Whole life insurance plans provides permanent life insurance coverage that lasts your entire lifetime, as long as you pay your life insurance premiums.
Term life insurance plans last for a specific period of time, usually from 1-30 years. many term life policies provides coverage for a period of 10, 15, 20 or 30 years.
If you outlive the term of your term life insurance policy, your life insurance coverage expires.
For instance, if you buy a 15 year term life policy and you are alive after the 15 years passes, your term life insurance ends.
However, you may be able to add an option of renewability to your term life insurance policy which allows you to renew, or continue, your term life insurance plan when it expires, so you get another term life insurance policy for the same or shorter term, or period of time.
The option of renewability usually comes with an additional premium which makes your policy cost more, but term life insurance plans usually cost a lot less than whole life insurance, which means you can afford more term life insurance protection for your money.
Learn more about how term life insurance works and how you can compare term life insurance rate quotes and plans online from leading insurance companies.