You life insurance proceeds will last according to the type of policy you got.
If a Term policy, the policy will specify a certain number of years, such as 10 or 20. When the end of the term comes up, the policy will end or jump up in price to an incredibly high price. If death occurs during the term, the policy proceeds will be paid. If death does not occur during the term, no proceeds are paid.
If Whole Life that you have not borrowed against and have made payments according to schedule, the policy will pay out when you die or when it matures (usually at age 100), whatever comes first.
If Universal Life, the proceeds will last for as long as the policy was set up to last, and according to how it is performing. UL usually has a guaranteed no lapse period of a set number of years, as long as premiums are made. If the interest rate goes up, it can last longer.
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If a Term policy, the policy will specify a certain number of years, such as 10 or 20. When the end of the term comes up, the policy will end or jump up in price to an incredibly high price. If death occurs during the term, the policy proceeds will be paid. If death does not occur during the term, no proceeds are paid.
If Whole Life that you have not borrowed against and have made payments according to schedule, the policy will pay out when you die or when it matures (usually at age 100), whatever comes first.
If Universal Life, the proceeds will last for as long as the policy was set up to last, and according to how it is performing. UL usually has a guaranteed no lapse period of a set number of years, as long as premiums are made. If the interest rate goes up, it can last longer.