So, my life insurance policy is coming to an end soon, and I’m not sure what to do next. I didn’t even realize life insurance could just end like that… What happens after? Should I get a new one or just let it expire?
Yeah, I went through the same thing last year. If you still need coverage, you could buy another policy, but just know that it’s going to be more expensive now that you’re older.
Ari said:
Yeah, I went through the same thing last year. If you still need coverage, you could buy another policy, but just know that it’s going to be more expensive now that you’re older.
Ah, makes sense. I’m guessing I’ll have to fill out another application and go through all the health checks again?
@Haim
Yep, they’ll definitely want to assess your health again. But if you don’t really need it anymore, like if your kids are grown and mortgage is paid off, you might not even need another policy.
My insurance just expired, and I didn’t renew. My house is paid off, and I’ve got some savings now. I figured it wasn’t necessary anymore.
Kade said:
My insurance just expired, and I didn’t renew. My house is paid off, and I’ve got some savings now. I figured it wasn’t necessary anymore.
That’s what I’m thinking too… I’m not sure if I need it at this point. Did you feel like you were taking a risk by letting it expire?
@Haim
Honestly, not really. I talked to a financial advisor, and they said the same—if you’ve got your finances in order, it might be fine to let it go.
If you do decide to renew or get another policy, just be prepared for higher premiums. It hit me hard when I renewed after my first policy ended!
Winter said:
If you do decide to renew or get another policy, just be prepared for higher premiums. It hit me hard when I renewed after my first policy ended!
Oof, I heard the premiums go way up once you’re older. Did they make you do another health check too?
@Reagan
Yeah, they did. And any health issues that have popped up over the years definitely factor into the cost.
You might also want to look into Over 50s Life Insurance if you’re in that age range. They don’t ask for a medical check-up and the premiums are usually fixed.
Jesse said:
You might also want to look into Over 50s Life Insurance if you’re in that age range. They don’t ask for a medical check-up and the premiums are usually fixed.
Interesting, I hadn’t thought about that. Might be a good option if I decide to keep some kind of cover.
Just remember, if you don’t die before the policy ends, you won’t get any money back. It’s just how term life insurance works.
Corey said:
Just remember, if you don’t die before the policy ends, you won’t get any money back. It’s just how term life insurance works.
Wait, so no money back at all? That kinda sucks.
@Reagan
Yeah, that’s the deal with term life. You’re really just paying for the peace of mind while it’s active.