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A term insurance plan provides monetary security to a family in the absence of the head earning member. But do you know what happens if a term insurance policy expires ? Let’s find out!
So, your term insurance plan is coming to an end and you are not sure what to do with the maturity amount. One option is to take the amount and close the policy. In this case you may be without life coverage for the remaining years of your life. Many people go for this option, particularly if their children are grown up and settled and they have enough savings for themselves.
But there are other options as well. So, if you want to know what to do when your term life insurance expires, read on. In this post, we are discussing the various options that a policyholder can avail if their policy term comes to an end.
Here are some of the things that a policyholder can do if their policy term comes to an end:
Read More: Best Term Insurance Plans in India 2022
In this case, you may like to buy a policy with short term life insurance duration rather than going for a long duration policy of 10, 15 years. You can talk to your insurer and modify the duration as per your requirement. Keeping a track of when your term life insurance expires would help in this regard to plan ahead and look for a new and effective term insurance policy.
As discussed above, now you know what happens to term life insurance when it expires. Also you know about the various options that can be used to extend your term plan when it matures or comes to an end. You may choose a plan that combines a permanent plan like a whole insurance policy together with a term insurance plan. This way your policy will offer greater monetary benefits along with offering extra coverage in the short duration of time of your extended policy.
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