Co-Founder, Coastal Financial Partners Group, California
To determine your next steps, it would be important to know if you are still within 30 days of the term expiry (policy anniversary date). You may be able to change the premium mode from annual to monthly (if necessary) and continue the policy month to month at the new higher premium in the term policy until you can get a new policy.
Also, does the term policy have a conversion provision and, if so, did it expire? Usually conversion ends at the end of the initial term period but sometimes it extends to a later age.
Most importantly, are you insurable? If you are not, you need to work with a life insurance professional and the insurer to try to preserve the coverage you have if it is not too late. If you are insurable, find a life insurance professional and apply for coverage - and, as this situation suggests, maybe term is not right for you so plan on buying a permanent policy that can be designed to meet your needs.
Assuming you’re past the reinstatement period or, in fact, the term life insurance period of your contract has expired, you could do a quick review of a term life insurance spreadsheet and purchase another policy. If your health is good, you could bind the policy with the required deposit to protect you in the in-between time providing you’d pass all the requirements. You could also apply for simplified issue or simplified issue with AD&D to secure basic coverage now and after underwriting convert the AD&D to full life insurance coverage. We can help with that.
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Also, does the term policy have a conversion provision and, if so, did it expire? Usually conversion ends at the end of the initial term period but sometimes it extends to a later age.
Most importantly, are you insurable? If you are not, you need to work with a life insurance professional and the insurer to try to preserve the coverage you have if it is not too late. If you are insurable, find a life insurance professional and apply for coverage - and, as this situation suggests, maybe term is not right for you so plan on buying a permanent policy that can be designed to meet your needs.