The end of your term policy isn’t necessarily the end of your policy. Its just the end of the time frame, So lets say you have a 10 year term designed with the same premium for ten years. If you have a convertible term policy you have the right to exchange your term for a permant of cash value policy with a required medical exam.

You can also renew the term which means that year after year, regardless of your health , your term rews but that also includes rate increases which can be very costly. Also ask if you will lose the right to renew the policy at a certain age. Before your term expires, it is a good idea to ask questions with your insurance agent cocerning the best options. At the end of that time you may need to pass a physical examination to continue coverage, and premiums may increase. You may be able to trade many term insurance policies for a cash value policy during a conversion period even if you are not in good health. Premiums for the new policy will be higher than you have been paying for the term insurance.

Term life insurance products provide coverage for a specified, limited period of time that can be as short as one year or as long as thirty or forty years. Term life insurance provides for insurance protection only and provides no further benefits when the term expires.

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A Quick and Easy Life Insurance Needs Calculator