| 1855 TermLifeInsurance Home »» What Term Period Is Right For Me? What Do I Do When My Term Period Is Finished? |
What term period is right for me? What do I do when my term period is finished? |
|
|
|
It depends upon your requirements. Actually you should take shorter period of term life insurance if your need is specific. That is if you want the insurance for your son/daughter who is in college for four years course and after that you don’t require them to be insured then you may choose 5 year period. Similarly if you have mortgage your home for five years, then you can take term life insurance with five year period to cover this mortgage. To cover the income of one or both parents, it is advisable to take term life insurance for the period of 15 years or more.
Different options available after the expiration of term life insurance
New policy: Considering your health and age you may start a new term life insurance. If you are taking this option then be careful to overlap both new and old term life insurance policy so you won’t be uninsured for a single day. Naturally you have to complete all the formalities for new policy.
Renew the old policy: if you don’t want to take new term life insurance policy then you can opt for the renewal of your existing policy. The only disadvantage of this option is your premiums will increases every year. But it has its advantages like if your health deteriorate, then also you can opt for this option as you won’t require to submit any medical proof of your health condition.
Convert in to other life insurance policy: You may have option of converting your term life insurance policy in to permanent life insurance at the end of your existing term life insurance policy.
|
| |
|
|
