How to Renew Life Insurance Policy

By Grace

Learn how to renew life insurance policy conveniently using your savings account, over the counter, credit card and online banking facility.

Here I will share on how to renew life insurance policy based on my own experiences. Awhile ago, I just write a guide about the things to consider when buying life insurance. Today, let us find out the renewal process. If you are following this blog, you will get informed about the best insurance companies and how to choose them carefully.

I believe life insurance has a vital role in my financial journey. As I have said in my previous articles, life insurance is my income protection. I invest money in stocks, mutual funds and trust accounts. These are high risks types of investments. I am still young, but because I am the bread-winner of the family, I will make sure I have enough money for them for when I die.

Whenever I renew my policy, I don’t think the money was just wasted. Instead, I think deeply that the money used in renewing my policy are wisely spent. If you too, realized that the money spent on your premiums are not wasted, that means you really understand the importance of insurance.

The Role of Insurance Agent

The role of an insurance agent is not to tell you about the expiration of life insurance policy. It is your obligation to renew your policy. However, you need the guidance of an agent when you want to put some extra contents in your policy (e.g. riders), or when you want to increase the face amount.

how to renew life insurance policy

Image Credit: Nawal Al-Mashouq on CC 2.0 – Life,Define It Yourself.

How to Renew Life Insurance Policy

I bought term-life insurance last 2014. Last June 2015, I renew my life insurance policy using simple way. Of course, you can also do the suggestion if your company has related payment options.

  • I bring my life insurance policy.
  • The bank ask my policy number.
  • I pay a certain amount of money for my premiums this year*.
  • I received a confirmation from the insurance company.
  • I received a call (thank you message from representative).
  • The company do a little survey using my experience and the reason I decided to renew my policy.
  • Feeling happy because until today I am insured.

*The insurance premium may increase yearly especially if you bought term-life insurance. Make sure you pay only the specific amount. The annual premiums can be seen in the policy.

Other insurance companies allowed to pay your premiums via over the counter. Just go to their office and pay your premiums. You can also use credit card, savings account and check. Just make sure you know the specific amount to be paid and your policy number. Otherwise, your payment will not be credited to you.

Thought of the Day:

Let me leave you this wonderful question of Woody Allen;

There are worse things in life than death. Have you ever spent an evening with an insurance salesman?

What about you? How do you find life insurance renewal convenient to you? Did you ask your agent to pay the premiums or did you do it yourself? Please share your experience using the comment box. Thank you!

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