. In future though will the premiums increase to an unreasonable amount. I can currently afford the premiums without blinking but am concerned about future increases. I know I can figure it out in years to come but does anyone have a heads up as to what future increases might be based on experience or other knowledge (not heresay). Just a small component of my future planning. Thanks for feedback.
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@OP I just keep one times my salary to cover any bills funeral and so on for my wife so she does not need to touch our retirement after I go. Like the other commenter said it goes higher as you get older. I’m 69 now.
As soon as your kids are on their own cancel life insurance. It’s only to protect future income not for us retired folks, that is what an inheritance is for.
It gets pretty pricey as you get older. If you ever pause coverage you can't get back on unless you go through a medical screening. The current company Securian only covers you until age 80.