After the initial period of guaranteed premiums, what will my term life insurance cost?
Each term life insurance policy, if renewable, has a contractually guaranteed maximum life insurance renewal premium that can be illustrated, and which is shown in your policy. This amount is the most you’ll have to pay to renew the term life insurance policy. Most companies also illustrate the current term life insurance renewal rates that represent the expected future renewal rates, which are lower than the maximum renewal rates. These term life insurance rates are not guaranteed, and can be higher or lower than expected, but never higher than the guaranteed maximum renewal premium. There is also a concept called “re-entry.” After your initial guarantee period ends you can re-apply for new term life insurance coverage. And, if you qualify, you can begin a new period of guaranteed rates (in effect, a new policy), which will generally cost less than your current or maximum renewal rates. This process is referred to as “re-entering,” or “re-entry.” Since your future good health is not g
