Originally Posted by
MEMFO4Ever
I have heard this too, but when I checked on a 1 million dollar universal policy with a 'regular' (non-preferred) health rating for a 64 year old non-smoker, the cost was between 2 and 3 thousand a month (Pru, Lincoln Financial, Transamerica, AG, etc.). I guess you could roll the dice on a 20-year level term policy and hope he/she (being politically correct and all) does not outlive it, then the $800 a month is possible.
Universal policy? Does anyone actually even purchase those anymore? Pretty sure people are recommending to buy a level term policy. And if they do outlive it, they are still getting pension payouts. I would hope that people will have paid off their mortgages and saved some money by that time. People's 401K's are hopefully pretty healthy by then, and many spouses have their own retirement funds.
Saying he/she is being politically correct? As surprising as it might be to you, there actually are some females on this forum, with male spouses. Referring to he/she is just being more accurate.