Co-Founder, Coastal Financial Partners Group, California
Most of the competitive individual term life policies these days provide for a guaranteed level premium period of between 10-30 years. At the end of the level period, if the coverage doesn't terminate automatically, the premium usually increases so significantly, most policyholders don't renew it. The coverage should be converted to a permanent policy before that time (while in the conversion period) or, if you are still insurable, work with a life insurance professional to find a new policy.
Keep in mind that term eventually is not available due to age or insurability reasons. Buy permanent coverage as soon as possible to prevent your coverage terminating before you do.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Term insurance will expire at some point in time as term policies are closed contracts which have a beginning and an end. With newer term policies the end comes between the ages of 90 to 95. Many of the older term policies written end between the ages of 70 and 80. If you have an older term policy, check to see when the policy ends and if there is a conversion option if you need coverage longer than you previously thought you would.
As Jerry mentioned most term policies written currently have level premium periods of 5-30 years, but still have a life after in most cases. The cost after the level period expires will be much higher and increase every year after until the policy ends.
Owner, Wright Insurance Agency, Great Pittsburgh Area
It ends once the term is up. If it is a 15 year term, you are no longer covered after that time frame is up. The best thing to do is to purchase a permanent life policy at a young age although most people don't always understand that. Most will see that permanent is more expensive than term initially, but never consider the fact that they will either have to convert that policy to a permanent policy or buy one later on both of which will cost substantially more than if the purchased a permanent policy in the first place. They often don't consider that they may no longer be insurable and can't purchase a life policy due to some medical condition.
As long as you pay the required premium, the term life policy will not expire until the end of the term. Even at the end of the term, most term policies are renewable on annual basis. Term life policies are guaranteed level with many companies so be sure you look at the policy premiums for the term you are looking for.
Term life insurance policies do eventually expire. Some expire at the end of the term. Some become annually renewable term policies at the end of the term, then expire some years after that.
Whether or not your term policy expires, the price usually becomes unaffordable at the end of the term you originally took out. It is better to convert your policy to permanent insurance before your term ends, if you have that option. With many term policies, converting them to permanent will allow you to lock in a premium for the rest of your life.
President, Lane Independent Agency, Southern California
I know of some folks who bought 5 year term and still are paying after 9 years to keep it. That is just silly because the rates go up to be ridiculous. The smart thing to do is to get another term policy if you can, at least for 5 years more, and hopefully convert it during that time to whole life where the rates never go up. You need to talk with a professional. Call please. Gary Lane, Registered Representative, New York Life, 949 797 2424. Thank you.
That is a great question! Term life insurance is defined exactly by the name. The policy is active for the defined length of the term, at which point it expires, and your coverage ends. Most policies will state specifically the end date - 5,10, 15, or 20 years most commonly. The policies advertised so heavily by companies like AAA, AARP, and others will end the day you turn 80. Sometimes that point is obscured by marketing or fine print, and many elders find out too late what they'd purchased. The only other way your term policy will end is if you miss payments. Please check with a trustworthy agent before you purchase anything. I hope that helps, thanks for asking!
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Keep in mind that term eventually is not available due to age or insurability reasons. Buy permanent coverage as soon as possible to prevent your coverage terminating before you do.
As Jerry mentioned most term policies written currently have level premium periods of 5-30 years, but still have a life after in most cases. The cost after the level period expires will be much higher and increase every year after until the policy ends.
Whether or not your term policy expires, the price usually becomes unaffordable at the end of the term you originally took out. It is better to convert your policy to permanent insurance before your term ends, if you have that option. With many term policies, converting them to permanent will allow you to lock in a premium for the rest of your life.