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.

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Which Term Insurance is Good?

Choosing the right type of term life insurance policy will depend on your specific life insurance needs.

However, the more popular type of term policy is level term because it provides premiums that remain level throughout the duration of your policy, while the amount of life insurance provided never decreases. 

That way you can budget for your monthly premiums to stay the same for your entire policy term, usually up to 30 years.

Whereas, other types of term plans may offer temporary coverage, but the premiums may change, or the amount of life insurance provided may change more frequently.

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Life Insurance Policy Death Benefit

What is a life insurance policy death benefit?

The death benefit of a life insurance policy is the amount of money your beneficiaries will receive from your policy upon your death. This is paid out by the insurance company if the coverage was "In Force" at the time of your death.

Your beneficiary makes a claim for death benefits by contacting your insurance carrier after your death. The insurer will advise the beneficiary of the procedures for completing the claim on your life insurance benefit.

Learn more about how life insurance policy death benefits work.

Guaranteed Life Insurance for Seniors over 75

Can people over seventy-five years old get life insurance with guaranteed approval?

Yes, in fact, several life insurers offer guaranteed issue life plans for seniors.

Among the leading providers of guaranteed acceptance life insurance policies are United of Omaha, AIG, AAA, Colonial Penn and MetLife.

Seniors age 45 to 85 may be able to get up to $25,000 of life insurance with guaranteed approval from United of Omaha, for example. Get a free quote.

However, if you need more coverage, you may be able to buy a policy from more than on life insurance company.

There's no health exam required and no medical questions asked for guaranteed issue policies.

Learn more about buying guaranteed life insurance for seniors over 75 years old.

 

Who Offers Guaranteed Life Insurance?

When it comes to buying a guaranteed approval life insurance policy, you may have several insurers to choose from for your coverage.

Some of the leading providers of life insurance policies with guaranteed approval include United of Omaha, AIG, AAA Life, Colonial Penn and MetLife, among others. Get a free quote.

Keep in mind, pricing does vary among insurers; as well as, the amount of coverage available, and the age requirements for approval.

And, you may be able to buy a policy from more than one insurance carrier.

Learn more about insurers that offer guaranteed life insurance plans.

 

Term Insurance Meaning

Term insurance is a type of life insurance that provides you with temporary coverage lasting for a specific period of time, usually up to 30 years.

If you die during your policy term, the death benefit is paid to your beneficiary.

If you are alive when the policy term ends, your life insurance coverage expires and you are no longer insured - there is no payout of any benefits.

Level Term Life Insurance usually offers the most affordable life insurance coverage lasting for thirty years or less.

 

Is Term Life Insurance Expensive?

No, term life insurance is not expensive, if it is the right type of life insurance policy that meets your specific needs.

The two basic types of life insurance are term life and permanent life insurance.

Permanent life insurance may cost up to 5 to 10 times more for the same amount of life insurance compared to the price of term life insurance.

Permanent life costs a lot more because it provides lifetime protection, a death benefit, and it builds some cash value inside the policy over time.

Whereas, a term life policy is temporary coverage and only provides a death benefit if the insured dies during the policy term.

Usually, you may select a policy term (duration of coverage) lasting for a period of 10, 15, 20, 25, 30, 35 or 40 years for a term life insurance policy.

Basically, term life is inexpensive because you may outlive your life insurance coverage.

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