What can I do when my term life insurance policy ends?
If you have term life insurance and your expiration date is coming up soon, you may be wondering about your options going forward.
It's important to consider this question before your current term life policy expires.
If you feel you have a need for continued life insurance coverage beyond the expiration date of your term insurance policy, you may want to renew your policy for another "term". Usually you can renew coverage for up to 10 years, but your new premium will be based on your age at the time of your renewal.
Or, you could buy a new life insurance policy but the 2 year contestability period starts over with any new policy, but not a renewal plan.
Or, you may have the option to convert your term life policy into a permanent life insurance policy.
These are options you should review with your life insurance agent or broker. Also, you can contact your life insurance carrier to get answers to any questions you have - you may want to get the answers in writing.
Here's how to learn more about your
options when term life insurance expires.
