No, but there are some considerations. Your monthly benefits are effective beginning on your retirement date, regardless of whether you take a PLS advance. But by taking an advance in a lump sum, your monthly benefit is reduced for your lifetime to offset the advance of PLS. And, while monthly benefits begin on your retirement date, PLS advances take up to 90 days after your retirement date to finalize before payment is made.
Annual renewable term life is life insurance that renews every year. This type of life insurance automatically renews up to age 85. Beyond this age, you will not qualify for any type of life insurance and your term policy will be canceled.
Term life insurance provides death benefit protection for a period of one or more years. The death benefit of the policy is paid only if the insured dies during that period. If the insured lives beyond the term period, no death benefit is paid. Typically, there are no cash values or loan values for term life insurance. 1  When should I consider buying a term life policy? Term insurance is generally used when the need for death benefit protection is temporary or if you are unable to afford the premiums of a permanent life insurance policy.