Q: Can you stay insured if your term life policy ends at age 60? — Joseph Laudadio, Lower Gwynedd, Pa.
A: Just get ready to pay up. A new term life policy is likely to cost you five to seven times more than it would a 40-year-old, says Scott Witt, a national insurance adviser and actuary.
Yet even if your health isn’t perfect — you have elevated cholesterol, say — you should have good options.
You can get by with a shorter term and lower coverage than you could have 20 years ago, since your mortgage is probably smaller and your children are closer to independence.
A useful tool for gauging your insurability is the health analyzer at Term4Sale.com, where you can also get quotes.
Should you have a major ailment such as diabetes, an insurance broker may be able to find you a willing underwriter.
Is your health very bad? You’re probably out of luck: Quotes, if you can get any, will be astronomical.