Unlike permanent life insurance policies such as whole life or universal life, term life insurance does not typically have a lifelong coverage. Instead, it provides coverage for a specific duration, such as 10, 20, or 30 years.
The term length of a term life insurance policy can vary depending on the insurer and the specific policy chosen. It is common for term life insurance policies to have terms that end at a certain age. For example, you may find term policies that end at age 65, 70, or even 80.
Once the term of a term life insurance policy ends, the coverage typically expires. This means that if the insured person passes away after the term has ended, there will be no death benefit paid out to the beneficiaries. However, some term life insurance policies may offer the option to renew the coverage or convert it into a permanent policy, depending on the terms and conditions outlined in the policy.
It's important to note that specific details regarding the age limits and policy provisions can vary between insurance companies and policies. It is advisable to carefully review the terms and conditions of any life insurance policy you are considering and consult with an insurance professional to ensure you fully understand the coverage and any limitations or restrictions.
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