Term Life Insurance Renewal


Steps to take for term life insurance renewal time
Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email

Table of Contents

Is your term life insurance policy expiring? Did you just receive a notice from the life insurance company letting you know that you now must pay a massive amount of money to continue coverage?

If your term life insurance renewal is up, don’t worry you have some very affordable renewal options.

The Shocking Term Life Insurance Renewal Letter

You go to your mailbox and notice you have a letter from your life insurance company. You open your letter from the life insurance company and to your surprise you now owe nearly 8 times more than what you are were currently paying for life insurance coverage.

Even though this letter is shocking, it is completely normal when it comes to the end of a term life insurance policy. The life insurance company is letting you know that your level term period has come to an end and is now turning into an annual renewable term policy with some very high rates.

Remember the life insurance company made a promise to provide you level rates depending on how long you purchased your term life insurance policy.

This may have been 10, 15, 20, 25 or 30 years.  You have the options to pay the high annual renewable rates or can qualify for a new term life insurance renewal with more affordable rates.

Steps to an Affordable Term Life Insurance Renewal Policy

To begin the process of finding you an affordable policy, we are going to need to look at some important factors.

Has Your Health Change?

One of the most significant factors in determining life insurance rates is your overall health. Think back to when you first purchased your term life insurance policy, have you had any changes in your health throughout the entire time of the policy?

It’s essential to answer this question thinking back to the start of the policy until now. If you had a change but have fully recovered or felt like a million bucks, disclose everything for an accurate quote.

How Much Life Insurance Coverage do you Need?

It’s been sometime now since you purchased your term life insurance policy. The kids are grown, the mortgage has been paid down and debt is hardly there or not as significant. 

Do you still need as much insurance coverage as you previously had?  Factor in the following when determining your death benefit amount:

  • Income replacement for your spouse
  • Children or other family members that need financial support
  • Mortgage payoff
  • Debt payoff
  • Estate taxes

How Long do you Need Coverage to Last?

When you have determined an appropriate death benefit amount, you need to ask yourself, “how long do I need the coverage to last for?”  Are you nearing retirement? 

Maybe something with a shorter duration like 10 or 15-years is all that is needed.  Or, maybe you’re still in your early working years and your needs for life insurance are longer making a 20 or 30-year policy a better option.

What Type of Coverage?

Term insurance is always going to be the cheapest form of life insurance coverage, but maybe you don’t want to continue going through the renewal process after each term contract.

If this is the case, consider looking at a lifetime permanent life insurance policy.  Although you will pay a higher premium for permanent life insurance, it might make financial sense in the long run.

It's Time to Search for Affordable Life Insurance Coverage

You have your health class, you know how much coverage you need, you know how long you need coverage and you know what type of coverage you want.

The next step is to get the best price for your coverage by simply using the quote engine located to the right of your screen. The quote engine will display the best price for both term and permanent life insurance.

If you Cannot Qualify for new Coverage

If you are unable to qualify for new coverage, there is an option to continue paying on the current term policy at an annual renewable rate. 

Doing this will eventually become very expensive and may not make financial sense in the long run.  Another option that you might have on your existing term policy is called a guaranteed conversion.

Conversion allows you to take your current policy and convert it to a permanent policy without proof of insurability. This means you will get guaranteed approval regardless of your past or present health. 

If you need to know if your policy has a conversion option, please contact us and we will check with your life insurance company.

Term Life Insurance Renewal Quote

We are here to help assist and provide you with any term life insurance renewal. Top Quote Life Insurance provides instant term and permanent life insurance quotes from the nation’s top life insurance companies.

Compare rates instantly with the quote engine located to the right of your screen or for assistants, call us toll-free at 888-777-7574. Have a question about term life insurance renewal? Drop us a message below and will get you a response right away.

Ready to Compare Life Insurance Rates?

It’s free, fast and super simple.

Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.

Not only does he strive to provide you with the best rates for your life insurance coverage, but he also wants you to be well informed about the different types of life insurance options that are available. You will also find a significant amount of valuable information on the multiple life insurance companies that can provide you with coverage.

Jeffrey Manola is licensed to provide expert advice and help aid in the purchasing process of life insurance products. He is licensed with the National Insurance Producer Registry (NIPR) in the following states:

AL: 790866 AR: 14358927 AZ: 14358927 CA: 0K29801 CO: 531038 CT: 002536246 DC: 3000281706 DE: 3000190912 FL: W383615 GA: 3089339 HI: 482421 IA: 14358927 ID: 646048 IL: 14358927 IN: 3100885 KS: 14358927 KY: DOI-986908 LA: 758187 MA: 2045330 MD: 3000011601 ME: PRN252004 MI: 14358927 MN: 40427014 MO: 8428106 MS: 10519253 NC: 14358927 ND: 14358927 NE: 14358927 NH: 2434852 NJ: 1562332 NM: 14358927 NV: 3299018 NY: LB-1484031 OH: 1117369 OK: 100293583 OR: 14358927 PA: 740709 RI: 3000183893 SC: 14358927 TN: 2383399 TX: 1969337 UT: 648983 VA: 987464 VT: 3426230 WA: 947010 WI: 14358927 WV: 14358927

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

More Articles Written by Jeffrey Manola

Ready to Shop for Great
Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574

Ready to Shop for Great
Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574