When a life insurance term expires on a term life insurance policy, a few things can happen, depending on the features of your term life policy.
Sometimes, the term life policy will simply end, and you must get a new term life insurance policy if you want to have continued life insurance coverage.
Or, the term life insurance policy can be extended at a higher price or lower face amount of life insurance coverage. You will know this when you take the term life insurance policy out.
Another thing that might happen is that the life insurance policy is changed from a level term rate to an annually renewable rate. This rate is much higher than your original premium and goes up every year you continue your life insurance policy.
Learn how a level term life insurance policy works.
Sometimes, the term life policy will simply end, and you must get a new term life insurance policy if you want to have continued life insurance coverage.
Or, the term life insurance policy can be extended at a higher price or lower face amount of life insurance coverage. You will know this when you take the term life insurance policy out.
Another thing that might happen is that the life insurance policy is changed from a level term rate to an annually renewable rate. This rate is much higher than your original premium and goes up every year you continue your life insurance policy.
Learn how a level term life insurance policy works.
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