Do you need a company that can offer you term life insurance quotes in Maple Valley? American Insure-All has options for you. Whether you’re looking for a term life insurance plan for your family, or do you want to switch your current policy to a term life insurance policy to save on costs, our agents can help you to find a plan that is tailor-made to help you and your family.
Something many policyholders wonder about is what happens when their policy expires. Here’s what you need to know about term life insurance policy expiration:
Many policies don’t expire at the end of the term. Instead, what ends up expiring is the rate that you pay for your life insurance. When you purchase the policy, you get lower rates for a set period, which is usually anywhere from 10 years to 40 years. From there, you can continue your life insurance policy on a year-to-year basis until age 95, but the rate that you pay goes way up.
However, you have options if you don’t want to get hit with substantial rate hikes at the end of your term. You can convert, extend, or renew your coverage.
- Extending your coverage is straightforward: keep paying for your existing policy by paying your premiums after the initial term ends. This is an excellent short-term option for up to two or three years. It may also be your only choice if you can’t qualify for a new policy due to conditions like a change in your health. However, the costs can increase and keep doing so each year as you age, so be sure to check what your rates are to see if it’s worthwhile as a short-term solution.
- Converting term life insurance coverage is an option for almost any term life insurance plan, and is also often called an exchange option. If your term life insurance was issued more than a decade ago, it might be less likely that you have this on your in your terms, so be sure to check your policy. In short, you can convert your term life insurance policy to a permanent policy, typically a universal life (UL) policy. If you’re interested in turning your term life insurance to a permanent universal life insurance policy, talk with your insurer to see what your options are.
- Renewing your term life policy is easily the most cost-effective way to keep your life insurance coverage. Most insurers allow you to reapply by using their re-entry or exchange provisions. You can also go through a different company for your term life policy. Either way, your application may require an in-home exam to show that you’re in good health. Shop around and see what the best rates are and compare them to what you’re currently paying. Be sure to compare them to what you could be paying if you choose other options for your insurance. Renewing your coverage is ideal, especially if you’re under the age of 70. However, if you’re not in good health, you may lose out on savings or be denied coverage entirely.
If you’re looking for accurate and high-quality term life insurance quotes in Maple Valley for your needs, American Insure-All is more than happy to help you choose the best option. For more information about our services, or to get a quote for any of your insurance needs, call our team today at (888) 411-AUTO.