Does a Term Life Insurance Policy Expire?

There are two ways a term life insurance policy would expire.

Either you are alive at the end of the term for your coverage and the life insurance ends.

Or, you stop paying your life insurance premiums on time and the term life insurance coverage is canceled.

Term life is life insurance for a set period of time, usually from 10 to 30 years.

Some term life policies offer coverage for a term of 1, 5, 10, 15, 20, 25 or 30 years.

If you outlive the duration of your term, your life insurance ends. However, if your policy offers the option of renewability, you may renew your term life plan for another term (usually for a period of 10 years) at an annual premium based on your age at renewal.

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