Does Life Insurance Expire?

​Life insurance policies expire if they are not renewed within a specific time frame. Life changes can result in your life insurance expiring, such as financial status and age. If this happens to you, the first thing to do is to not panic! We'll go over the steps on how to extend or renew your policy, so make sure you read through them carefully.

1. Why does life insurance expire?
   Life insurance expires either because it is not renewed or the policy owner passes away. If a life insurance policy is not paid up by your renewal date, most policies will expire within 30 days of that date.
   
   
2. Is there a way to extend the expiration date of life insurance?
   There are a few ways to extend your life insurance policy. Suppose you have become unemployed or had a change in work status. In that case, many procedures allow for an automatic extension of the expiration date to coincide with one's new employment terms and conditions.
   
   
3. How do you know if your policy is about to expire?
   You can keep track of your policy expiration date by checking its anniversary. Most policies will have a specific month and day that it expires on, so be sure to consult your life insurance contract for the exact date or check with your local agent.
   
   
4. Tips for finding affordable life insurance
   There are a lot of ways to get affordable life insurance. If you have shopped around and can't find a policy that fits into your budget, consider applying for term versus whole life policies. The term is a temporary policy for ten or 20 years, whereas the entire life is permanent.
   
   If you are unsure about term versus whole life policies, ask your agent to recommend an affordable policy that fits your budget and needs. Another option may be to review individual health insurance plans and Medicare options in case of early retirement from work.
   
   
5. What if my life insurance already expired?
   If you find out your policy has expired and needs to be extended, don't panic. There are a few different ways that you can fix this issue.
   
   Many policies will allow for an automatic extension if certain life events occur, such as unemployment or disability, so ask your agent about those options first! Suppose the insurance company keeps denying the request for an automatic extension. In that case, you can also try to submit a new application for the insurance.

Conclusion
Life insurance policies can expire for many different reasons. Still, there are always ways to extend or renew your life insurance policy. If you think that your policy might be passing, contact our office to help you out!

At Roper Insurance Services, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (828) 697-6709 or Click Here to request a free quote.