I at one time sold term insurance. I have a term product in force at this time. Since I obtained this policy, I underwent coronary by-pass (6) surgery. When my term of coverage ends. Can this company refuse to renew me on the grounds of preexisting condition? and now uninsurable?
Term Renew
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- 16,907
If you bought a good quality term product you have guaranteed conversion rights up to a certain age (usually 65 or 70)
If you didn't pay attention when you bought it you likely only have limited conversion rights to one real crummy choice.
If you bought well you can convert to any of the company's WL products.
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They absolutely can do that.
Best thing to do is check your policy to see if it's renewable and/or convertible. If you have the conversion rights that's probably your best bet, that means converting it to permanent insurance (ether a UL or WL depending on company). If it's guaranteed renewable then you can renew it, but the rates are most likely going to be unpleasant at best.
Best thing to do is check your policy to see if it's renewable and/or convertible. If you have the conversion rights that's probably your best bet, that means converting it to permanent insurance (ether a UL or WL depending on company). If it's guaranteed renewable then you can renew it, but the rates are most likely going to be unpleasant at best.
- 25,030
1st uninsurable is a big jump for by pass.
2nd, can they non renew? Yes. Pretty unlikely a traditional term policy is not renewable at least up to a certain age. There are some but not many. Some may also I have a DT option or option to reduce coverage.
On conversion there may be a dial down gul that could work as well.
Get with a life insurance agent to go over your options or at a minimum post the company.
And what Newby said.
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It's questions like this that it is probably best you do not currently sell insurance. What company is your policy with. Most term policies are guaranteed renewable after the level term period to some age like 80 or 95 or whatever the policy says. By guaranteed renewable they can not drop your coverage as long as the premium is paid, unfortunatly the premium can and will increase.
You would want to pull out your policy and find out what conversion rights you may have as you would convert at forays age but your policy issued rate class which can be a huge bonus of a good term policy.
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Amazing what an insurance policy can tell you about an insurance policy
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Seems that the agent that sold himself the plan would be the best person to ask........... maybe not.
