What options do I have when my term life insurance policy expires in a few years?
Term life insurance is a versatile insurance option since you may choose the length of the term, the amount of coverage, and what happens when it ends.
When deciding what to do with your present term insurance policy, you will once again have alternatives. If your needs have changed, you may be able to extend your coverage by renewing at the end of your term, or you may be able to move to a longer-term or permanent policy.
Renew
If you don’t take any action once the initial term has ended, your term life insurance will automatically renew each year until the final expiration date.
If you change your mind about renewing, you may always let Canada Life know.
Your premiums will gradually go up as you get older and your policy renews each year.
No more health-related questions or requalification are required.
Make the switch to a longer term
You can convert to a term that is more than ten years longer than your original term if you decide you wish to be covered for a longer period of time.
This choice offers cheap, extended protection for all or a portion of your initial insurance.
You might be able to select this option depending on your age and the length of time you have had your insurance.
Due to your advancing age, your premiums will rise for your new term duration.
If you maintain the same level of coverage, you are not required to requalify or respond to any additional health-related inquiries.
Converting your insurance to permanent provides both investment options and life insurance coverage.
After the policy’s first anniversary, you can usually switch your Canada Life My TermTM insurance to any permanent plan we provide. If you bought your coverage when you were 69 or older, you have two years to convert to any such plan.
Your premiums will be determined by the level of insurance you choose.
You are not required to reapply or give any more medical information.
