How Long Does A Term Life Insurance Last?

  1. 1313 POINTS
    Lenny Robbins
    Principal, LifeNet Insurance Solutions, Redmond, WA
    Term insurance as the name implies, is coverage for a specific number of years.  Term policies can be purchased in lengths of from 1 to 30 years in general and in some cases to 40 years.  Term insurance is designed for those people who require coverage for a specific number of years to cover loans or children's education among other things.  Term is also less expensive in most cases that permanent coverage.
    Answered on June 7, 2014
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  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a good question! Term life insurance policies are generally set for an exact number of years, ranging from 1 (your work policies) to 30. The length of the term is clearly stated in the title of your policy. Your policy will show you many years after the stated term, and look carefully at the cost - see how it rises dramatically? If you want to renew it after your term expires, that is what you will pay. Other term policies, like the ones advertised for Senior Citizens on TV, and the "everyone's guaranteed" ones you get in the mail, don't have a specific start age ( the policy starts when you are approved and paid the first premium) but they have a definite end date - the day you turn 80. These policies are legitimate life insurance policies, with good companies behind them, but I have repeatedly found that the seniors purchasing them don't realize that they end, and leave them without any insurance that they can afford. These policies will also rise in price every few years also, another difference from a straight term policy. I hope that helps. Thanks for asking!
    Answered on June 7, 2014
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  3. 4249 POINTS
    Gary Lane
    President, Lane Independent Agency, Southern California
    In most cases as long as you continue to make the premium payments. However, after the stated term is over, the premiums will start to rise and eventually escalate strongly. Some companies will just end the policy, but must will allow it to continue, at the higher premium. Whole life will keep the premiums level for your lifetime, and never end. Thank you. GARY LANE
    Answered on June 8, 2014
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