Learn About Extending Term Life Insurance
If I own a term insurance policy is it possible to extend your coverage for a longer period of time than your original policy term?
Yes, in fact, there are term life policies that offer the option of renewability.
A renewable term life plan means you may renew your coverage for an additional term if you choose to, and advise the insurance carrier by a specific date stated in your insurance contract.
With term insurance, you may select coverage for a period of 10, 15, 20, 25 or 30 years, usually.
However, when selecting to renew your coverage, your term option may be limited to a maximum duration of ten years.
When choosing to renew coverage which would extend your life insurance for a renewal term you will not have to take a medical exam in order to qualify for the renewal policy.
You qualify for coverage without any exam needed, but the rate on your renewal policy will be based on your age at time of your renewal.
Benefits of Renewable Term Insurance
There are several benefits to extending your life insurance coverage on a term life policy.
What is Renewable Term Life Insurance?
It’s life insurance coverage that is renewable at the option of the insured, who is not required to take a medical examination.
Regardless of physical condition, the insured must be allowed to renew the policy and the premium cannot be increased to reflect any adverse physical condition.
However, the premium of each renewal increases to reflect the life expectancy of the individual at that particular age.
What is a Life Insurance Renewal Provision?
It’s a clause in a life insurance policy that permits an insured to renew without having to take a medical examination, regardless of his or her physical condition; the premium cannot be increased to reflect an adverse medical condition.
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