The major advantage of a Term Life Insurance Policy is it's low cost per thousand dollars of life insurance coverage.
When the term of your term life policy ends, the cost to renew the term life insurance coverage for another term will increase quite a bit.
Another advantage of a Term Life Policy is that it usually does ensure that you are insurable the rest of your life.
If you get a term policy that can be converted to a permanent life insurance policy for a number of years after the original term life insurance policy is issued, you can change it to a Whole Life or Universal Life insurance plan with no health questions asked and no medical exam required - which means you do not have to prove insurability to convert your term life coverage to lifetime life insurance.
The price will be high for your new permanent life insurance , because it is lifetime life insurance and will be issued at the older age you are when you do the conversion from your term life policy. However, this is still a major advantage, if you would happen to be diagnosed with a serious illness and are unable to get a new life insurance policy otherwise.
Learn more about the major advantage of term life insurance.
When the term of your term life policy ends, the cost to renew the term life insurance coverage for another term will increase quite a bit.
Another advantage of a Term Life Policy is that it usually does ensure that you are insurable the rest of your life.
If you get a term policy that can be converted to a permanent life insurance policy for a number of years after the original term life insurance policy is issued, you can change it to a Whole Life or Universal Life insurance plan with no health questions asked and no medical exam required - which means you do not have to prove insurability to convert your term life coverage to lifetime life insurance.
The price will be high for your new permanent life insurance , because it is lifetime life insurance and will be issued at the older age you are when you do the conversion from your term life policy. However, this is still a major advantage, if you would happen to be diagnosed with a serious illness and are unable to get a new life insurance policy otherwise.
Learn more about the major advantage of term life insurance.
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