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Extend your current term policy To ensure your family is protected until those financial issues are no longer a concern, you may consider extending your life insurance coverage to provide a safety net for your dependents. As your policy's expiration date draws near, your insurance company may offer to extend it

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If you feel like you still need that financial backup for. You can change the term of your life insurance by renewing it, converting it, or taking out a new policy. … but even if it is, there are actually several options for saving or extending your policy

In this article, we’ll teach you how term life insurance works, what happens at the end of the “level benefit period,” and reveal 5 actions you can take if you have an expiring policy.

Renewing your policy, converting it to permanent insurance, or allowing it to lapse Each option has its considerations, and the choice should align with your current financial status and health. Depending on your personal needs, you have several choices if you've aged out of your policy or the level guaranteed period is going away Extend your current term life coverage

You've officially outlived your term policy when you reach the age that your life insurance policy expires. Term life insurance provides temporary coverage for a specific period of time You may be able to extend your term life insurance policy before it expires to maintain your coverage Extending your policy can help ensure continued protection for your loved ones in the event of your passing.

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Most term products in canada offer an exchange option, allowing you to extend your term life insurance policy without medical underwriting

A term extension can help align with your changing financial needs, cover longer debt periods, and maintain your coverage even with declining health. To extend your term life insurance policy, talk to your life insurance company, agent, or broker well before it expires

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