What Will My Life Insurance Cost After The Guaranteed Period?
Each insurance policy, if renewable, has a guaranteed maximum renewal premium which is explained and illustrated in the policy. The amount is the most you will have to pay to renew your coverage. After your initial guarantee period ends, you can re-apply for new coverage with the same or a different company. If you qualify, you can begin a policy with guaranteed rates.
In the event you cannot qualify for a new, competitively rated policy, many policies carry a conversion privilege. This feature allows you to convert your existing term policy to permanent coverage (a whole life or universal life policy). Conversion periods and terms vary from company to company.
- Article: What is Whole Life Insurance? - Learn more about the advantages and disadvantages of whole life insurance.