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What is Term Life Insurance?
Term life insurance provides coverage for a specific period (usually 10, 15, 20, or 30 years). It pays a tax-free cash benefit to your beneficiaries if you pass away during the term. It is typically the most affordable way to secure high coverage amounts.
What happens when my term policy expires?
When your term expires, you can either let the coverage end, renew it on an annual basis (usually at a higher rate), or convert it to a permanent life insurance policy without needing a new medical exam.
Can I convert term to permanent coverage?
Yes, many term policies include a conversion rider. This allows you to transition some or all of your term coverage into a permanent policy (like whole life or universal life) to guarantee coverage for the rest of your life.