Does Term Life Insurance Expire?

Yes, a term life insurance policy does expire:

1. If the insured person outlives the term of the term insurance policy.

2. If the term life insurance plan is not renewable.

Term life insurance coverage is a temporary life insurance plan for a certain period of time.

Many term life insurance policies are issued for a period of 10, 15, 20, or 30 years.

If you die during the term of the policy, the beneficiary receives the proceeds, subject to any exclusions.

However, if you are alive at the expiration of the term life insurance policy, your coverage ends.

But, if you chose the renewable provision for your term life insurance plan you are allowed to renew your term life insurance policy for another term, subject to an increase in your rate based on your age at that time.

With a renewable term life insurance plan, you are not required to take a physical exam to qualify for the new term life policy, and your premium cannot be increased to reflect an adverse medical condition.

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Disclosure: Compensated Affiliate