Many people purchase term life insurance to make sure that their family has the coverage they need in the case that something were to happen to them. If you have come to realize that your term life insurance is about to expire, it might leave you feeling anxious. However anxious you might feel, it is unnecessary as there are many different options for you moving forward. Signet Insurance Group is here today to talk about some of the options that are available to you when your term life insurance is set to expire soon.
What Happens at the End of Term Life Insurance Policy?
Whether you bought a term life insurance policy that last 10 years or 30 years, when it is set to expire you need to realize that there are many different options moving forward. After all, it is a good thing that you have outlived your life insurance. Following are some of the choices that you have to choose from:
– Renew Your Term Policy: This might be the easiest option for you in simply renewing your current policy. Many companies try to make this as seamless as possible. However, you might want to consider looking at all of the options that are available to you before you lock yourself into a policy renewal.
– Purchase a New Term Policy: This is a good time to do some shopping around to see if there are other insurance companies that can provide you with a better policy at a more cost effective price. You will be able to look at your circumstances and what your needs are before moving ahead.
– Invest in a Permanent Policy: Many people find that they don’t want to deal with a term policy anymore. When you purchase a permanent life insurance policy it can come with security. If you choose a whole life insurance policy it will provide you coverage as long as the premiums are being paid. Some of these policies can even accrue money that can be withdrawn well the policyholder is still alive.
– Convert Term Policies: There are some companies that allow you to convert a term policy into a permanent policy. This can be attractive to those that have already retired. You just need to remember that the premiums will usually be higher with a permanent policy rather than term.
– Purchase a Renewable Policy: Some people don’t want to worry about another term policy or a permanent policy. For these people there are policies that are renewed annually. This is ideal for those that think they will only live another year or two.
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If your term life insurance policy is set to expire soon, you can turn to the professionals at Signet Insurance Group to help you find the best solution moving forward. We will take a look at your insurance needs and lifestyle as we help you make the right decision about life insurance. Call us today!
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