Term Life Insurance ends when you quit paying on it. If you forget a payment, if your address or bank account changes and premiums go unpaid, or if you purposefully stop paying on a Term policy, the insurance company will give you one month to make that payment up. After the one month grace period is over, you must prove your health qiualifies to have the policy reinstated.
If the level part of a Term policy is over (e.g. you are entering year 11 of a 10 year Term policy), the policy will either automatically renew at an extremely high price, or the company will send you a letter telling you the new higher price and you must choose if you want it to renew at that price. From then on, the premium can go up annually. Most people do quit paying their Term Life Insurance and let it end at that point.
Whole or Universal Life can be "paid up" for life, in which case all the premiums have been made and the policy will not end (as long as it was properly set up, there are no unpaid loans, etc).Otherwise, permanent insurance will end when the payer quits paying premiums and there is not enough cash value to pay them. `
.JPG){kind=avatar}
If the level part of a Term policy is over (e.g. you are entering year 11 of a 10 year Term policy), the policy will either automatically renew at an extremely high price, or the company will send you a letter telling you the new higher price and you must choose if you want it to renew at that price. From then on, the premium can go up annually. Most people do quit paying their Term Life Insurance and let it end at that point.
Whole or Universal Life can be "paid up" for life, in which case all the premiums have been made and the policy will not end (as long as it was properly set up, there are no unpaid loans, etc).Otherwise, permanent insurance will end when the payer quits paying premiums and there is not enough cash value to pay them. `