What to do when term life insurance runs out

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Term 10 or Term 20 life insurance can be affordable options when people need coverage but don’t want to pay steep premiums. Thus, these options are popular among younger couples and parents who are earlier in their careers, have lower incomes and carry big mortgages on their homes. Nicole Marques, an independent insurance advisor in Toronto, also says clients should find out how much life insurance they have as part of their group benefits package at work.

Ms. Huang says many large insurers offer automatic renewals of term life coverage. That can be a good option if the clients are not in good health, as no medical questionnaire is required.

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