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The longer you wait, the more expensive life insurance will be. If you are already 55 and don't have a policy, it may cost a lot. Assuming you can both qualify. My partner is 32 and I'm 34, and neither of us can qualify for any private policy at all due to health conditions. The only policies we have are through my employer with each other as beneficiaries. If I leave the company, I could continue these policies, but they would cost a lot more and the rates would go up over time. I already know that it would not be cost effective to keep these policies until age 55.
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