What To Do When Your Term Life Insurance Expires?

If you own a term life insurance policy you may be wondering what to do with your life insurance when it expires.

Since term life insurance is temporary, it usually expires at the end of the "term", which may be 10, 15, 20 or 30 years.

You have several options when your term life insurance policy is about to expire.

First, you may have the option of converting your term life into a permanent life insurance policy by a certain date stated in your term life insurance contract. This would allow you to have lifetime life insurance protection, but your rate you pay would be higher than what you paid for your term life insurance policy.

Or, you may be able to renew your term life insurance policy for another "term", which is usually one year, but the premium at renewal will be much higher than you paid for your original term life insurance coverage. However, you will not have to take an exam to prove insurability in order to renew your term life insurance plan.

Or, you could let your term life coverage expire, and apply for a new term life insurance policy through another insurance company. you would want to compare multiple term life insurance quotes from several highly-rated insurers to find the most affordable plan.

Or, if you don't need life insurance anymore, you could just let your term life policy expire, and go without life insurance. However, if circumstances change, and you find you need life insurance later on, you may or may not be able to qualify for coverage, depending on your health and age at that time.

Compare term life insurance rates online.