Friday, October 28, 2022

Can Term Insurance Be Extended?

Yes, you may be able to extend your current term life insurance policy.


It is called option to renew, or renewable term life insurance.


This allows the insured to renew the term life policy for another policy term, usually up to 10 years, when the original term life insurance policy expires.


You will not have to take a medical exam to prove insurability for the renewal policy.


However, your new rate for life insurance on the renewal policy will increase, based on your age at the time you renew your coverage.


Learn more about Can term insurance be extended?

 

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