There are several decisions that you need to make.  The first and easiest is if you don’t need that amount of death benefit anymore, you can let the policy expire at the end of the term since it fulfilled its purpose of providing your family a financial security blanket during that period of time.

But what if you decide you still need life insurance?  Well… now we have good news and bad news. 

• The Good News – most life insurance companies will allow you the option of renewing your policy when you reach the end of the term. 
• The Bad News - it will probably cost you significantly more in premium than your original policy did because age is the primary tool used to determine premium.

Additionally, you would need to have a basic health exam, answer lifestyle questions, and go through underwriting to determine your health risk at your current age and health.

If you are still in great health:

• You may qualify for insurance at a reasonable rate. 
• If your health has deteriorated, you may have higher costs that might not be affordable, or you could be uninsurable because of poor health.

If you’re considering Term Life Insurance, make sure you are talking with a Life Insurance Solutions Specialist who can help you carefully consider how long you will need the coverage.  They have the ability to help you create strategies for your specific needs.

What is Life Insurance?

Cost of Life Insurance?