Term Life Insurance Has Expired, Now What?

If you are shopping to purchase life insurance, you need to be sure that you know everything you can about the policy you choose to purchase. If you decide to buy whole life insurance or a term life insurance plan, the plan you pick must meet your lifestyle, budget, and financial requirements.

Most people think that an insurance policy for term life expires if the insured reaches the specified term. But, this isn’t always the situation. Since there is no cash value, it can be cheaper than whole life insurance, making it one of the most well-known life insurance. But before you invest in the term life insurance plan, it is essential to make sure that you are aware of what happens should you not live the plan’s term:

Then What Happens After the Conclusion of the Sentence?

If you decide to purchase the term life insurance plan, inquire about what happens after the plan’s expiration date. If your term plan is due to expire and you want to renew it, you’ll have to apply for coverage if you need life insurance. Your health, age, and the type of policy you decide to take could increase insurance costs. However, the policy will continue to be in force with significantly higher rates in some instances. In the short term, term life insurance may appear less expensive than whole life insurance. Still, it may not be the most excellent solution for individuals who rely on insurance benefits to support their loved ones after they pass away.

I’m Debating Whether to Get Whole Life or Term Insurance

When purchasing life insurance, you need to look beyond the annual premium. There are many other differences between term and whole life insurance. We’ve listed the most important ones in our article titled ‘What’s the Difference Between Whole and Term Insurance?. In the end, it’s helpful to think about your short-term and longer-term financial goals when deciding on the right life insurance policy.

Ottawa Life insurance is a prominent supplier of No Medical Life Insurance. To find out whether a whole life insurance plan or a term life insurance plan is best for you, call (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca. There is no cost to contact us, and there is no commitment to purchase.