Although term life insurance is affordable and flexible to meet your specific needs, it does have some disadvantages, including:
Conversion premiums, rising rates, expired coverage, no money back, no cash value, no loans, and you may be uninsurable.
For example, if you still need life insurance when your term life policy ends, your health may have changed and you may find you are uninsurable, unable to get another life insurance policy.
Also, if you choose to extend your term life policy for an additional term, the premiums do increase at the time of renewal.
Learn more about the drawbacks of term life insurance policies.