A term life policy is not one that lasts forever. However, there are things you can do to make your term policy last beyond its limited time window.
How Does A Term Life Policy Work?
When you get a term life policy, you will be able to select options that range from 10-30 years. If you pass away during that time, your beneficiaries will receive a death benefit, or an amount that your policy is worth.
Your term life policy will no longer disburse funds to your beneficiaries after you outlive your policy, even if you’ve kept up with your premiums. If you outlive or cancel your policy, you won’t be refunded the money spent on premiums.
What Can I Do To Make It Last Longer?
Just because a term life policy is set for 10-30 years doesn’t mean you cannot extend the life of the policy.
You can renew your policy after you’ve outlived it. However, developing a severe health condition at any point during the time you’ve held your policy may prevent you from being able to renew it. Premiums will be higher at the time of renewal.
If you want added security, you can opt for a yearly renewable term policy, in which the policy has no specified ending, but instead is renewed each year. This is a guaranteed renewal, so you won’t have to display proof of insurability. In a yearly renewable term, your premiums increase as you get older.
If you’re undecided as to whether you should buy term or whole life insurance, a convertible term is right for you. With this policy, you have the option to convert your term life insurance into a whole life policy – you’ll never have to renew your policy again, as it will last for as long as you pay your premiums. Your premiums will be adjusted to be consistent with whole life policy rates.
Get The Best Term Life Policy Today!
By reaching out to us at Game Changing Benefits, you’re already ahead of the game in the world of insurance. We’ll help you get the term life insurance policy that works just the way you want it to. Call us today at 972-331-1060 to get the plan you and your loved ones deserve!