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Term Life Insurance with Renewable Option

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 Term Life Insurance with Renewable Option
Term Life Insurance with Renewable Option

Term Life Insurance with Renewable Option

As human beings we know that well die one day, its inevitable. However if it comes at a time when your presence is greatly needed for fulfilling financial responsibilities, that plunges your dependants into a monetary crisis. While your physical loss can never be replaced, the financial needs of your family can somewhat be fulfilled by the benefits of a life insurance policy.

When it comes to buying life insurance, you have two choices. You can opt for either -

  • Term life insurance which runs for a specified period, or
  • Permanent life insurance which generally remains active throughout your entire life.

The reasons for choosing the type of life insurance depend on you and your circumstances. If you are looking at term life insurance you will have the option of going for a policy that be renewed or buy a non-renewable policy. You can renew your policy once the term is over and buy a new policy.

According to the renewable option, when your policy term comes to an end you can renew the policy. You are allowed to do this till a particular age.

The advantage of having the renewal option is the guarantee that you will be approved. In case you develop some health problems at the time of renewal you may not be able to get a new life insurance policy at all. The flip side of this is you will not get the same rates because your age has advanced from the time you first got the policy. You may not get any advantage regarding rates.

Therefore while buying term life insurance you should consider your situation and then decide whether you should go for the renewable option or not.

Term Life Insurance with Renewable Option

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