What Happens When Term Life Insurance Expires?

If you are considering the purchase of a term life insurance policy you may have some questions about the coverage; such as, what happens when your term life policy ends?

Well, that's a very good question and one everyone should consider when buying term life insurance.

Let's take a look - for instance, if you buy a 20 year term life plan, here's what happens when the 20 year period ends:

If you are still alive, your life insurance coverage will expire with no payout of a death benefit.

However, if you have renewable coverage you may choose to renew your term life policy for another term usually of up to 10 years, without having to take any health exam to qualify for the new policy. But, your renewal policy will have a higher premium based on your age at the time you renew your coverage.

Another option you may have before your term life policy expires is to convert your life insurance into a permanent life insurance policy at a higher premium.