Chris C
 |
Term life insurance typically expires at age 80 or 85 depending on the company (in Canada anyway). If a policy doesn't expire at 80 or 85, it's probably a whole life policy...don't confuse the 2 like many people do.
Other than that, technically the insurance coverage 'expires' when the policy holder dies or stops paying the premiums.
Most term policies automatically renew without medical evidence when the 5, 10, 15, etc year term expires, so it's more of a renewal than an expiration. You should get notifications months prior to the renewal to make you aware of the premium changes. |
|
aaron p
|
People please. Most term policies are renewable until the insured's age 86, 95, or something similar. The "10 year", "30 year", or similar designations usually only reflect the period of time your premium is level.
There are a few term policies that end after the level period, but I usually recommend folks look into a policy that is "renewable", "convertible", or both because you never know how your health might change. |
|
Insurance Pickle.com
|
Yes, please....I'm on Aaron's side. A term policy technically can last your whole life, but NOBODY would keep it that long. What happens is after the 10, 15, 20, 30 years, etc...is the policy gets extremely expensive. Most people will drop the plan either immediately after the time period OR they might keep it a year or two due to procrastination more than anything.
To give you an idea I just sold someone a $2 million 15 year term policy for ~$2500/year. In the 16th year the premium would be about $40,000. So, no it doesn't expire until somewhere between 85 and 100 years old, but unless he was terminal in the 15th year that 16th year's premium would get paid.
A whole life policy will last just as long, but have a more reasonable premium around the time frame where you're more likely to die.
Hope that helps.
http://www.InsurancePickle.com/life-insurance |
|
Jon S
 |
Term life insurance does, in fact, have an expiration date. Most term life policies are sold on a 10, 20, 25, or 30 year term. Naturally, the shorter terms are cheaper than the 30 year as the 30 year gives someone 30 full years of converage and peace of mind.
This is one reason why you need to really consider "what is the longest term I can most easily afford" when it comes to term life insurance.
If you buy term life when you are 30 you're policy won't expire until you are 60, or 65 if you went with a 35 term
http://www.texastermlife.com/ |
|
♥~*Momma Bear*~♥
 |
lmao yes that's where the word "Term" comes from. Its only for a certain "term" of your life, (Typically 15-25 years) Whole life covers you for your WHOLE life. =) |
|
Veritas et Aequitas ()
|
Yes, depends on what term you got. I think the highest it goes is 30 years. After that the rates increase per your age at the time if you want to renew. It also expires if you don't pay your premiums. |
|
satheesh
 |
it is the term that you have selected at the time of you sigining the proposal form. further your premium is calculated on the basis of that term. so it is pre defined and a must for the term policy |
|
Richie Rich
|
Now a days, term life is limited to how long it is level, not when it expires. All policies expire upon death. Most go to age 95, a few to age 100.
Cash value is just term with a savings account.
You can get policies up to 35 years level and a few that automatically renew to another level term regardless of health status.
Given the state of the world, find one without a war clause. |
|
annazzz1966
|
Term life insurance only is in effect for the term you pay for it and then sometimes not all benefits are in effect during a preliminary period within that term. That's why it's cheaper.
|
|
I Buy And Sell Houses
|
Yes. That's why it's called "term"--because it's for a specific term. As for length, it depends on the policy--5 years, 10 years, 20 years. That sort of thing. |
|
| |
|
|
Homepage 
Financial
Forum 
Insurance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
