Male   Female
  • Options for expired term life insurance policies
  • January 24, 2014
  • insurance expiredBy

    Many Americans choose term life insurance over whole life insurance because it’s more affordable. But despite the low prices, there is one caveat. Policyholders who purchase a 30-year policy run the risk of outliving their coverage.

    Individuals whose term-life insurance runs out always have the option of purchasing a new term policy, CBS Money Watch reports. However, they will have to undergo a medical exam and pay the premiums tied to their age and health, which may be higher than the original policy. They may save money by shopping around and comparing the prices of different insurance companies instead, Money Watch suggests.

    Those in poor health have the option to convert their term policy to a permanent one, albeit at a higher price. However, there is no medical exam and individuals may be able to offset the price by purchasing a smaller policy, the website reports.

    If you are choosing to purchase a term policy but are concerned about outliving the length of your policy, you may want to look into a policy with a convertible clause. They may cost more initially but are worth the expense, according to Bankrate. A convertibility clause allows you to convert within your allotted time. For example, you can purchase a 20-year term with a 10-year conversion clause. If in year nine you develop an illness, you can convert without the need of a new physical exam.

    While most do not revel in carrying higher premiums than their original policy, it may be worth it to know that beneficiaries and loved ones will be taken care of in the event of the policyholder’s death. Life insurance can be instrumental in paying for funeral costs, estate taxes or simply supplementing their survivor’s income.

  • Category: Articles Library, Life Insurance, More news, Top Headlines, Videos

Leave a Reply



Consumer Insurance Guide SM provides a wide selection of originally-authored articles and expert advice targeted to the self-directed insurance shopper. Our mission is to provide consumers with useful, money-saving information on all things having to do with making sound insurance purchase decisions.

Consumer Insurance Guide SM is owned by Life Quotes, Inc. 8205 South Cass Avenue, Darien, IL. For editorial, content feeds, advertising and lead purchase opportunities, contact Robert Bland, Publisher at

Life Quotes, Inc. owns and operates and, two online consumer insurance information services that cater to the needs of self-directed insurance shoppers.

About Us  |   Contact Us  |   Press Releases  |   The Best Privacy Policy  |   Life Insurance  |   Careers
For Agents & Brokers  |   Site Map  |  

Copyright ©1984-2015 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states. CA agent #0A13858, LA agent #200696, MA agent #333509159. dba Life Quotes Insurance Services in CA under agent #0827712, in LA under agent #205078. dba Life Quotes Insurance Services, Inc. in UT under agent #90093. All rights reserved. Telephone (630) 515-0170. Founded 1984.