Start with the policy you already have. Ask the insurer what is ending, what can continue, and which deadlines apply. Renewal, conversion, and buying a new policy are different choices.
Get the free review checklist1. Find the dates that matter.
The end of your current price is not always the last day coverage can continue. Ask the insurer to explain your premium schedule and any renewal limits.
A conversion deadline can come before the term ends. Conversion means changing eligible term coverage to permanent coverage under the policy’s rules. Some contracts allow it only during early years or before a certain age.
- On what exact date does my current payment change?
- How long can I keep this coverage, and at what cost?
- What is the last date to request a conversion, and what must the insurer receive by then?
Get the answers from the insurer while there is time to act. An appointment or website message does not extend a policy deadline.
Sources: West Virginia: Types of Life Insurance; Guardian: Options when a term policy is expiring.
2. Look at your family today.
Your policy may have started when your children were younger or your mortgage was larger. Write down who still depends on you, the bills they would face, and how many years of support you want to discuss.
Include savings and other coverage that could help. Use the family needs calculator to organize your numbers. You may need a different amount or time period now; the old benefit amount is a starting point for a conversation.
Source: NAIC: Life Insurance Buyer’s Guide.
3. Compare the available paths.
Not every policy offers each choice. Ask for the terms and cost in writing.
| Possible path | What it means | What to check |
|---|---|---|
| Renew existing term coverage | Some policies allow another coverage period even if your health has changed. | Next payment, later increases, renewal conditions, and the final renewal age or date. |
| Convert eligible coverage | Some term policies allow a change to permanent coverage during a set window, including when health has changed. | Deadline, available products, benefit amount, cost, and required payments to maintain coverage. |
| Apply for a different policy | The insurer makes a new decision about eligibility and price. Its review may include health questions or an exam. | Application requirements, actual offer, policy limits, and what must happen before new coverage starts. |
Sources: West Virginia: Renewal and conversion; Texas Department of Insurance: Underwriting and policy features.
A smaller monthly payment does not tell the whole story. Put benefits, future payments, and guarantees beside each other in the free quote-comparison worksheet.
4. Keep coverage changes deliberate.
Do not cancel your current policy just because you requested a quote or sent an application. Receive and review proposed replacement coverage, and confirm with the insurer when it is in force before ending existing coverage.
Ask whether you can adjust the current policy instead. If you are replacing it, compare all the terms—not just the first payment. A new policy can bring new restrictions or a new contestability period, when the insurer can review application information. Ask how the rules apply to your proposed change; a contractual conversion is not the same as applying for an unrelated replacement.
Sources: Georgia: Reviewing and replacing life insurance; Texas Department of Insurance: Replacing a policy.
FREE CHECKLIST · NO SIGN-UP
My term-policy review checklist
Print a blank copy and fill it in from your policy and the insurer’s answers. Write “Ask” where something is unclear.
There is nothing to submit here. Keep your completed copy privately. Do not send policy numbers, health details, or identifying documents through a website inquiry or text.
- Insurer and product name
- Current benefit and payment
- Date my current payment changes
- Next payment and later renewal costs
- Last available renewal date or age
- Conversion deadline and required steps
- Available conversion products, amounts, and payments
- What my family still needs coverage to do
- Questions to ask next—and whom to contact
A few questions, answered.
Does renewal mean I keep the same price?
No. Continued coverage can cost more after the original period. Ask for the renewal payment schedule and any age limit.
Can I wait until the last day to ask about conversion?
Do not assume the conversion deadline matches the end of your term. Ask the insurer now for its exact deadline and instructions.
What if my health has changed?
Check the renewal and conversion rights in your current policy before giving them up. Some allow you to continue or change coverage despite health changes. The contract sets the conditions.
Sources: West Virginia: Types of Life Insurance; Guardian: Conversion timing.
Does a new application always require a medical exam?
No. Requirements depend on the insurer and product. Read our guide to what “no medical exam” means. No exam does not automatically mean approval.
Source: Texas Department of Insurance: How underwriting works.
About this guide
Published by Legacy Financial Group as general education, with AI-assisted drafting and links to regulator and insurer resources. This is not a personalized policy recommendation or a promise of coverage. Your policy, insurer, and state determine the available choices.
Timmy is based in Huntington and helps families in WV, OH, KY, PA, SC, GA, and ME. Learn how Timmy works or find your state’s resources.