Many term life insurance policies are renewable after the initial term expires, and some are not.
Check
your life insurance policy language for conversion privileges and features, or ask your life insurance carrier or agent to explain whether or not your term life insurance policy is renewable.
The
term life policies that do offer the ability to renew coverage at expiration usually come with
much higher rates for the renewal policy.
People who can provide evidence of good health usually
will apply for a new life insurance policy at much more affordable rates.
Those that continue
paying the much higher rates for a renewal term life policy are usually those with health problems, which is why the
rates are so high. A renewal term policy usually does not require you to take a medical exam or prove insurability, which accounts for the much higher rates on the renewal term life insurance policy.
Learn more about renewable term life insurance coverage.
