Does a Term Life Insurance Policy Expire?

There are two ways a term life insurance policy would expire.

Either you are alive at the end of the term for your coverage and the life insurance ends.

Or, you stop paying your life insurance premiums on time and the term life insurance coverage is canceled.

Term life is life insurance for a set period of time, usually from 10 to 30 years.

Some term life policies offer coverage for a term of 1, 5, 10, 15, 20, 25 or 30 years.

If you outlive the duration of your term, your life insurance ends. However, if your policy offers the option of renewability, you may renew your term life plan for another term (usually for a period of 10 years) at an annual premium based on your age at renewal.

Get a Free Life Insurance Quote

Can Life Insurance Companies Drop Cancer Patients?

No, a life insurance company can only void a life insurance policy if there was material misrepresentation on the part of the insured person.

A material misrepresentation of the facts refers to a misstatement on an application for life insurance coverage, of a material fact. A material fact refers to a fact that, had the life insurance company known the truth, the insurer would have either refused to issue the life insurance policy, or would have issued it in a different amount or on different terms; such as, high premiums.

Usually, once a life insurance policy has been "In Force" for two years, the "Incontestability Clause" prevents the insurer from relying upon a misrepresentation of fact to rescind (void) the life insurance policy.

Therefore, once the 2 year period expires, the insurance company is liable on the life insurance policy even if the ultimate cause of death is cancer. That, of course, presumes that the insurance policy is in force at the time of death of the insured person.

Learn about life insurance for cancer patients

How much graded life insurance protection can I buy?

If you're shopping for graded benefit life insurance there are several carriers offering this type of life insurance protection.

Graded benefits are provided by guaranteed acceptance life insurance policies that guarantee your approval for coverage.

Several insurers offer these plans including United of Omaha, Colonial Penn, AARP/New York life and Met Life, among others.

Some insurers offer as much as $25,000 of graded benefit life insurance protection.

And, you may be able to purchase graded life insurance from more than one life insurance carrier.

Here's how to learn more about graded life insurance protection

Why are People Rated or Turned Down for Life Insurance?

If you are ill or have some health risks you may be rated or declined for life insurance coverage.

If someone is at risk for a heart attack he or she would be heavily rated, which means you would pay a lot more for your life insurance compared to someone who has no risk of heart attach.

If someone has Hepatitis, Cancer or AIDS, he or she may be declined, although there are some life insurance companies available that will still issue life insurance policies if the applicant can afford them.

Guaranteed issue life insurance may offer guaranteed approval for people age 45 to 85, which means you cannot be turned down due to any health problems.

Some guaranteed issue plans offer up to $25,000 of life insurance, and you may be able to purchase this type of life insurance from more than one life insurance company.

Here's how to learn more about life insurance for people who have been turned down

How to find an Affordable Life Insurance Plan

How can I find an affordable life insurance policy?

If you need affordable life insurance you may want to consider term insurance.

Why term life insurance? Because it offers the lowest prices on life insurance by far compared to permanent life insurance.

And, term insurance is easy to understand. You select life insurance for a period of 10, 15, 20 or 30 years. If you pass away during that time, your beneficiary gets the death benefit.

Also, there are several ways to save on your policy.

You can compare pricing among several of the best insurance companies, choose to pay your premiums once per year, stop smoking, lose weight, get healthy, and bundle your life insurance with your insurer for your home or auto insurance.

Get a Free Life Insurance Quote

Do I need to have a Medical Exam for Life Insurance?

This is an important question if you are trying to buy a life insurance on your own, not part of an employer-offered group life insurance plan.

Younger people who are in good health and have no pre-existing medical conditions may not need to have a medical examination, but for higher amounts of life insurance coverage and the older you get, many, if not most, insurance companies will require you to take a medical exam which is paid for by the insurer.

However, there are life insurance plans that do not require any health exam. These are usually term life policies offering up to $250,000 of coverage. But, there may be some health questions asked to determine your health.

In addition, there are guaranteed issue life insurance plans which require no health exam and do not ask any questions about your health. You cannot be turned down due to any health condition.

Here's how to learn more about a medical exam for life insurance

Life Insurance Tools

What are some tools I can use to help me find good life insurance coverage at an affordable rate?

There are several life insurance tools available to help you learn about your life insurance needs, find a quality insurer and purchase life insurance at an affordable rate.

A life insurance needs calculator can help you to easily decide how much life insurance coverage you really need. You just answer some questions about your financial situation and instantly receive an accurate estimate of how much life insurance will help provide the protection you need.

A life insurance price calculator will help you to instantly compare the lowest porches for your life insurance coverage from several leading insurers.

And, a list of top life insurance companies will assist you in comparing plans and rates from the best companies for life insurance.

Here is a list of life insurance tools to help you get started.

Get a Free Life Insurance Quote