In most cases, you do will not get a payment when your term life insurance policy expires. The exception is a return of premium policy which returns all the money you have paid over the years to you. However, the premium is usually much higher for this option would be for the medium-term life policy.
To avoid losing the premiums you have paid over the years, you might consider converting your long term life policy to a permanent policy like whole life or universal life. For many, life and financial circumstances could have a long-term life policy the best choice in the past. Now might be the right time to move to a permanent policy.
The differences between a long-term life and permanent life policy
A long-term policy of life tends to be more affordable, but only covers you for a specified time. Political lengths can last as little as five years to as long as 30 years. You choose what works for you.
Permanent life insurance may cost more, but it lasts all your life and you can create the cash value increases as the policy is in force. Most long-term life insurance policies allow you to convert to a permanent life insurance policy. While your premium may go up, you can now have a policy that lasts all your life and allows you to build your wealth.
If you decide to convert your long term life policy to a permanent life policy, you might be able to skip the medical examination or other stages that you went through to get your long term life policy. It pays to convert ASAP since the sooner you open your permanent plan, the more time your money has to grow in your life.
There are life insurance options for every stage of life and financial situation. To convert your existing policy in the long term, contact the Erie insurance agent through whom you purchased the policy. To see what kind of life insurance is best for you, contact an Erie Insurance agent in your community.
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