Fixed term insurance policy

Outliving Your Term Life Insurance Policy, Quotacy

Throughout the duration of your term life insurance policy, you’ll pay monthly premiums to keep your coverage in effect. A common question among insured individuals is: What happens to my premiums when the policy expires? At the end of your term, coverage will end and your payments to the insurance company are complete. If you outlive your term life insurance policy, the funds are forfeit. The premiums from individuals who don’t die while their policies are in force ultimately support the generous payouts that insurance companies can pay to those who do. Where does my money go for my term life insurance policy? Everyone who is paying life insurance premiums is essentially...

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What happens if you outlive your term life insurance policy?

You were a good spouse and protected your young family and home with a term life insurance policy 20 years ago. But now that policy is about to expire. That’s a great question, and an important one we hear all the time. Let’s cover the most important considerations for you the consumer. Quick Article Guide: Say your policy ends. Do you still need life insurance? The premise for buying term life insurance is to carry enough coverage to replace the income lost if you die prematurely. When you were the young bread winner, you probably bought enough life insurance to replace 10 to 20 years of your income. If you now have little debt, and enough in savings and assets that your...

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