Term life insurance is designed to be affordable, flexible, and temporary — it protects you for a set period. But what should you do when that term is ending?
You have three main choices to consider, and we’re here to help you navigate them:
1. Renew Your Current Policy
This is the simplest option if you need coverage to continue immediately.
- How it works: Your policy automatically renews each year until the ultimate expiry date.
- The upside: There are no health questions or re-qualifications necessary.
- The catch: Your premium (cost) will increase and may quickly become more expensive than a new policy.
2. Apply for a New Policy
If you’re in good health, a new policy is often the most cost-effective choice.
- How it works: We’ll shop the market to find you new coverage options from a variety of carriers.
- The upside: You can get a new, lower-cost premium that is locked in for a new term (e.g., 10 or 20 years)
- The catch: This option requires re-qualification, including answering health questions and undergoing financial underwriting.
3. Convert to Permanent Insurance
This is a great option if you need coverage that lasts your entire life.
- How it works: You can switch your current term policy to a permanent life insurance plan offered by the carrier.
- The upside: You get lifelong coverage and a policy that can offer additional financial and investment benefits—all without answering any health questions.
- The catch: The premium will be higher than term insurance, as permanent coverage is designed to last forever.
Let’s Review Your Options Together
Whether you want to lock in a new low rate, convert to a lifelong plan, or simply review your financial goals, now is the perfect time for an annual insurance review.
Our Unity advisors can help you understand which option will be the most cost-effective and provide the greatest long-term financial benefit for you and your family.
Contact us today to schedule your review!