I bought a life insurance policy 22 years ago. (Group Term Life Insurance Coverage).

I bought a life insurance policy 22 years ago. (Group Term Life Insurance Coverage).
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#1

The paperwork I have states ‘amount of insurance payable at death of Insured convertible to an individual policy’ what does this mean?
If I understand what I’m reading, I have 3 yrs of extended insurance. Does this mean at that point I will no longer have life insurance? Can a term policy be traded for a whole life policy? What would you suggest?

I am now 66 years old. My father just passed away. He had 4 paid up whole policies at the time of his death. This what made me stop and think about life insurance.


#2

Group insurance will normally continue as long as you are part of the group (usually an employer). If you separate from service, the coverage will normally terminate.  However, many group plans allow you to convert within a specified period of time to a permanent policy.  These policies are not cheap, and whether or not it is right for you would require a more thorough analysis of your overall financial position, goals, objectives, adequacy of retirement resources, etc.  I would suggest seeking out a local Certified Financial Planner to look at this question in the context of your overall financial health.  


#3

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