Term 30 Life Insurance

Your life insurance protection remains intact if you become totally disabled, for a period of at least 6 months, and cannot earn any income.

You can purchase additional life insurance in future without undergoing a medical evaluation, regardless of your health status at the time.

Provides your beneficiary with an additional death benefit if you were to die by accident.

You can purchase a small amount of life insurance coverage for your children and future children; this benefit can be converted between the ages of 18 and 25 with medical evidence of insurability.

Term life insurance is life insurance for temporary needs – it can help cover short-term debt, mortgage payments, or can act as income replacement in the event of a wage-earner’s death.

Learn more in this article, What is term insurance, and how does it work?

Simply put, a 30-year term life insurance plan means you’ve got insurance coverage for 30 years.

The cost of 30-year term life insurance depends on a number of factors, including your coverage amount, age, sex, health status, and more. It is always best to speak with an advisor to better understand the costs.

As a 30-year term life insurance policy is nearing the end of its term, the policyholder will receive a renewal notice alerting them to the fact that a new 30-year term will begin at an updated premium based on their current age.

In the event the policyholder does not want to renew, they have three options: (1) convert to a whole life insurance policy, (2) do a partial conversion, where only a portion of the coverage is converted to a permanent insurance, or (3) cancel the policy, after which their coverage will expire.

Once coverage expires, their loved ones will no longer be protected in the event of the policyholder’s death. It is always best to discuss options with an advisor to fully understand the implications of a decision.

When considering a 20 or 30-year term life insurance policy, it’s best to check how many years of payments you have left on any current debt or loans. For example, if you recently bought a house, and it will take you less than 20 years to pay off your mortgage, term 20 life insurance may be your best option. If it will take closer to 30 years to pay off, 30-year term life insurance may be the way to go. Whichever option you go with, know that you’re also locking in rates that will cover you for that term, meaning your payments won’t go up regardless of age or health status. Always speak to an advisor before making a final decision.

Yes, you can cancel a 30-year term life insurance policy at any time; but keep in mind you will lose your coverage, and your loved ones will no longer be protected in the event of your death. If you decide to apply again in future, you may be required to undergo a medical exam , and if you have since received a health diagnosis your premiums may go up significantly.