If your term life insurance is approaching its end date, check the policy documents and ask your insurer to confirm exactly when cover ends. Term cover usually stops at the end of the agreed period; do not assume it renews or can be extended automatically.
Review what you need now
Your mortgage balance, dependants, savings, employer benefits and other responsibilities may have changed since you arranged the original policy. You might need a different amount or duration of cover, or you might decide you no longer need a replacement. The answer depends on your circumstances rather than the original sum insured alone.
Ask your current insurer about your options
Some policies have an extension or conversion option, but this is not universal and may be subject to deadlines, conditions and different premiums. Contact your insurer before the term ends to find out what your own policy permits. Do not rely on an assumed extension until it has been confirmed.
If you consider a new policy
A new application may be assessed using your age, health, lifestyle, cover amount and term at the time you apply. Acceptance, exclusions and price cannot be guaranteed. Compare the features and conditions of any proposed cover, not only its premium. An over-50s plan is a different product with its own terms and potential drawbacks, including waiting periods and total premiums that could exceed the eventual benefit; ask for an explanation before deciding whether it suits you.
Keep existing cover in force until any replacement you decide to take out is active. Cancelling early can leave a gap, and a new application may not be accepted on the same terms.
Discuss the next step
Start a protection enquiry to request an adviser call about Life Insurance. This journey does not produce an instant online quote or promise the lowest premium. You can also contact IM-Insured with a question about your options.
