Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Is your term life insurance policy expiring? Did you just receive a notice from the life insurance company letting you know that you now must pay a massive amount of money to continue coverage?

If your term life insurance renewal is up, don’t worry you have some very affordable renewal options.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

The Shocking Term Life Insurance Renewal Letter

You go to your mailbox and notice you have a letter from your life insurance company. You open your letter from the life insurance company and to your surprise you now owe nearly 8 times more than what you are were currently paying for life insurance coverage.

Even though this letter is shocking, it is completely normal when it comes to the end of a term life insurance policy. The life insurance company is letting you know that your level term period has come to an end and is now turning into an annual renewable term policy with some very high rates.

Remember the life insurance company made a promise to provide you level rates depending on how long you purchased your term life insurance policy.

This may have been 10, 15, 20, 25 or 30 years.  You have the options to pay the high annual renewable rates or can qualify for a new term life insurance renewal with more affordable rates.

IMPORTANT:
If you are paying your current policy by automatic banking withdraw, make sure you call the life insurance company and remove the banking from the policy. You see, the life insurance company will send you a notice letting you know that they will withdraw the increasing premium if you do not remove banking. The life insurance company is assuming you want to continue coverage at the annual renewable rates.

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Steps to an Affordable Term Life Insurance Renewal Policy

To begin the process of finding you an affordable policy, we are going to need to look at some important factors.

Has Your Health Change?

One of the most significant factors in determining life insurance rates is your overall health. Think back to when you first purchased your term life insurance policy, have you had any changes in your health throughout the entire time of the policy?

It’s essential to answer this question thinking back to the start of the policy until now. If you had a change but have fully recovered or felt like a million bucks, disclose everything for an accurate quote.

How Much Life Insurance Coverage do you Need?

It’s been sometime now since you purchased your term life insurance policy. The kids are grown, the mortgage has been paid down and debt is hardly there or not as significant.

Do you still need as much insurance coverage as you previously had?  Factor in the following when determining your death benefit amount:

  • Income replacement for your spouse
  • Children or other family members that need financial support
  • Mortgage payoff
  • Debt payoff
  • Estate taxes

How Long do you Need Coverage to Last?

When you have determined an appropriate death benefit amount, you need to ask yourself, “how long do I need the coverage to last for?”  Are you nearing retirement?

Maybe something with a shorter duration like 10 or 15-years is all that is needed.  Or, maybe you’re still in your early working years and your needs for life insurance are longer making a 20 or 30-year policy a better option.

What Type of Coverage?

Term insurance is always going to be the cheapest form of life insurance coverage, but maybe you don’t want to continue going through the renewal process after each term contract.

If this is the case, consider looking at a lifetime permanent life insurance policy.  Although you will pay a higher premium for permanent life insurance, it might make financial sense in the long run.

It’s Time to Search for Affordable Life Insurance Coverage

You have your health class, you know how much coverage you need, you know how long you need coverage and you know what type of coverage you want.

The next step is to get the best price for your coverage by simply using the quote engine located to the right of your screen. The quote engine will display the best price for both term and permanent life insurance.

If you Cannot Qualify for new Coverage

If you are unable to qualify for new coverage, there is an option to continue paying on the current term policy at an annual renewable rate.

Doing this will eventually become very expensive and may not make financial sense in the long run.  Another option that you might have on your existing term policy is called a guaranteed conversion.

Conversion allows you to take your current policy and convert it to a permanent policy without proof of insurability. This means you will get guaranteed approval regardless of your past or present health.

If you need to know if your policy has a conversion option, please contact us and we will check with your life insurance company.

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Term Life Insurance Renewal Quote

We are here to help assist and provide you with any term life insurance renewal. Top Quote Life Insurance provides instant term and permanent life insurance quotes from the nation’s top life insurance companies.

Have a question about term life insurance renewal? Drop us a message below and will get you a response right away.

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Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.