Common Term Life
Insurance questions and answers

After your coverage term expires, you have a few options to choose from for your next steps. You can renew your term plan at adjusted rates, determined by your current age at the time of renewal. Also, you may have the option to convert your term coverage into a permanent plan that will stay in force for life. Finally, you can simply let your term insurance end without renewing or converting if you feel as though you no longer need the coverage.

Yes, you can get a term plan even if you are a regular smoker, but you will be paying a higher premium for the coverage. Since there are too many health risks associated with smoking, insurance companies are taking on more risk and therefore have to increase the premiums.

A death benefit is the amount of coverage the plan pays to your beneficiary should you pass away. These are paid in a lump sum benefit directly to the person you select as your beneficiary.

Choosing a beneficiary is a decision that only you and your family can make. You should carefully consider all your options when picking a beneficiary and make sure you have some idea about who it will be before you apply. You can select multiple beneficiaries and change them regularly if situations change in your life.

Term plans offer renewals in the event your term ends and you still need some temporary coverage. Maybe your needs have shifted, and you still have people and assets you would like to protect for a set period of time.