The next steps to take when your life insurance policy expires.
All good things come to an end. This is especially true for life insurance policies. If you have recently come to the end of your term life insurance policy – congratulations! You have outlived your policy and you’re still around to tell the tale. What you may know is that term life insurance does not always “expire” at the end of the term period. Instead, the low rate you have been paying expires. The term period is set when you purchase the policy and can last from anywhere between 5 to 30 years. When your life insurance ends, you will be faced with a series of options.
Even though your term period has expired, your policy may still have value to you. If you find that you still need life insurance protection, you do have options for extending, converting or renewing the coverage.
Shop for a new term life insurance policy If your state of health is rock solid or relatively good, it is time to shop for a new level term insurance. You may need to pass a medical exam and, in most cases, pay the standard amount for an individual within your age range.
Convert your term policy to permanent insurance If you have a poor health condition, are much older, and do not want to undergo any form of medical examination, you can convert your existing term policy to permanent insurance. Keep in mind that you must convert within the period the term policy allows you to do, and permanent insurance tends to be more expensive than temporary coverage.
Renew or extend your expired term life insurance You may be able to renew your soon-to-expire coverage without undergoing a medical examination. This is a good option if you want to acquire coverage for a certain number of years.
Need to review your life insurance needs? Skip the search of finding the right life insurance provider for your needs. Visit Mayer Insurance in Apple Valley, Minnesota to secure your coverage today.
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