What To Do If Your Term Life Policy Is Expiring?

If your term life insurance policy is expiring, it is important to take action to ensure you have the coverage you need. Here are some steps to consider.

Step 1: Review Your Coverage

Before making any decisions, consider the amount of coverage you currently have. Does it still meet your needs? An expiring policy could be an opportunity for something better. Consider your financial obligations, like debts, mortgages, and dependents, as well as any changes in your life or finances that may impact your need for coverage.

Step 2: Shop Around

Once you have an idea of the amount of coverage you need, start shopping around for new policies. Compare quotes from multiple insurers to find the best rate. An agent from Jones Insurance Group can navigate options from the best insurance providers with your needs and future in mind.

Step 3: Consider Converting Your Policy

If you have an expiring term life policy, you may have the option to convert it to a permanent policy, like a whole life policy. This can be a good option if you still need coverage but want something that builds cash value and doesn’t need to be renewed again. Remember that permanent policies tend to be more expensive than term policies, so be sure to compare the costs before making a decision.

Step 4: Consider a New Term Policy

If you still need coverage but don’t want to pay the higher premiums of a permanent policy, you could consider a new term policy rather than renewing your expiring policy. Be sure to carefully review the terms and conditions of the policy before committing to it.

Step 5: Review Your Beneficiaries

If you have made any changes to your beneficiaries since purchasing your policy, update this information with your new policy. This will ensure that your coverage is distributed to the correct individuals in the event of your death.

Step 6: Consider Additional Coverage

Consider adding coverage if your needs have changed since purchasing your original policy. This could include adding a rider to your policy for additional coverage or purchasing a separate policy for specific types of coverage.

Encouragement to Take the Next Step

Overall, it is important to take action when your term life insurance policy is expiring. By reviewing your coverage, shopping around for new policies, and considering additional coverage, you can ensure that you have the protection you need for yourself and your loved ones.

And when you need the proper support to guide you through the process, Jones Insurance Group has the care and insight to bring you through. To learn more, call us at (864) 660-3535.