Financial Information
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#4 written by Chris C 1 year ago
the only point would be to have coverage in that last month. You could get hit by a car tomorrow…you never know. The other point would be if you are looking to convert the coverage to another term or to a whole life product after it expires if that is an option available to you. By converting it you don’t have to provide medical information or any other underwriting in most cases, which might be important if you have any health issues, etc.
If you don’t plan on renewing/converting it and you feel pretty invinsible for the next month, then I suppose it’ll save you a couple bucks by not paying it.
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Benefit of paying it:
1) You can renew it, exchange it for another term policy, or convert it into a whole life policy without the need to provide proof of insurability.
2) Anything can happen in the next 30 days.
If I were you, I would figure out if you still need life life insurance. If you do, do you still need as much coverage as you did 10 years ago?