As people live longer and longer, it’s not uncommon for someone to outlive their life insurance policy. So what happens if this happens to you?
First, it’s essential to understand that certain life insurance policies have a finite period. So, if you purchase a policy at Brock and Poole Insurance Agency in Collierville, TN when you’re 30, the policy will most likely expire when you reach age 95 or 100. Of course, this also depends on the type of policy you have.
If you outlive your life insurance policy, the insurer Brock and Poole Insurance Agency will no longer have to pay out a death benefit to your beneficiaries. However, you will still be responsible for paying the premiums. So, if you can’t afford to pay the premiums, you may have to cancel the policy.
Some life insurance policies have a "cash value" component. This means that a portion of your premiums goes into a savings account you can access while alive. So, if you outlive your policy, you can still access the cash value at Brock and Poole Insurance Agency.
You can also consider purchasing a whole life policy. Whole life policies don’t expire but have much higher premiums.
Finally, you can purchase a larger policy. This will obviously increase your premiums but will also give you a larger death benefit.
If you have any questions about your life insurance policy at Brock and Poole Insurance Agency or are concerned about outliving it, be sure to contact your insurance agent. They can help you understand your policy and ensure you have the coverage you need.