extending an existing term life insurance policy?
extending an existing term life insurance policy?
can i extend an existing term life insurance policy if i am now terminally ill ?
Best answer:
Answer by dusty_titus
Are you saying that you will expire before your insurance policy? Term Life is based on your life, it’s already paid for, and you don’t have to renew for another period of time. Please consult a life insurance agent for more details.
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That depends on the specific policy. If you have a 20-year fixed term policy, for example, it will terminate at 20 years. If you have an indefinite term policy where the premiums increase and/or the benefit decreases with age, you can “extend” it as long as you continue to pay the premiums.
If you bought a “guaranteed renewable” or “guaranteed convertable” endorsement when you first took it out, yes.
Me, I bought those - just in case.
Most term policies sold today are guaranteed renewable and/or guaranteed convertible. Both options would allow you to continue coverage for a while without having to go through underwriting again. Talk to your agent or a representative at the company about your options today.
Hi
Call your insurance carrier. If you have term insurance there is a time frame where your may convert your term to permanent without evidence of insurability. Or pay a higher premium w/o a medical exam.
Alan S
independent insurance agent