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What are Your Choices When Your Term Life Insurance is Expiring Soon?

mwe partnership term life insurance

Your current life insurance provider might offer you a chance to renew your term life insurance policy.

Just because your term life insurance policy is expiring doesn’t mean you’re out of choices. MWE Partnership is here to provide solutions for when you outlive your current life insurance. Let’s explore them below.

Renew Your Term Life Policy

Your current life insurance provider might offer you a chance to renew your term life insurance policy. Sometimes, the company can extend the same benefits without medical exams or a new underwriting process. Although renewing your term can be attractive, consider seeking other options before finalizing your decision.

Obtain a New Term Insurance

Investing in a new term life insurance plan allows you to shop for providers to reanalyze your needs. It’s a great idea to reconsider the necessary term length, death benefit amount, and your ability to pay premiums. You’re older than when you first purchased your first-term policy, so expect a higher premium rate. Or your life situation has likely changed, so the premium can be affordable if you don’t need the same coverage or time.

Convert Your Term Policy

Converting to a permanent one is attractive for those who’ve changed their situation over the term. In fact, a permanent policy will last for the rest of your life with no term limits, so the premiums are higher in price than a term policy. Make sure also to check your current term policy soon because some policies only enable conversion before you reach an age limit.

Buy a Renewable Insurance Plan

A yearly renewable term life insurance provides coverage one year at a time, enabling you to reconsider your decision each year. Although this might seem like a great concept, the premiums can rise at your yearly renewal date. So, consider exploring a term life policy that comes with a set premium if life insurance coverage for more years is in your family’s best interest.

Invest in Permanent Life Insurance

With whole life insurance, these policies provide coverage if the premiums continue to be paid. These insurance policies are popular with those of retirement age who don’t require a substantial death benefit and can afford the premiums.

To learn more about obtaining a term life insurance policy, contact us today at 410-394-9617!

Get in Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!

Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!

This entry was posted on Tuesday, May 2nd, 2023 at 1:17 pm. Both comments and pings are currently closed.

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