f you own a term life insurance plan you may have several options available to you, including the following:
- Allow your life insurance policy to expire.
- Renew your life insurance for another term.
- Convert your term insurance to permanent life insurance.
- Buy a new life insurance policy.
If you no longer need life insurance you can let your term policy expire and you will have no coverage.
If you need coverage for a longer period of time, you may be able to renew your term policy for another term (usually up to 10 years).
You may have the option of converting your term coverage to a permanent life insurance policy. This may be a good idea if you need lifetime protection.
Another option is to buy a new life insurance policy which you can do at any time, if you qualify for coverage. Learn more about term insurance plans.