a term life insurance policy matures
You still have options if you aren't eligible for traditional or simplified-issue life insurance. A guaranteed issue policy in life insurance might be a good option.
The guaranteed issue may be a good fit if you're looking for:
A reminder: You must disclose any medical conditions to the insurance company when you apply for a policy. If your insurance company learns that you did not inform them after your death, the policy may be cancelled. Your beneficiaries will not be entitled to the death benefit you intended if this happens.
You still have options if you aren't eligible for traditional or simplified-issue life insurance. A guaranteed issue policy in life insurance might be a good option.
Quick approval: With no medical exam, you can get covered immediately, rather than waiting weeks for processing and results. This may work well if you need coverage fast, like for an upcoming trip.
If you're looking to find:
For a simplified issue policy, you will need to complete a questionnaire about your health and medical history. Access to your medical records will be required. The answers to your questionnaire as well as any medical records will suffice.
Life insurance rates for term policies are generally more affordable than for whole life insurance. This is because term policies provide coverage for a predetermined period. The policy's death benefit is not paid to beneficiaries if you live beyond the expiration date. Whole life insurance premiums are, however, higher as the policies pay no matter what time you die. Term life is offered by all the top life insurance companies.
Life insurance costs vary depending on your age, health and policy details. However, a healthy 35 year old could expect to pay $25 to $30 per month for $500,000, 20-year term life policy. The rates for cash value insurance such as whole or universal life insurance are five to fifteen times higher.
Once the term ends, the coverage ceases unless you renew the policy, purchase a new one, or convert it to a permanent policy. Some policies offer renewal options, though the premiums may increase.