Global Insurance Education

Is your Term Life Insurance ending its term?

When you bought your term life insurance you knew that it would expire at the end of its term, right? But that was 10 or 20 years ago. If you buy a 10 year term life insurance policy today it will expire in 2019. This sounds like a long way off, not something you need to think about now. But one day you will be faced with the decision on what to do.

When your term life insurance expires you have a few options. First you have to decide if you still need life insurance coverage. If you do:
o You can purchase a new policy from the same company. You don't need to opt for term life insurance unless you really want it.
o You could buy a whole life insurance policy if it suits your needs. Don't be surprised if you have to pay increased premiums for life insurance this time - you are older than you were when you last purchased a policy.

If your term life insurance is going to expire in the next year, start thinking about what you are going to do now. Will you purchase more coverage? Will you decide against this? You need to have a plan so you make the right move at the right time.