When your term life insurance expires, you may have the option to keep paying the premium to keep it in effect. But the price will be much higher than you were paying, and go up every year.
Most people look for a new policy when their old term life insurance expires. The rate will most likely be higher than you paid before, because you are older. Your health will also be taken into account.
Since you will be paying more, anyway, you may just want to bite the bullet and get at least some permanent insurance. The older you get, the harder it is to qualify for term. But if you want to get a new term policy and can qualify for it, that is what many people do.
If you know that your term policy's expiration date is coming up, you might want to look into converting some or all of your coverage to permanent life insurance (universal life or whole life). This just involves paperwork, no health questions and no exam. But it must be done before your policy expires and according to the conversion period set forth in your term policy.
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Most people look for a new policy when their old term life insurance expires. The rate will most likely be higher than you paid before, because you are older. Your health will also be taken into account.
Since you will be paying more, anyway, you may just want to bite the bullet and get at least some permanent insurance. The older you get, the harder it is to qualify for term. But if you want to get a new term policy and can qualify for it, that is what many people do.
If you know that your term policy's expiration date is coming up, you might want to look into converting some or all of your coverage to permanent life insurance (universal life or whole life). This just involves paperwork, no health questions and no exam. But it must be done before your policy expires and according to the conversion period set forth in your term policy.