Q. I am currently retired and age 63 with a 75 percent reduction of basic life insurance. Can I continue to pay for life insurance at age 65 and beyond? If so, how will this affect the value of my insurance coverage?
A. When you reach age 65, you will no longer have to pay any premiums for your basic coverage. At that point, the coverage will decline by 2 percent per month until it reaches 25 percent of its original value.