When Term Life Insurance expires there may be a couple of choices. With some Term life insurance, the policy just ends. If you want a new policy you would have to apply for a new one.
With other Term life insurance policies, you have the option to pay a new, much higher premium. This premium is usually annually renewable and can go up every year. Rather than let the policy expire and have to pay that premium, it would be a better idea to convert the Term policy to a Permanent policy, if that option exists. But converting Term to Permanent must occur before the Term policy expires, sometimes years prior to that time. Review your Term policy's features to see when the conversion period ends.
When term life insurance expires death benefit coverage is over. Some term life insurance companies offer a 60 day reinstatement period for you to reconsider term conversion if the provision is available through the entire term of the contract. It’s best to convert and secure other cover if the original reason for the existing coverage still remains.
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With other Term life insurance policies, you have the option to pay a new, much higher premium. This premium is usually annually renewable and can go up every year. Rather than let the policy expire and have to pay that premium, it would be a better idea to convert the Term policy to a Permanent policy, if that option exists. But converting Term to Permanent must occur before the Term policy expires, sometimes years prior to that time. Review your Term policy's features to see when the conversion period ends.