Term life insurance is a type of coverage providing temporary insurance for the duration of your life insurance policy term, which is usually either 10, 15, 20, 25 or 30 years.
If the insured person does not die during the policy term, the coverage expires with no payout of any benefits.
However, if you still need life insurance, you may contact the insurance company before the expiration date and request a renewal of your policy for an additional term, usually up to 5 or 10 years.
The renewal policy premium will be based on your age at time of renewal, and you will not have to take a physical exam to prove insurability.
The life insurance policy contract should state a specific date by which time you must notify your insurance company of your intention to renew your term life insurance policy.
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what happens with term life insurance if you don't die.
