Most term life insurance policies are term, which means your policy expires once the term ends. If you still want life insurance, you can purchase a new policy, but you can expect to pay higher rates. There are instances where your policy would possibly continue, such as if you
Convert to a Permanent Insurance Policy
before the deadline set by your insurer.
Term life insurance tends to be less expensive than whole life insurance because it offers a term policy rather than permanent and creates no monetary value.
No, term life insurance has a monetary price. If you need a policy that will generate price over time, take a look at
Permanent Life Insurance
.
The best
Life Insurance Policy
For you, it depends on your wishes and budget. Generally, term life insurance is sufficient for as many people as possible. You may need to explore whole life insurance if you’ve maxed out your tax-advantaged retirement accounts or if you have a lifetime dependent, such as a child with special wishes.
Term life insurance is temporary. It provides a policy for a set number of years, such as 10, 15, or 20, and will pay death benefits if the policyholder dies during that period. Whole life insurance usually lasts a lifetime and has an additional charge.
Cash Value
component that gains over time.
On a note. . .
Get loose quotes from the most sensible companies.
Learn More
Learn More
Learn More
Download the app
Disclaimer: NerdWallet strives to keep your data accurate and up-to-date. This data may be different from what you see when you stop at a monetary institution, service provider, or site to purchase an express product. All monetary products, products purchased and presented without warranty. When comparing offers, check the monetary institution’s terms and conditions. Pre-qualified offers are non-binding. If you see any discrepancies with your credit score or credit report data, tap TransUnion® directly.
NerdUp Credit Card via NerdWallet: NerdWallet is a bank. Banking services provided through Evolve Bank
The effect on your credits can vary, as credit scores are independently determined through credit reporting agencies based on a number of factors, in addition to the money decisions you make with other financial services organizations.
NerdWallet Compare, Inc. NMLS ID No. 1617539
NMLS Consumer Access | Licenses and Disclosures
California: Loans from California Finance lenders pursuant to Lender License No. 60DBO-74812 from the Department of Financial Protection and Innovation.
Insurance services offered through NerdWallet Insurance Services, Inc. (California Resident License No. OK92033) Insurance Licenses
NerdWallet™ | Hawthorne St. – 10th Floor, San Francisco, CA 94105