Term life insurance coverage is life insurance that provides protection for s set number of years.
For instance, you may choose a term of 10, 15, 20 or 30 years when purchasing your term life policy. This means, you will have life insurance for that length of time with level rates that will remain the same each year until your term ends.
If you are alive when your term expires, then your life insurance ends and you have no life insurance coverage and no death benefit is paid.
If you want to continue your term life insurance you may be able to renew your policy at expiration for another term, usually one year, at a much higher annual premium.
In addition, if your term life insurance ends, you may choose to apply for a new life insurance policy but you may have to take a medical exam to see if you qualify for the life insurance coverage. And, your rate on your new life insurance policy will be based on your age, health, and the type and amount of life insurance of your new life insurance plan.
For instance, you may choose a term of 10, 15, 20 or 30 years when purchasing your term life policy. This means, you will have life insurance for that length of time with level rates that will remain the same each year until your term ends.
If you are alive when your term expires, then your life insurance ends and you have no life insurance coverage and no death benefit is paid.
If you want to continue your term life insurance you may be able to renew your policy at expiration for another term, usually one year, at a much higher annual premium.
In addition, if your term life insurance ends, you may choose to apply for a new life insurance policy but you may have to take a medical exam to see if you qualify for the life insurance coverage. And, your rate on your new life insurance policy will be based on your age, health, and the type and amount of life insurance of your new life insurance plan.
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