Is Your Term Life Insurance Expiring?

Back when you first researched your life insurance options, a term policy might have seemed like the better deal. It featured lower premiums than the permanent policies of a similar value, and you weren't too worried about needing the benefits any time soon. So, you signed up for a term life insurance policy with a term of 5, 10, or perhaps 20 years.

But now, if that policy term is nearing its end, the contract will soon expire. You certainly don't want to go uninsured at the point in your life, so is there any way to “save” that policy? You bet!

You can probably renew your policy. Technically, most term life insurance policies don't actually “expire”. It's just that you locked in your premiums for the particular term you selected. If your policy comes with a renewal option, your provider will usually contact you with more information before the end of the term. If renewal is allowed, you can keep your policy, but the premiums will increase annually.

However, sometimes those premium increases are dramatic, so renewal might not be your best option. It's worth your time to investigate other options.

Enroll in a new term policy. You could compare rates for a new term life insurance policy. Depending upon your age and state of health, you might be able to qualify for another plan that is still very affordable for you.

Convert the policy. Depending upon the provisions of your original term policy, you might be able to convert into a permanent life insurance plan. Now your premiums will stay the same for life.

Sell the policy. If the policy is convertible, another option is to convert and then sell it. This is often a good option for those whose state of health has declined.

You want to know that your loved ones are protected if something happens to you, and we understand how important that is. So, if your term life insurance policy will be expiring soon, give us a call. We can help you compare your options and decide upon the next step.

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Coto Financial & Insurance Services is a comprehensive professional services company providing a variety of financial solutions to individuals, business owners, and corporations.  



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Irvine, CA 92618

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2018 © Coto Financial and Insurance Services, Inc. © 2018

Coto Financial & Insurance Solutions, Inc. and Kinetic Investment Management, Inc. are two separate entities. Insurance products and services are offered and sold through individually licensed and appointed agents in all appropriate jurisdictions under Coto Financial & Insurance Solutions, Inc. Investment Advisory Services are offered through Kinetic Investment Management, Inc., a registered investment adviser.


Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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