1. 5082 POINTS
    J Paul Wilson CFP, CHFC
    Certified Financial Planner, JPW Insurance Retirement Investments, Halifax, Nova Scotia, Canada
    If a life insurance term expires the policy may go out of force or renew at a higher premium. What happens depends on the type of plan and the wording of the policy. Term insurance policies have an end date after which they will not renew (age 85 for example). If the policy is a 10 Year Renewable Term, then it will renew at a higher premium at the end of each 10 year period. The policy is usually convertible to a permanent level premium policy with no medical evidence prior to a given age.

    If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.

    If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
    Answered on May 26, 2014
  2. 4249 POINTS
    Gary Lane
    President, Lane Independent Agency, Southern California
    With term coverage, you buy a specific number of years of guaranteed consistent rates. After that term, the policy may end, but in most cases will continue but with a substantially higher premium rate. This is why many people buy permanent or whole or universal life. It does not increase its premium and continues for a lifetime, with that fixed premium. Thank you. GARY LANE.
    Answered on May 26, 2014
  3. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! A term policy lasts a designated period of time, and then ends. In some cases, it is a set number of years, 5, 10, 20, or 30. In other cases, like the popularly advertised tv policies, they end when the insured turns 80. In any case, to keep being insured, you need to renew it ( at very expensive rates), or find other coverage (which may also be very expensive if your health changed for the worse before the policy ended). A term policy is great for certain things, and not so great for others. It is always wise to consult with a good agent before purchasing a policy. If you need help with this, please feel free to contact me, I will clear room on my schedule for you. I'm happy to help. Thanks for asking!
    Answered on May 27, 2014
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