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Next steps if your life insurance is about to run out

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Life Insurance policies are a must for peace of mind, no matter what your situation in life – but each operates on a fixed term and will eventually run out. So, what should you do if you find yourself coming to the end of your life insurance policy?

If your Life Insurance is about to run out, it’s important to take the time to assess your current policy and what new options are available to you. Many people will eventually find themselves in this situation, and it can be confusing trying to figure out what steps to take next.

In this blog, we will explain the assessment process, what happens when your policy expires, and if you must take out the same Life Insurance policy. We hope this information will help make the next steps easier for you…



What happens when your Life Insurance policy expires?

When your Life Insurance policy expires, you’re no longer insured. You don’t need to take any special action or continue to pay premiums: your policy simply ceases to be in effect, and you will need to take out a new policy if you want coverage. However, this can be more difficult than it seems, as many life insurers have strict underwriting policies which make it hard to get coverage if you’re already sick or have a pre-existing condition.

That’s why it’s important to take the time to assess your current policy and what new options are available to you. If your health has changed since you took out your last policy, you may find that you can’t get coverage from the same insurer. In this case, you may need to look for a new policy from a different company.

It’s also important to remember that Life Insurance isn’t just for people who are nearing the end of their lives. A policy can be an important part of your financial security and can provide peace of mind in case something happens to you. If you have dependents or young children, a life insurance policy can help ensure that they are taken care of if something happens to you.


How to assess your Life Insurance policy

The first step in assessing your Life Insurance policy is to figure out how much coverage you have. This may be more difficult than it seems, as many people do not remember how much coverage they have or what their policy covers. If you’re not sure, take the time to read through your Life Insurance policy and figure out exactly what is covered.

Once you know how much coverage you have, it’s important to assess whether or not that coverage is still appropriate for your needs. Many people find that their needs change over time and that they no longer need the same level of coverage they had when they first took out their policy. If this is the case, you may want to consider adjusting your coverage.

You should also consider whether you have any outstanding debts, such as a mortgage or car loan. For example, if you died and left behind unpaid debts, your loved ones will be responsible for paying them off. A Life Insurance policy can help ensure that your loved ones are not burdened with this responsibility.

Once you’ve assessed everything and made a comprehensive list of your requirements, if you find that your needs have changed since you took out your policy, then it’s time to look for a new Life Insurance policy. There are thousands of different types of Life cover available, so it’s important to find one that fits your needs.


Do you have to take out the same Life Insurance policy as before?

In most cases, no. When your Life Insurance policy expires, you don’t have to take out the same policy from the same insurer. You may find that a new policy is more affordable or better suited to your needs than your old policy. However, it is important to shop around and make sure you find the right cover for you with a company that you can trust.

Here at Fish Insurance, we have partnered with Watts Mortgage & Wealth Management who have a specialist team on hand to help you find the correct policy for your needs. Click here for more information.

For help, speak
to one of our team
call 0333 331 3770