Sentences with phrase «expires over the term of the policy»

Not exact matches

You pay for the policy over the course of the term, but after the term is up, your policy expires and you no longer pay premiums.

Since your term policy is likely expiring when you're more mature in years, and life insurance gets more expensive the older you are — 8 % to 10 % year over year, on average — the main draw here is that you don't have to go through the underwriting process again or prove your insurability so there's no risk of getting turned down.

However, once that period has elapsed, then the term life insurance will expire — and, if an insured would like to continue having life insurance, then he or she must then either obtain another policy, pay higher premiums on the current term policy, or convert the term policy over to a permanent form of coverage.

Level Term Insurance does not have a cash value feature, therefore, if the term of the insurance is over and the sum has not become payable, your policy expiTerm Insurance does not have a cash value feature, therefore, if the term of the insurance is over and the sum has not become payable, your policy expiterm of the insurance is over and the sum has not become payable, your policy expires.

If you're over the age of 50 and your term policy has expired, you could purchase another policy with term life insurance coverage if you are still relatively healthy, but with longevity increasing all the time in the U.S., your coverage might run out before your needs dissipate.

A fixed sum of money - the sum assured — is paid to the beneficiaries if the policyholder expires over the policy term.

Once the coverage has expired, the insured will need to either re-apply for a policy at his or her age and health (where the premium will typically be a great deal higher at that time), or convert the term insurance policy over to a permanent type of coverage (if applicable).

The primary benefits of whole life insurance over term life coverage are that the policy does not expire and it carries a cash value separate from the face value.