Term life insurance is a form of financial protection that lasts for a certain number of years, usually from 10 to 30. You pay a premium, often on a monthly, quarterly, or annual basis, to keep your coverage active. If you die during your policy’s term, your life insurer will pay out your death benefit — money that will be distributed to your named beneficiaries.
Once your policy’s term ends, your coverage also ends. You no longer make payments, and you no longer receive a death benefit after you die. For many policyholders, this is fine; they only need life insurance for a certain number of years.
Other policyholders, though, might decide that they still need coverage after their term ends. This might be the case if you still owe money on a mortgage, student, or small-business loans. By extending your life insurance coverage, your beneficiaries will receive a death benefit payout should you die, giving them the financial ability to pay off that debt.
You also might decide to extend coverage if you have a spouse or child who is still dependent on you. The extra years of coverage will provide a financial safety net for these dependents.
So, what if you want to extend your life insurance coverage after your policy’s term ends? What options do you have?
Options to extend your coverage
Extending your existing policy: Many term life policies come with a guaranteed renewability clause. This clause lets you extend your life insurance coverage past its expiration date on a yearly basis. If you choose to extend your coverage, your death benefit will stay the same, and you won’t need to reapply for coverage or go through another life insurance medical exam.
There is one downside: Every time you extend your policy, your premium will probably increase. That’s because you are more likely to die during your policy’s extra years of coverage as you get older, increasing the odds that your insurer will need to pay out your death benefit.
Converting your policy to permanent life insurance: Your term policy might also come with a conversion provision or term conversion rider. If it does, you can convert your term life policy into a permanent or whole life insurance policy that will provide coverage for the rest of your life.
You will pay more for a permanent life insurance policy, but if you convert your existing policy into one, you might not need to undergo another medical exam. Converting also might be less expensive than buying a new life insurance policy.
Buying a new policy: You also might shop around with insurers for a new term life policy to replace your expiring one. This could save you money, but will typically require a new medical exam.
Your best option to discover what type of life insurance policy you need — and qualify for — is to discuss your options with your insurance professional. They can outline the advantages of various policies along with associated costs.
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