Term Life Insurance Ending Too Soon? Avoid Making This Mistake!


Are you worried about your term life insurance policy that is expiring too soon? Do you own a policy that cannot be extended or the price to keep it is 7x or 8x more than the current term premium? 

Take control and let us help you navigate this important part of your financial plan.

Every day, we help people with term life insurance who have found themselves in a life insurance crisis – the term insurance policy they own is going to run out too soon and it can’t be converted. If you bought term insurance in your 30’s or 40’s thinking 20 years of coverage was sufficient, today you may be concerned it doesn’t take you far enough. We help people in this situation and we help others avoid ever being there. By following a few simple tips, you will NEVER have a gap in coverage.

Helping you create a customized plan, in simple terms, is what drives our business.

Your goals and objectives change. Understanding this, we make sure you have a policy that will adapt to the changes in your family and business life. The best life insurance policy offers maximum flexibility. “

What is the best type of life insurance policy is the most common question I am asked about life insurance and How much should I buy runs a close second”, says Ted Bernstein, Owner of Life Cycle Financial Planners.  Simply, there is no such thing as a “best” life insurance type. Each of them- term, whole life, universal life and variable life have been designed to do very different things. An experienced insurance professional can easily help with this decision. Make sure the professional you choose can offer every type of contract. Too often we find insurance agents “pushing” one type of policy on every client. Similar to the auto industry, I prefer the AutoNation structure where I have choices and objective guidance from a sales person who does not care what brand I buy. Buying life insurance is not a one size fits all solution.

The best motor vehicle fits your needs. If you need an SUV, you rule out a Mini Cooper. The same goes for life insurance – if you need premium flexibility, you rule out whole life. If you need coverage for life, you rule out term insurance. The best life insurance policy is the one that will be there when you need it and one that you can afford, today and tomorrow.

No matter which type of policy you have or will buy in the future, every owner of life insurance should review it on a regular basis, at least every 2-3 years. This kind of simple monitoring should take no more than 30 minutes.


You want a life insurance policy with maximum premium flexibility and guaranteed insurability so you will never have to provide new medical evidence in order to keep it. If  you own a term life insurance policy or you are considering a new term insurance policy, let us explain the options available to put you in control, not the policy. Simple new innovations such as the Installment Payout Option can reduce the premiums by as much as 40% per year and give you guaranteed protection for life.

Should you buy term insurance or permanent insurance?

For many life insurance buyers, term insurance fails when it is needed most and permanent insurance is too expensive initially. Innovation has made customization possible and I am a big believer in customization. To get the best insurance policy for you, make sure the policy has:

  • Installment Payout Option – up to 40% less annual premiums.
  • No forced conversion deadline. The coverage MUST stay inforce as long as you need or want it.
  • Cash value growth, especially in the early years.
  • Guaranteed cash value in the early years.
  • Flexibility to change design as needs change over time.
  • No surrender charges.

All life insurance is NOT created equal.  If you are considering buying anything that requires a license for it to be sold, a good rule of thumb is to buy it from a licensed professional, hopefully with experience.  There is no financial upside in working without a professional. The built-in commission will be paid, no matter what. Buying online through a web site that sells insurance is exactly like buying the insurance from a professional. These web sites are not like buying direct from the insurance company, something that is not done in the life insurance industry. 

Unless you are buying from the one or two life insurance companies that sell direct (most life insurance buyers are unaware of these companies), there is no advantage of “going it alone.” As the innovator of life insurance without built-in commissions, I can help you purchase fee based policies from the companies that sell them. Life insurance without built-in commissions is intended for people buying large amounts of permanent life insurance. If you are spending tens of thousands of dollars or more per year, life insurance without built-in commissions will dramatically out-perform traditional policies with built-in, non-negotiable commissions.

Visit us at www.LifeCycleFinancialPlanners.com, call me direct at 561-869-4500 or email me at tb@lifecycleplanners.com.

Also published on Medium.

Ted Bernstein
Dedicated to helping people create the ultimate retirement security and protection plan to safeguard their families and businesses. I stress guaranteed income solutions, indexed annuities and state of the art wealth preservation strategies. As the innovator of life insurance products without commissions, my recommendations are impartial, objective and always in the best interests of my clients.
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