You basically have three options at expiration of a term life plan, including the following:
- Go without life insurance.
- Buy a new life insurance policy.
- Renew your term life policy for another term, usually up to 10 years.
If you choose to renew your coverage, your renewal premium will be based on your age at the time you renew your coverage.
You will not have to prove insurability - which means, you won't have to take a physical exam in order to qualify for the renewal coverage.
If you choose to buy a new life insurance policy, instead of renew, you may have to take a medical exam to find out if you qualify to purchase a new plan.
Learn more about your options when a term life insurance policy ends.