If you have a term life insurance policy and the guarantee period on your policy is expiring, you have a several options that may be available to you:
1) Continue paying premiums as the life insurance policy will be annually renew, however, the premiums will start to go up each year (based on age) by a substantial amount of money.
2) If the conversion period is still available, you can convert all, or a portion, of the face amount of your term life policy into a permanent life insurance policy without new medical underwriting.
3) Stop paying your life insurance premiums and let your term life insurance policy lapse, thus ending your coverage and you will not be insured.
4) Apply for a new life insurance policy (can be with the same insurance carrier or a new company) to secure a new term life policy or permanent life insurance policy.
If your health has gotten worse since you took out your term life policy, you may not have the option to buy as much life insurance coverage as you would like, in a new policy.
Converting your term policy to a permanent life insurance plan allows you to keep the same amount of life insurance coverage and even be rated the same as you were before, without having to answer a single health question. Many term policies are convertible to the end of the term or to a certain age, whichever comes first. Some are only convertible for part of the term of your term life insurance plan.
If conversion of your policy from term to permanent life insurance is not an option, you must either pay the new higher premium at renewal, or purchase a new life insurance policy when your current term coverage expires, if you want to keep being insured.
1) Continue paying premiums as the life insurance policy will be annually renew, however, the premiums will start to go up each year (based on age) by a substantial amount of money.
2) If the conversion period is still available, you can convert all, or a portion, of the face amount of your term life policy into a permanent life insurance policy without new medical underwriting.
3) Stop paying your life insurance premiums and let your term life insurance policy lapse, thus ending your coverage and you will not be insured.
4) Apply for a new life insurance policy (can be with the same insurance carrier or a new company) to secure a new term life policy or permanent life insurance policy.
If your health has gotten worse since you took out your term life policy, you may not have the option to buy as much life insurance coverage as you would like, in a new policy.
Converting your term policy to a permanent life insurance plan allows you to keep the same amount of life insurance coverage and even be rated the same as you were before, without having to answer a single health question. Many term policies are convertible to the end of the term or to a certain age, whichever comes first. Some are only convertible for part of the term of your term life insurance plan.
If conversion of your policy from term to permanent life insurance is not an option, you must either pay the new higher premium at renewal, or purchase a new life insurance policy when your current term coverage expires, if you want to keep being insured.
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