Term life provides life insurance for a specific period of time. If you pass away during the "term" (duration) of your term policy, your beneficiary would receive the payout of the death benefit from your life insurance policy.
If you are alive when your term life insurance expires, there is no coverage and no death benefit payout.
However, you may be able to renew your term life policy for another term of up to 10 years, but your premium will increase for the renewal policy.
Most insurance carriers provide term life insurance for a term of 10, 15, 20 or 30 years. Some insurers may also offer coverage for a term of 5 years or 25 years.
The longer your term, the higher the annual premium you pay for your policy.
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