Renewable Term Life Insurance
Think you’ll need more coverage in a few years? Renewable term plans make it simple to extend your policy, so you don’t have to worry about reapplying later.
What Is Renewable Term Life Insurance?
Term life insurance is a type of life insurance policy that lasts for a set period of time, usually between 10 and 30 years. If you die during that time, your family receives a cash payout they can use to replace your income, cover daily expenses, pay credit cards or debts, or use for anything else they need. At the end of the term, your coverage expires and you’ll need to buy another policy if you want to stay covered.
Renewable term life insurance is exactly what it sounds like: a plan that gives you the option to renew when the policy ends. These policies can give you the flexibility you need if you still have financial obligations when your insurance expires, like a mortgage or college tuition payments. Keep in mind that your rates will go up based on your age when you renew, though. If you think you’ll need life insurance after your policy expires, you can often lock in lower rates by buying a longer-term policy.
How Does a Renewable Term Life Policy Work?
When you buy renewable term life, you’ll pay monthly or yearly premiums, just like any other term life policy. At the end of the term, you can decide if you still need life insurance coverage. You can’t be turned down if you have renewable term, and many policies will let you keep renewing your coverage into your 80s and beyond.
Annual renewable term is the type of coverage you’re most likely to find when shopping for renewable term. These policies allow you to extend your coverage every year up to a predetermined age. If you’re looking for a longer term length, some policies will allow you to renew for multiple years at a time.
Just remember that when you renew, your life insurance rates will change based on your current age and other factors. While insurance companies usually limit how much your rates can go up, the increased cost is often much higher than your previous rate.
Questions about renewable term lifeinsurance
Renewable Term Life Insurance Quotes Through eFinancial
At eFinancial, we’re committed to helping individuals, couples, and families across the country find the right life insurance options to meet their needs. With access to high-quality, affordable options from more than 20 providers, our team of life insurance agents is here to guide you through the process, so you can get covered as quickly as possible.
Let eFinancial give you peace of mind about your loved ones’ financial future.
To learn more, start your free, no-obligation online quote or call 866-388-3996800-957-9525 to talk with one of our agents.