The length of coverage is generally settled at the purchase of the policy. If you're under age 50, you can secure 30 year term life insurance. Over age 50 the guaranteed periods reduce with age. If you purchased guaranteed universal life, you could be covered age 85 to age 121, depending on the contract. If you purchased participating whole life, most of these products go from age 100 to 121.
Life insurance will last as long as you purchase it to last. The longer the coverage, the more the premium usually is. However, when you lock in the premium for a long period of time at a younger age and while having good health, it can be cheaper in the longer run.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
How long Life Insurance will last depends on the Type of life insurance. Term insurance is designed to last for the length of the Term, (1, 10, 15, 20, 30 years), or until the insured dies - whichever comes first. This of course depends on the owner making the premium payments as agreed. If premiums are not paid the policy will lapse and the insurance ends.
With Whole Life insurance, (assuming the premiums are kept current), the insurance lasts for the life of the insured up to the age specified in the contract - typically 100 years. When the insured reaches that age the insurance provider will pay the owner the entire value of the policy and the contract ends. SHould the insured die before reaching the "maturity age" of the contract, the beneficiary will receive the benefit value of the policy - income tax Free.
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With Whole Life insurance, (assuming the premiums are kept current), the insurance lasts for the life of the insured up to the age specified in the contract - typically 100 years. When the insured reaches that age the insurance provider will pay the owner the entire value of the policy and the contract ends. SHould the insured die before reaching the "maturity age" of the contract, the beneficiary will receive the benefit value of the policy - income tax Free.