Affordable Life Insurance Protection for Your Family

Term Life Insurance Ending

Is Your Term Life Insurance Policy Ending?

If so, you may be wondering what options you have available to you and which may be right for you, given your current situation and future financial goals for your family.

What Are My Options When My Term Life Insurance Coverage Expires?

If you have a term life insurance policy you may be wondering what you can do when your term runs out.

Actually, there may be a few options to choose from when your term coverage expires, including:

  • Purchase a new life insurance policy.
  • Renew your term insurance policy for another term.
  • Convert your existing term insurance into a permanent life insurance policy.
  • Let your term life coverage expire and go without life insurance.

Buy a New Policy – If you choose to purchase a new life insurance policy you may be required to take a medical exam to prove you are insurable. 

Also, there would be a new contestability period of two years that starts with a new policy. 

This means, the insurer can contest any claim made on the policy if the insured dies within the first two years of being insured. 

So, if you lied on the application, and the lie is determined to be a material misrepresentation, meaning they may not have insured you had they known the truth, there may be no death benefit paid out on your new life insurance policy. 

Renew Your Policy – If you choose to renew your term policy you will not have to take a health examination, but your premium will be higher for your new coverage based on your age at time of your renewal.


Convert Your Policy – You may have the option to convert your term (temporary) coverage into a permanent policy by a specific date stated ion your life insurance contract. 

This must be done before your term insurance expires. Your new permanent coverage would cost much more money, but your life insurance would be guaranteed to last your entire lifetime, as long as you pay your premiums.


No Coverage – Choosing to go without any life insurance once your term policy expires may be risky. 

If you decide you need life insurance later on, it may cost a lot more, or you may find you are uninsurable (unable to get insured) due to a change in your health.


Does Life Insurance Payout At The End Of The Policy Term?

Term Insurance does not pay out any benefit at the end of the policy term. It only pays out a death benefit if the insured person were to die during the term of coverage.

If the insured person is still alive when the coverage term ends, the life insurance expires.


If I Own A Term Life Insurance Policy, Can I Extend My Coverage For A Longer Period of Time Than The Original Policy Term? 

Yes, in fact, there are term life policies that offer the option of renewability. 

A renewable term life plan means you may renew your coverage for an additional term if you choose to, and advise the insurance carrier by a specific date stated in your insurance contract.

With term insurance, you may select coverage for a period of 10, 15, 20, 25 or 30 years, usually. 

However, when selecting to renew your coverage, your term option may be limited to a maximum duration of ten years. 

When choosing to renew coverage which would extend your life insurance for a renewal term you will not have to take a medical exam in order to qualify for the renewal policy. 

You qualify for coverage without any exam needed, but the rate on your renewal policy will be based on your age at time of your renewal.


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