More Americans are living longer than ever, meaning more may need to take another look at their term life insurance policy, said experts.
Naturally, term life insurance policies only provide coverage over a specific time frame - 20 or 30 years, for instance. However, a report from the news service ARA says more residents are outliving those policies, with more Americans reaching 90 years old than ever before. In fact, life insurance mortality tables show 38 percent of men and 50 percent of women aged 65 can expect to live to 90 years old or beyond.
The scenario has become multiplied as more baby boomers - one of the nation's largest population segments - near retirement. Experts told the source it ultimately means older Americans need to consider purchasing additional life insurance or extending their current policy.
Robert Pokorski, a medical strategist for a life insurance company, told the source some insurers are developing riders that allow policyholders over 90 years of age to tap into their death benefit while they're still living in order to supplement their retirement savings.
Experts advise consumers check with their life insurance provider regarding such riders or even consider checking life insurance quotes to find an affordable company that may offer such benefits.