You will need to apply for new insurance after the period ends if you still want coverage. Some term insurance have a conversion option to a permanent insurance product, you should check if that option is available in your policy. Most of the times, if budget allows it is best if one can get permanent insurance while they are still young and in good health.
When your Term Life Insurance ends, the price of the Term coverage usually jumps way up in price. After this, the rate can go up every year, so most people choose to get a new policy. However, they must be medically able to get a new policy, and their rates will be based on their new age, usually causing the new policy to cost substantially more than the one whose term just ended.
If health has declined since purchasing the original Term policy, it may be a good idea to convert the Term insurance to permanent. This must be done within a certain time frame. The new rates will be based on current age, and the product that you can convert to may not be the product that you would prefer. But converting does not require evidence of good health, so is a good way to get coverage when other doors are closed.
When most term insurance policies come to the end of the level term period, the insurance company will require a much higher premium that goes up every year if you want to keep the policy. Most clients simply do not pay the higher premium and let their policy lapse.
There are some policies that will let you pay the same premium but your death benefit decreases each year. This is rare but there are companies that do this.
Another option that many insurance companies offer is the ability to "convert" or exchange all or part of your policy for a permanent policy without having to go through underwriting. Check with your insurance agent on the options for a specific policy. Hope this helps!
It depends on the exact type of term policy you have as to what happens when a term life policy ends. One way is the policy will just cancel and you will need to purchase another plan if you still have a need for life insurance. The second and more common term life policy will not cancel but the premiums will increase sharply, usually 8 to 10 times in order to get you to cancel the coverage and be underwritten again.
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If health has declined since purchasing the original Term policy, it may be a good idea to convert the Term insurance to permanent. This must be done within a certain time frame. The new rates will be based on current age, and the product that you can convert to may not be the product that you would prefer. But converting does not require evidence of good health, so is a good way to get coverage when other doors are closed.
There are some policies that will let you pay the same premium but your death benefit decreases each year. This is rare but there are companies that do this.
Another option that many insurance companies offer is the ability to "convert" or exchange all or part of your policy for a permanent policy without having to go through underwriting. Check with your insurance agent on the options for a specific policy. Hope this helps!