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SHORT TERM LIFEINSURANCE

January 1, 2010

Q: What is the minimal time for a life insurance policy? Can you insure for only 1 or 2 months?

A: Yes; life insurance policies are typically issued for a one year policy term but you can always simply cancel a policy after making one or two monthly payments. The easiest way to get short term life insurance is to use an online enrollment service that does not require medical evidence or include questions about "financial need". Coverage is issued quickly without the need to provide anything other than the answers to the online questions. The maximum amount of coverage you can get through this type of immediate issue online service is usually $50,000 to $100,000 per policy but Guarantee Trust Life Insurance Company will issue up to $250,000 coverage per person if you have taken a new mortgage or refinanced an existing home loan within the past year. Otherwise the maximum amount is $100,000. The eligibility requirements for each type of policy are also detailed in the links included above.

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