What Is The Expiry Date For Converting A Life Insurance Term?

A term life insurance policy provides coverage for a specific term or period of time, typically between 10 and 30 years, and is designed only to give your beneficiaries a payout if you pass away during the term. If your policy’s term is coming to an end, you have three basic choices to continue the financial protection of life insurance.

Extend your current term policyRenew your policy on a year-to-year basis until you are 95 years old, but the insurance company will change your premium if you extend.
Convert your term policy to a permanent policyConvert your term policy into a permanent policy without having to provide evidence of insurability, but there will be a specific deadline depending on your insurer.
Get a different life insurance policyShop around for a new term-life policy or check with your HR department to see if group term life insurance coverage is available through your company.

If you want to extend or convert your current term policy, talk to your life insurance company, agent, or broker well before it expires. If you’re thinking of getting a new policy, a good place to start is to get an instant quote from a life insurance calculator. Combining a permanent (whole or universal) policy with a term policy can be one way to get the higher death benefit and additional coverage you need for a limited period of time.

There is no specific expiry date for converting a life insurance term, but it is recommended to begin the conversion process well before your term expires – at least a year before your policy’s stated conversion deadline. A Guardian financial professional can help you better understand your options.

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