Skip to main content

Sponsored Content

Seniors Find New Value in Term Life Insurance

Aug 25, 2016 03:32AM ● Published by Family Features

Those with term life insurance know that it is a cost-efficient option to provide the protection they need during their earlier years of life, but few are aware of the options that may be available to put those policies to work for them as they get older.

How does a term policy work?
Unlike a permanent or whole life insurance policy, which is in place for the life of the insured, a term policy expires when the term is up. Depending on your insurance carrier, the term can range anywhere from a year up to 30 years. A term policy that is “convertible” would allow you to essentially roll your term policy into a permanent policy if you discover your need for coverage will be longer than you originally anticipated.

What if you outlived the need for your term policy?
It is not uncommon for seniors to outlive their need for life insurance. Young children become adults and make their way through college or mortgages are paid off. Whatever the reason may be, it is still unsettling to think that the premiums paid into a term policy for years may result in no return.

If you no longer need the policy or can no longer afford the premiums, though, you could consider selling the policy through a life settlement. This is a financial transaction in which a policyholder works with a company, such as Coventry Direct, to qualify a life insurance policy for sale to an investor. The seller of the policy receives an immediate cash payment, while the buyer assumes all future premium payments then receives the death benefit upon the passing of the insured.

Consider this single father who took out a $1.5 million term policy years ago to provide income protection for his daughter. Once his daughter was married, he no longer needed the coverage and was planning to let the policy lapse. Through a life settlement, the policyowner received $20,000 for the policy, where he otherwise would have received nothing. The proceeds provided him liquidity in his retirement.

Most life insurance policy types can qualify for a life settlement, including convertible term life insurance policies, even though they have no accrued cash value. To learn more about your options, including life settlements, visit coventrydirect.com, or call 888-858-9344.

What options do you have when you still have a need for life insurance?
At the end of a standard term life policy, coverage ceases and the policy holds no monetary value with the insurance company. However, if you still have financial needs, you may want to inquire about the option of renewing your policy or converting to a permanent policy that builds cash value. Either of these options will likely come with increased premiums.

Exploring all available options is important for seniors looking to maximize the value of their term life insurance policies, especially as they’re nearing expiration.

Photo courtesy of Getty Images

Sponsored by Coventry Direct

Family Features Family Features Lifestyle
  • The Boutique Bridal Show

    01/21/2018
    01:00PM — 04:00PM

    The Boutique Bridal Show is intimate, organized and effective. Our focus is on vendors and brides...


  • Citizenship Classes

    01/22/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • 3D Printing 101

    01/23/2018
    04:30PM — 05:30PM

    Have a child or teenager interested in learning the basics of creating and printing on a 3D print...


  • Citizenship Classes

    01/24/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Heart Notes with Ashana Sophia

    01/24/2018
    06:00PM — 08:00PM

    From the atoms that make up your body to the spiraling Milky Way galaxy, everything is an express...


  • Cinema on the Bayou

    01/24/2018
    06:30PM

    The 13th Cinema on the Bayou Film Festival has selected nearly 180 films, including World, U.S. a...


  • Free-Throw Thursdays

    01/25/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Tutor Training Workshop

    01/25/2018
    05:00PM — 07:30PM

    TUTOR TRAINING WORKSHOP Thursday, January 25 and Thursday, February 1 5:00-7:30 p.m. Tu...


  • The Greater Iberia Chamber of Commerce Annual Banquet is Thursday, Jan 18th at the Cade Community...


  • Friends of the Library Mystery Book Sale

    01/20/2018
    10:00AM — 04:00PM

    Support the Friends of the Library by heading down to the Main Library in downtown Lafayette and ...


  • The Boutique Bridal Show

    01/21/2018
    01:00PM — 04:00PM

    The Boutique Bridal Show is intimate, organized and effective. Our focus is on vendors and brides...


  • Citizenship Classes

    01/22/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • 3D Printing 101

    01/23/2018
    04:30PM — 05:30PM

    Have a child or teenager interested in learning the basics of creating and printing on a 3D print...


  • Citizenship Classes

    01/24/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Heart Notes with Ashana Sophia

    01/24/2018
    06:00PM — 08:00PM

    From the atoms that make up your body to the spiraling Milky Way galaxy, everything is an express...


  • Cinema on the Bayou

    01/24/2018
    06:30PM

    The 13th Cinema on the Bayou Film Festival has selected nearly 180 films, including World, U.S. a...


  • Free-Throw Thursdays

    01/25/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Tutor Training Workshop

    01/25/2018
    05:00PM — 07:30PM

    TUTOR TRAINING WORKSHOP Thursday, January 25 and Thursday, February 1 5:00-7:30 p.m. Tu...


  • Blowout Book Sale

    01/27/2018
    10:00AM — 05:00PM

    Come to the Hilliard Store for a blowout book sale! Select titles will up to 50% off. Members can...


  • Citizenship Classes

    01/29/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Citizenship Classes

    01/31/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Flex your creative writing muscles at a literature workshop organized by the Acadiana Writing Pro...


  • Free-Throw Thursdays

    02/01/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Tutor Training Workshop

    02/01/2018
    05:00PM — 07:30PM

    TUTOR TRAINING WORKSHOP Thursday, January 25 and Thursday, February 1 5:00-7:30 p.m. Tu...


  • During February's workshop, the legendary Jackie Miller of Iota, Louisiana, will be leading a tra...


  • Courir de Mardi Gras

    02/04/2018
    10:00AM — 04:00PM

    Join us at Vermilionville on Sunday, February 4th, from 10:00 a.m. to 4:00 p.m, as we bring a tra...


  • Citizenship Classes

    02/05/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Trivia Time

    02/05/2018
    06:00PM — 07:00PM

    Think you know your trivia? Have you watched way too many Rom-Coms and think you can beat out oth...


  • Citizenship Classes

    02/07/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Join the theatre department as select students perform pieces of poetry, monologues, and short sc...


  • Lafayette Reads Together Film Screening

    02/07/2018
    06:00PM — 07:45PM

    As a part of the Lafayette Read Together event, two films will be screened in February for those ...


  • Free-Throw Thursdays

    02/08/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Dentistry from the Heart

    02/09/2018
    07:00AM — 01:00PM

    Quest Pediatric Dentistry is hosting its annual Free Pediatric Dentistry day. We are offering a f...


  • 3D Printing 101

    02/09/2018
    01:30PM — 02:30PM

    Have a child or teenager interested in learning the basics of creating and printing on a 3D print...


 

 

January 2018 - 10th Anniversary Issue