Just noticed that the 20 yr term for my term policy is up this month. What should I do now? I’m 46. My son is 20 and in College, so not exactly independent but not a kid. Not married but in a partnered relationship.
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Check if your policy is renewable and convertible. If it is, consider whether you’re still in good health. When your policy renews, the rate will go up based on your current age, so expect higher premiums. If you have time before renewal, get a quote based on your current age and needs. You might find a lower premium compared to renewing it automatically, especially if you’re still healthy.
Another option is converting all or part of the plan into permanent insurance to lock in the cost and coverage. You can choose the premiums and how long you want to pay just communicate this to your insurance agent.
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If you want permanent coverage you could convert to permanent if there’s a conversion rider.
Are you in decent health? You could apply for a new term.
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With your term policy expiring, here are a few options:
Renew or Convert: See if you can renew for another term or convert to a permanent policy. Renewing might cost more because of your age.
Review Your Needs: Since your son is in college and you have a partner, you may need less coverage. Take a look at your financial situation and responsibilities to decide.
Compare Quotes: Check rates from different insurers to find a policy that fits your needs and budget.
Talk to a Financial Advisor: They can give you advice tailored to your finances and goals.
Take time to choose the option that works best for you now and in the future.
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If you’re 46, you should check if your life insurance is still enough. Your term policy is probably ending soon. You can get a new term policy or a permanent one. It depends on what you want and how much money you have. Talk to an insurance advisor for help.
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It sounds like you don’t need life insurance anymore. Congratulations! Do you have savings or other assets? As you get richer, life insurance becomes less important, especially if you don’t have people who depend on you financially. If you have almost no money, you could get a small term policy. But by now, you should have a good amount of retirement savings, which could be considered your legacy.
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Do you still need insurance? If so, re-assess your insurance needs and go forward based on how much you need and how long you need it.