Even in a moseying city like Amarillo, TX, time keeps moving forward. A ten or twenty year term life insurance policy may have felt like it would last forever, but the end may be creeping on you faster than you think. This bit of advice from us at Nest Insurance Agency has information to help you decide whether or not to hang onto that policy before its time is up.
Is the Coverage Still Right for You?
Since life insurance policies last for decades, your situation may have dramatically changed since you got it. For example, a term life policy only meant to cover funeral expenses would be a poor fit if you added a spouse or children since then. Consider whether the existing policy could handle your family’s needs in a worst-case scenario.
What Will You Lose If You Don’t Renew Your Life Insurance?
Term life insurance has minimal long-term benefits, but one with a renewable clause can be refreshed as if you were still your younger self. Over many decades, you’ll save a lot of money. If you had a term life insurance policy without a renewable clause, then you will likely only lose the benefit of coverage if you don’t renew it.
Although you don’t have to renew it, you can still decide to cancel or alter a permanent life insurance policy, but terms and conditions will apply. These policies frequently have a number of additional incentives, like an accumulating cash value that turns your premium into additional cash over time. You’ll likely be able to withdraw the cash if you cancel, but there’s no guarantee without checking your existing policy.
Do You Need Help Determining If You Should Renew?
Insurance is full of so many technicalities that everyone needs an expert at their hip. Nest Insurance Agency can be that helpful deputy if you ring up the Amarillo, TX office on SW 34th Street.
