Just what it says, it is a term life insurance policy that will expire in 30 years. After 30 years, you will either have to renew the policy at a higher rate if it is renewable or convert the policy to a permanent plan such as whole life if it is convertible.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
A 30 year Term Life Insurance policy will usually renew each year at the same premium, for a 30 year continuous time period. This is also referred to as a 30 year level term. If the policy remains in force during that time period, at the 31'st year, the premium will balloon to a much higher rate.
Check to see if you have a guaranteed conversion option that would allow you to convert the coverage to a permanent plan in order to take advantage of the increased benefits that such a policy can provide.
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Check to see if you have a guaranteed conversion option that would allow you to convert the coverage to a permanent plan in order to take advantage of the increased benefits that such a policy can provide.