January 28th, 2006 | 
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Yahoood asked:
If I purchase a 10 year ‘term” life ins policy in 2007 and get married in 2011, what will be my options ,if any at that time?
Annamaria Vonniederhaus
If I purchase a 10 year ‘term” life ins policy in 2007 and get married in 2011, what will be my options ,if any at that time?
Annamaria Vonniederhaus
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well at teh end of your 10 years, if the company allows you to, you will be able to renew your policy. term is way different than whole life for instance you cant borrow from term only whole life.now ur married, this has nothing to do with your term life policy.nothing.
so easy, you can switch to joint life insurance
The purpose of insurance is to cut down on risk. Who is your beneficiary right now, if you are not married? Buy insurance when you need it, upon marriage, and especially upon having kids. If you, as hopeful breadwinner dies prematurely, your family will be provided for.
Your marital status has nothing to do with it and you can change the beneficiary at any time.
Your options may be several at that time in 2011 when you get married.
Your 10 year term life insurance policy will still have 6 years left of coverage.
In 2011, you can decide to do one or more of several things. You could:
1. Buy more term life insurance coverage to provide protection for your spouse.
2. Convert your term life insurance to whole life to provide lifetime protection for you and your spouse.
3. Ask your life insurance company for additional coverage, increasing the limits on your existing term life insurance policy.
4. Get life insurance coverage on your spouse, to replace her income.
These are a few of the options you may have in 2011 when you are married.
One thing to do is consider comparing rate quotes from several insurance companies because rates can vary by up to 50% or more between insurers for term life insurance coverage.
Also, term life insurance offers coverage usually for 10, 15, 20 or 30 years. You may want to lock-in lower rates now for coverage for 15, 20 or 30 years instead of 10 years.
Consider paying your premiums on an annual basis, this may save you some money. And, buy before your next birthday, this may help you get a lower rate on your policy.
If you want to compare free, no obligation quotes for term life insurance from top-rated insurers, visit Efinancial offers you up to 12 quotes instantly from leading insurers. You just fill out one form to compare quotes side-by-side. If you like your quote, you can apply online with no obligation.
I hope that helps! Best of luck to you.
Getting married doesn’t give you any more, or any less, options. If you have a guaranteed renewable and convertable clause, you can convert to whole life whenever you want. Any time you want to increase limits, you are subject to being re-underwritten. And you can change the beneficiary clause whenever the heck you want.
It depends on what is in your contract, so it’s not cut and dry. Check with your insurer. Some allow you to add a rider after issue, on which you can insure your spouse. However, term isn’t often the best insurance solution, unless you want pure protection for cheap, or are just insuring for a reason (e.g. a mortgage). If you plan to leave a death benefit to someone, consider getting permanent insurance–I recommend universal life (or, if you like market exposure, variable universal, but ONLY after you have invested all of your investable assets elsewhere for retirement, and just have extra money to play with). Furthermore, it would depend on whether you have what’s called a conversion privilege in your contract, which allows you to convert your term policy to a permanent policy either at original or attained age (the age you were when the policy was first issued, or the age you are when you apply to convert). If there is no conversion, then you wouldn’t get credit. Also, at the end of the 10 years, your insurance expires, and to renew is incredibly expensive. You can always cancel and get a new term policy, but now you’re 10 years older, and that premium will reflect that. So, in conclusion, it depends on what options you have in your policy (like conversion), and your need for life insurance.
Talk with an agent who will work in your best interests, and is not out for their commission.
Your policy will still be good, you just will want to make sure your spouse is the beneficiary. You can change that at any time. At the end of your 10 years you will need a new policy.