There are two reasons why age 121 is a good target to use when determining for how long the death benefit should be guaranteed. First, the difference in premium between, say an age 105 guarantee and an age 121 guarantee is much less than you would think. So, if your agent has shown you a premium that guarantees to take you to age 100 or 105, ask to see what the premium is for the age 121 guarantee.
Second, people are living longer. The May, 2013 issue of National Geographic magazine has an interesting article on this subject. The magazine’s cover has the face of a baby with the caption “This Baby Will Live to be 120.” That statement has an asterisk: “It’s not hype. New science could lead to very long lives.” So, if you want your policy to be in force when you die—whenever that may be—a guarantee to age 121 should be considered.
Even though the National Geographic article deals primarily with longevity based upon recent scientific findings that may not be of much help to those of us who already have 6+ decades behind us, there are interesting personal cases noted that illustrate today’s increase in centenarians:
John G. Talcott Jr. Age104
Looking sharp in his WWII Army uniform serving as marshal of the Fourth of July parade in Plymouth, MA.
Sadie Mintz Age 105
Recently self-published a short story. All decked out to celebrate the Jewish New Year at the Santa Monica home of one of her three granddaughters.
Irving Kahn Age 106
Still chairman of the New York City investment advisory and brokerage firm that bears his family name…has been called the world’s oldest active investment professional.
Marion Stehura Age 103
Gets a kick out of whistling loud and long in the Hemet, California box store while shopping with her son…just like she used to call them when they were kids.
Salvatore Caruso Age 106
Walks on his own, doesn’t need glasses, recites Dante aloud and sings with his grandsons. Just participated in the olive harvest on his family land in Italy.
Oh yes, there is life after 70…and 80…and 90…and even 100. If you need or want your life insurance to be in force when you die check out the age 121 guarantee, especially if you are currently considered a preferred risk. There are good chances you’ll be around just like John, Sadie, Irving, Marion and Salvatore.
Coming up…the hottest permanent life insurance policy being sold today. What’s good about it? What’s not? What to look out for.