Summer means sun, beaches, and traveling for many. However, term life insurance may be essential to ensure coverage for your family during your travels. And since 50% of people overestimate the cost of term life insurance, getting a policy may be less expensive than you think.
Some people may be worried about outliving their policy. Renewable term life insurance is a great option designed to help address this concern. This policy lets you extend your coverage without the insurer underwriting a new policy and requiring another medical exam. Your premiums can increase, but approval is virtually guaranteed. With that in mind, this article will cover four reasons to get renewable term life insurance this summer.
1. It Provides peace of mind if you go on vacation
Renewable term life insurance provides peace of mind by ensuring you’re covered if a terrible loss occurs on vacation. In addition, it’s inexpensive, minimizing how much it eats into your vacation budget while helping you easily renew coverage next year.
2. You can renew the policy with no medical exam
Renewable term life insurance policies require no medical exam. This can be an excellent choice if lifestyle changes, injury, or illness might disqualify you from a term life insurance or if you simply don’t want to get the medical exam each time you get new coverage. Your premiums will change due to your change in age and other conditions, but you generally won’t be denied coverage for medical reasons when you renew.
3. Premiums are inexpensive
Renewable term life insurance premiums can be more affordable compared to some permanent life insurance policies. As a result, you can more easily fit the coverage you need within your budget while having the ability to extend coverage as long as you need.
4. The policies are simple
Renewable term life insurance policies tend to be pretty simple since they don’t come with a cash value growth component. This means they can be an excellent option for people who don’t need a more complex policy.
With a renewable term life policy, you pay a fixed premium to maintain coverage. If you want to renew or need to adjust your policy — such as adding riders or altering beneficiaries — you can contact your insurer with those updates.
Consider renewable term life insurance this summer
Before you pack your suitcase, hit the road, or head to the airport, consider covering your family with renewable-term life insurance. It can offer inexpensive coverage if the worst happens while on vacation, and you can extend coverage in the future as needed without a new medical exam or risk of denial.
Your premiums will increase with each renewal, but this can still be more affordable than a permanent life insurance policy. Plus, renewable term life insurance is relatively simple, making it easy to understand your policy and get the right amount of coverage. Make sure you consider renewable term life insurance while booking your summer travel.