Your Term Insurance Will End Soon.
As your Term Life insurance concludes, you have options.
Apply for a new term:
If you are healthy and live in an eligible state,* we encourage you to apply for another 10-or 20- year term, especially if there are others who rely on you.
If you do not wish to continue coverage, please let us know. Otherwise when your term insurance ends, you will automatically move to the Extended Period. You are guaranteed the right to continue this term coverage until age 75, regardless of your health, but your rates will be significantly higher and will increase annually. You can view the Extended Period premium schedule here. If you decide to remain in the Extended Period, you may want to consider reducing your coverage.
If you would like to compare 10-and 20-year term premiums with Extended Period premiums, click here.
If you would like to discuss reducing your existing coverage, please contact us to schedule an appointment.
If you do not wish to continue your insurance please contact us as soon as possible to let us know.
*Not available for some residents of AK, UT or NY, please call for details.
Frequently Asked Questions
What happens if I do nothing?
If you do nothing, you will automatically be moved to the Extended Period. Your coverage can continue to age 75.
What are the Premiums during the Extended Period?
Your premium is first determined by your sex and age when you enter the Extended Period, and then it increases annually. These premiums are higher, sometimes notably so, than if you were insured for another 10-or 20-year period, but the mere availability of Extended-Period coverage can provide desirable protection, as it is available even if you have become uninsurable.
I’m not sure if I am healthy enough to be approved for another term. What if I am declined?
We encourage you to re-apply. If you do not qualify for a new 10-or 20- year Period, you can automatically move to the Extended Period, regardless of your health, and can remain insured until age 75.
What are other options are available through this program?
If Life for Life no longer meets your needs, we offer other options (most of which require medical underwriting):
- Core Life. Annually renewable group life insurance that you can continue to age 90. For those under age 50, QuickDecisionSM can provide an immediate decision on applications up to $350,000.1
- Life to 95. Term life insurance starting at age 50. While coverage amounts are lower (up to $100,000,) you can continue this insurance to age 95.2
- Additional term and whole life insurance options. Our Advisors are available to help you secure other coverage through this program, which may or may not require medical underwriting to qualify. Schedule an appointment with an advisor to discuss your options.
1Core Life is not available in the following states: AK, SD, VT, WA, OR. QuickDecisionSM is for applicants under age 50 not in AK, MT, NY, UT and VA, but other underwriting options are available.
2Life to 95 is not available in the following states: AK, FL, LA, ME, MS, MT, NY, NC, OH, OR, SD, TX, UT, VT, WA.
What if I still need more guidance regarding my options?
We’re here to help! We’re here to assist with your planning and with the purchase of specific products. We encourage you to schedule an appointment to discuss your options.
Resources
Questions?
If you need a quote or an application or simply have questions, call 973-635-7806, or email info@meyerandassoc.com. Trained customer service representatives will be happy to provide the information you need. And naturally you’ll be under no obligation.
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