If you have term life insurance you may have a few different options available when your coverage expires:
- Renew your policy for another term.
- Let your coverage expire and go without life insurance.
- Purchase a new life insurance policy.
If you choose to renew your policy you will not have to take a health exma, but your annual premium will increase based on your age at time of renewal.
Going without life insurance may be risky, especially if you decide you need coverage later on, when it would cost more, or you may be uninsurable due to health issues.
If you choose to purchase a new life insurance policy you may be required to take a medical examination.