I thought it was timely to talk about how people change and how it affects their term life insurance policies etc. 10 year term insurance is renewed every 10 years. I don't know if you've had insurance for a 10 year period. I would like to get you to think back 10 years ago. What was your life like back then?

Has your health, hobbies, sports interest changed? Did you get married, have new children, or experience any other lifestyle changed since then? Most people will have had a large change in their lives in a 10 year period.

There may be some changes in your life that make you a different or higher risk to the life insurance companies. It is entirely possible that after having and paying for term life insurance coverage over a 10 year period that when you go to renew your life insurance policy you may be declined! We hear about this time and time again.

That's why I advise people to talk to a life insurance agent every year or so and talk about how a life change may affect their future life insurance agreements. For example, diabetes is an illness that makes you a higher risk to the term life insurance companies. If you have developed diabetes since you started your last policy, you may or may not be eligible to renew. It depends on what state your health and diabetes are in.

Same thing with most types of health issues, getting your pilots license, or doing dangerous sports or any thing that the life insurance companies consider high risk. They have different rules and regulations for all types of high risk health and activities. (It's a full time job keeping up with it all!)

Articles from November 2006
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