Term Life Insurance will it pay when I die?
My grandmother took out term life insurance on me for 20 years term when I was 1 month years old. Now, I am 23 they told her 3 years ago my term life insurance is paid up. From company "American General Life & Accident". But, i heard/read that term life if not renewed after my 20 years it will not be affective meaning nothing is owe to my beneficiary once I die. Is this true?
When my 20 years term life insurance was paid up in 2006, my grandmother did not renew. I guess she did not know if she had to renew or was needing to renew. Since she did not renew is my term life insurance, is my insurance still payable to my beneficiary?
A term policy ends at the end of the term. If it was not renewed and a premium paid there is no insurance. So no, your insurance is not payable to your beneficiary.
Life Insurance - Will it pay when I die?
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Life Insurance - Will it pay when I die?
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