90 years old, paying life for 33 years,now premiums upped

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90 years old, paying life for 33 years,now premiums upped

I have been paying on a $25,000 life insurance policy for 33 years. Insurance company had now demanded a $500 payment as well as now will triple my premiums. Is this how they get rid of old people and will not have to pay the death benefit?

Asked on November 10, 2017 under Insurance Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

They cannot increase your premiums during a policy term, since during a given policy term, the premiums are those set by the policy, which is a contract: i.e. during a policy term, they are contractually locked into specified premiums. However, once a policy term ends they can increase the premiums the way you indicate; there is no inherent right to purchase or have life insurance, and insurers may set premiums however they like.


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