Does your Life Insurance have an expiry date?
If you secured a life insurance policy before 2002, there’s something you should know: it might have an expiry date.
That’s right, like milk or a coupon. Back then, some policies had an age limit, often around 85 or even 70. However, life can throw curveballs, and those dates might not match up with when you actually need the coverage.
Now, ideally, life insurance is a safety net meant to provide financial security for your loved ones in the event of your passing. It’s designed to offer peace of mind, knowing that your family’s well-being is protected, or to help with things like funeral costs, regardless of when you might pass away. However, the concept of an expiry date on these older policies might surprise you.
Staying informed about the finer details of your policy, particularly an expiry date, is all part of responsible financial planning. Have a look at this New Zealand Herald article from 2017, detailing an experience of an elderly Australian couple, who were told their over $31,000 life insurance payments would expire if one of them didn’t die in the next six weeks!
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11957252
This is your reminder to check with your financial adviser, insurance provider or bank – find out your policy’s expiry date. Knowing these details is all about protecting your family’s finances, so it’s a smart move for your family’s future.
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