Term life insurance is temporary coverage for a set period of time.
The term is the period of time that the premium and coverage is guaranteed.
If
you have a term life policy and the guarantee period on it is
expiring, you have a several options that may be available:
1. You can continue to pay the annual premiums as the term policy will be annually renew,
however, the premiums will start to go up each year (based on age) by a
substantial amount. That means each year you will pay a high premium to renew the term life policy for another 1 year term.
2. If the conversion period is still available, you can convert all, or a portion,
of the face amount of life insurance coverage into a permanent life insurance policy with no medical underwriting. This would guarantee you lifetime life insurance protection.
3. You can stop paying the life insurance premiums and let the policy lapse, which would end your life insurance coverage.
4. You can apply for a new life insurance policy with the same life insurer or a new insurance company to secure a new term life or permanent life insurance policy.
Basically, if your term expires on your term life policy your coverage has ended and you are left without any life insurance.
