Sentences with phrase «life policy expires»

This option means that if you decide you want permanent life insurance, such as whole life or a universal life policy, you can convert your current policy, regardless of your health as long as it's done before the term life policy expires.

However, if you are alive after the 10 year term life policy expires, your life insurance coverage ends.

When the term life policy expires, the individual has the option to choose to renew the policy or to end it indefinitely.

Once the term of your current term life policy expires, you could face much higher premiums based on your age.

However, if you are alive after the 15 - year term life policy expires, your life insurance coverage ends.

Level Premiums and Coverage — The annual premium remains the same each year you are covered, and the amount of coverage stays level until the term of your term life policy expires.

Basically, guaranteed renewable term life insurance means if you find you have a need for life insurance that is longer than the original term you purchased, you are guaranteed the option to extend the term should you need to in the future, when your first term life policy expires.

Others choose to carry a term life policy until they are in their 50s or 60s and then switch to a small whole life policy when the term life policy expires.

Some term life insurance policies can be converted into permanent life insurance without evidence of insurability, if the conversion is done within a certain time period before the term of the term life policy expires.

And, you can choose renewable term life insurance, which gives you the option of renewing your term life policy for another 10 years, when your term life policy expires.

These are just a few options that you may have available when your term life policy expires.

When a term life policy expires, your coverage ends.

If you still need coverage after your term life policy expires, your carrier may offer the option to convert it to a permanent life insurance policy — without taking a new medical exam or answering health questions again.

These are just a few options that you may have available when your term life policy expires.

Unlike whole life policies, which remain in effect for the policyholder's entire life, term life policies expire after a specific amount of time (typically between five to 30 years).

If you are living the policy expires without value.

If she were to let the term life policy expire and then try and find a new one, she would pay considerably more money (or possibly be declined) because the carrier would take her medical condition into account.

Non-guaranteed term life policies expire and leave no assurance of one's insurability or premium costs.

My previous term life policy expired and was set to triple in cost.

For insurance goals that have predetermined time limits, term life policies expire after a specified period of time.

Not exact matches

To minimize premium costs, he suggests considering a term life policy that expires when your payments are scheduled to end and to obtain just enough coverage to extinguish that debt.

On the other hand, whole life policies do not expire if the premiums are paid and thus the death benefit will be paid eventually provided the policy remains in force.

Whole life insurance can expire when the covered person lives beyond the policy's maturity date — although this is extremely rare.

To illustrate, understand that very few «term life policies» ever pay a death benefit because the insurance company has determined that the policy will likely expire before the death benefit is ever paid... and most do.

On the other hand, as long as premiums are paid, a permanent life insurance policy will always pay out a death benefit since it never expires.

Term life policies can sometimes be converted to a whole life policy after your term limit is expired.

Term life insurance lasts a set number of years and then expires; a whole life policy lasts for as long as you pay the premiums.

I am going with a term policy, but I am contemplating if I should go with a whole life policy, I could convert into a whole life before the term expires, but in the long run, would it be cheaper to get whole life right away?

The one advantage of whole - life is that as long as contractual obligations are made (you make the payments) the policy never expires.

My term life policy will expire in about 2 years and I hate to see all that money that I paid into it amount to zero.

With the other types of guaranteed universal life you risk the policy expiring before you die if you outlive the coverage end date.

While a whole life insurance policy is an investment that increases in value over time, you know exactly what you will get from your level term life insurance policy from the day you sign the agreement until the day the policy expires.

Second, renewable term life insurance also refers to the ability to keep the term life policy once the initial term has expired.

Alternatively, you can also choose to convert your policy to a permanent insurance option before the term expires into one of the Company's other universal life insurance products.

The policy is convertible term life insurance, which allows the owner of the policy to convert all or a portion of the coverage to whole life insurance coverage before the term policy expires or age 65.

A type of policy that does not expire during the life of the insured and combines a death benefit with a savings portion that can build cash value.

Don't wait until your term life insurance policy has expired to review your options.

Eventually, you will be priced out of the term policy, which is why 99 % of term insurance expires and why we recommend convertible term life insurance if you must choose term.

98 % of term life insurance policies expire.

Because all term life policies either expire in say, 10, 15 or 20 years (or otherwise will gradually increase premiums), the greatest PRO when comparing term life is that the there is no expiration of the guarantee period on a guaranteed universal life policy, and the premiums can stay level.

Permanent life insurance will be in force long after a term policy expires, and play an important role in estate planning.

For example, you would probably be hard pressed to find a buyer of a term policy set to expire in 3 years if your life expectancy is 5 years or more.

By growing your cash value and death benefit you will be maximizing your legacy because your policy will pay an ever increasing death benefit to your future heirs upon your passing, unlike term life that will most likely expire worthless.

A term can be anywhere between 1 - 30 years and depending on your financial goals you may need another policy when the term expires and it does not include the savings & investment piece that is available in a whole life policy.

As the name suggests, a permanent life insurance policy, such as whole life insurance, does not expire as long as you pay your premiums.

This means that it's a policy that's meant to last your entire life; it doesn't eventually expire like term insurance.

In this case, the additional rider will add an additional charge, but after the term policy expires, the whole life policy stays active.

As we mentioned, whole life insurance policies don't expire; they keep going as long as you pay your premiums.

Permanent life insurance never expires, and it includes a «cash value» component that grows (or in some cases shrinks) over the life of the policy.

Just like regular term life insurance, simplified term is a life insurance policy that protects your family for a set period of time and then expires — usually 10, 20 or 30 years.