All good things come to an end, or so the old adage goes, and if you’re nearing the end of your life insurance term, you may be wondering what to do once that end date has passed.
Of course, in a sense, the fact that you outlived your life insurance is a good thing. as with most insurance, the hope is that you never have to use it.
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But what if you want to continue life coverage after the end date of your policy term? what are your options? what are the costs? in this article we will describe your options.
When does the term of my life insurance end?
The end date of your life insurance “term” (how long your coverage lasts) depends on how long you chose when you purchased the policy. If you’re not sure exactly when your coverage ends, check your policy document.
Do I still need life insurance after my policy ends?
Once you know when your coverage will end, it’s worth asking yourself if you really need more life insurance. His circumstances may very well have changed since he originally purchased your policy, and the factors that led him to purchase coverage years ago may no longer apply.
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Children, mortgages, and lack of long-term financial security are some of the top reasons people buy life insurance – it gives them the peace of mind that outstanding debts or expenses could be covered if die during the term of the policy. . But if your children are grown, your mortgage has been paid in full, you outlive your life insurance, and you have accumulated other financial assets or savings, it may make little sense for you to continue paying for life coverage after your coverage. current. politics has come to an end.
We encourage you to speak with a financial advisor if you are unsure.
buy another policy
If you decide that buying a new life insurance policy is the best option for you, you should keep in mind that, all things being equal, your premiums are likely to be higher than your original policy now that you’re older .
As with all new policies, you’ll need to complete a full application before we can determine if we can cover you. this includes a complete medical and lifestyle evaluation.
Eligibility will also depend on your age.
can I extend the duration of my legal contract & general life insurance policy?
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You can request an extension of the duration of your policy. this could affect the premiums you pay and we would need to evaluate any change request based on your circumstances at the time.
other life coverage options from legal & generals
If your existing life insurance is nearing the end of its term and you are a UK resident between the ages of 50 and 80, our 50+ life insurance may be an option worth considering.
Our 50+ fixed life insurance could allow you to leave a lump sum of cash to your loved ones when you pass away, which could be used to help contribute to your funeral costs or be left as a gift.
If you’re nearing the end of your existing life insurance term, it’s worth taking some time to think about whether you’ll really need more life coverage once that date has passed, now that your circumstances may be very different than when you first purchased your plan.
Purchasing an entirely new plan is an option, as long as you meet the eligibility criteria. Take a look at the life coverage options we offer, including more than 50 life insurance policies.
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