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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

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Short term life insurance

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If in doubt, please send a new question or ask for an update.

Q: I am changing jobs and will lose my benefits for two months. I purchased short-term health insurance online at but did not replace my life insurance. That policy is $250,000 that will also be terminated. Can I use the life insurance companies listed at to cover me for these two months?

A: Life insurance policies are typically issued for a one year policy term. Of course, you can always simply cancel a policy after making two monthly payments. But purchasing a policy and then canceling in less than a year could actually hurt your chances of being approved at the best rate the next time you need to buy life insurance because the underwriter may consider your previous coverage history. The easiest way to get short term life insurance is to use an online enrollment service like that does not require medical evidence or include questions about "financial need". 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 are also detailed in the link below.


More resources:

Guarantee Trust Life Insurance "Do I qualify for Guarantee Trust Life Insurance?" Best short term life insurance