Also, if your coverage through your employee benefits is not convertible to an individual plan, you could find yourself without any protection at all if you leave or lose your job. Augmenting your employee benefits with a comprehensive individual insurance program can ensure you and your family have all the protection you need. When it comes to choosing the right life policy for your needs, it's easy to become confused by all the bells and whistles. But don't be intimidated. Should you die, your term policy will pay a specified amount to the beneficiaries you name.
Premiums are typically inexpensive at the beginning, but increase with each policy renewal.
Your renewal cannot be denied for health reasons as long as you pay the premiums. However, most term policies do not allow you to renew after age 75 or 80, by which time the premiums would be prohibitively expensive anyway. This gives you the option of converting the policy to one of the company's permanent insurance products. Permanent insurance protects you for life. It renews automatically for your entire lifetime, as long as you continue to pay premiums.