Life Insurance Dallas Texas, TX
Reader’s Question:
What does it take to renew term life insurance in Dallas Texas, TX? What if I just pay for new term life insurance when the first term ends? Would the arrangement of renewal and new purchase be the same?
Olga
Dallas, TX
That’s an interesting question Olga.
Renewal and new purchase of term life insurance are two different things.
Renewal of term life insurance is derived from the fact that the particular term life insurance has a renewable guarantee. And usually you can avail of this in most life insurance providers in Dallas Tx. This means that after the term of say 5 year ends, you can renew it taking into account the current age you have. Once you are five years older, this will determine the new price for the renewed term. However, you need not undergo certain insurability requirement such as medical examination because you are just renewing it – meaning keeping the term life insurance newly enforced for another term. The premium will increase in accordance to the increase in age only.
If the term life insurance of 5 years ends and assuming it is not renewable, you will have to purchase new life insurance in Dallas Texas, TX. This means you have to undergo new application, undergo medical examination and submit any other evidence of insurability. This is good as completely new purchase.
This is the reason why you must have term life insurance that is renewable if you plan to have it continuous anytime in the future. For instance you buy 5 year term and you plan to keep it for another term, you should get one with renewable guarantee so you can have the privilege of renewing it. If after the term ends, you plan not to renew it in Dallas Texas, TX, you can allow it to simply lapse.
Tags: life insurance, term insurance, term life insurance renewal