Term
life insurance will usually provide coverage as long as premiums are being
paid.
Most Term life policies are annually renewable after the term of your policy ends. The prices are very high at renewal, but if you choose to pay them, you will still continue having life insurance coverage.
If
your term life policy does not offer the renewable provision, your term policy will end when the years
of the term have passed.
For Example: If you took out a 20 year Term life insurance policy, it will
end when the 20 years have passed. However, you must have paid premiums the
entire time for your life insurance policy to stay in effect.
If you pass away during the term, the death benefit is paid to your beneficiary. If you outlive the term of your policy, the life insurance coverage expires. Learn more about how term life works.
