When Does My Term Life Insurance Expire?

by | Mar 23, 2022 | Uncategorized

The term life insurance policy is a flexible option. You choose the length of your term, you decide on the amount you want to cover, and then you decide what happens after the term expires.

When you’re trying to decide what you’ll do in your current coverage for term insurance, you’ll likely be able to choose for the second time. If your requirements change, you might be able to convert your policy to permanent or longer-term coverage. Extend your insurance by renewing it after the expiration of your contract.

Renew

  • It’s the standard. After the initial term expires, and you don’t take action to extend the term, you are automatically renewed every month until the expiration date.
  • You can always notify Ottawa Life if you do not want to renew.
  • Each year, your insurance premiums will gradually rise as you’ve aged.
  • There is no need to requalify or answer additional health-related questions.

Convert to a More Long-Term

  • Suppose you decide to cover the duration for a more extended period. In that case, you may convert to a period 10+ years longer than the original.
  • This policy provides low-cost, longer-term protection for a portion or all of your initial policy.
  • Your eligibility may depend on your age and how long you’ve had your insurance.
  • The cost of your insurance will rise to cover your new term since you’ve grown older.
  • There is no have to requalify or respond to any health-related questions, as long as you keep your insurance value the same.

Transform to Permanent

  • A life insurance company that offers investment opportunities.
  • You can switch Your My Term policy to any permanent plan in most circumstances. If you purchased the policy when you were aged 70 or over, You could change to any of these plans within the first two years. We provide for conversion at any point following the anniversary date of your policy.
  • Your monthly premiums will get calculated determined by the coverage you select.
  • It is unnecessary to renew your certification or answer any additional health-related questions.

For more information, you can call Ottawa Life Insurance at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca