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| Name | This is What Happens When YOUR Term Life Insurance Expires! |
| Video Uploader | Video From Arrow Final Expense |
| Upload Date | This Video Uploaded At 03-06-2022 18:53:02 |
| Video Discription | This video will go over What happens when Term Life Insurance expires, so you can better understand your options. What happens at end of term life insurance? Do you get money back from term life? 🚨🚨 Visit me directly at https://www.arrowfinalexpense.com/ 🚨🚨 This channel was created to provide viewers with content that will help them better understand life insurance. As a licensed Life Insurance Agent, I will go over the most important facts and topics in these videos. hey guys I'm Kelli Arrowsmith and today we're going to talk about what exactly you can do when a term life insurance policy ends first and foremost if you don't know term life insurance is a type of life insurance policy that covers the policy holder for a certain period of time a set period of years typically 10 15 20 or even 30 years the it's only the death benefit is only payable if the policy holder dies during that specified period of time also a term life insurance policy does not build cash value and have any other features unlike a permanent life insurance policy would so simply put term life insurance pays a death benefit and does nothing else you've got several options when your term life insurance policy does end and option number one is going to be to convert the term policy to a permanent life insurance policy this will ensure that you'll have coverage that's going to last your entire life now this option is going to have to be written into the policy at the time of purchase although if you do go with this option you do not have to have any proof of insurability at the time of conversion so when you want to convert that term policy to a whole life or a universal life policy you're not going to have to show any proof of insurability meaning the insurance company is not going to require a medical exam and they're not going to do a search of your medical history now typically premium rates will increase when you convert from a term policy to a permanent life insurance product so option number two is going to be simply to renew that term uh which is when the term policy is renewed when the term policy ends so uh this option will have to be written into the policy at the time of purchase again this also you will not have to show proof of insurability if you're going to renew it now you are going to have to pay probably a higher rate because you are going to be applying or renewing at your current age so that is something to consider and the renewability option also it sometimes is limited to a certain number of renewals and you may not be able to renew it after a certain age so option number three is simply when the term policy expires that you apply for an entirely new life insurance policy whether that be a a new term policy a whole life policy or a universal life insurance policy now something to consider when you go with this option is that you will have to medically qualify for a new policy and you are going to be applying for that life insurance policy at your current age and a lot of times people may do this and go with new coverage for a variety of reasons sometimes you're just at a different stage of life and you may need more or less coverage than you did before and then the final option is when the when the term policy ends the policyholder may simply choose to let the policy expire and accept the risks and just go without life insurance so let's recap real quick a a term policy is a type of life insurance that covers the policy policyholder for a specified number of years it does not have any features and benefits such as building cash value or an accelerated death benefit and once the policy ends you are no longer covered that type of policy only pays out a death benefit so option one when a term policy ends is simply to convert to permanent coverage you're going to be able to do that without proof of insurability but this option will have to be written into the policy at the time of purchase option number two is going to be simply to renew that term when policy ends renew it there again that option is going to have to be written into the policy at the time of purchase but there is no proof of insurability required with that option number three is going to be just to simply purchase a completely new policy although you are going to have to medically qualify for that new policy and you are going to be applying at your current age and our fourth and final option is going to be simply a policyholder just simply lets the policy expire and assumes all the risk and goes without life insurance so i hope this was helpful if that answers what you can do when the life when a term life insurance policy does end and if you have any questions about today's video or any other life insurance questions let me know down in the comments if this was helpful please like and if you want to continue to get useful life insurance information please hit that subscribe button burial insurance for seniors and I'll see you guys next time thanks. |
| Category | Education |
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