Term life is built to cover a set number of years. When those years end, so does the coverage. The key is knowing your options before that date.
Your four options
| Option | How it works |
|---|---|
| Convert | Many term plans let you switch to lifelong coverage before a deadline, without new health questions. The price is based on your age when you convert. |
| Renew | Some plans let you keep the policy year to year after the term, at a price that goes up each year. |
| Buy new coverage | Apply for a new policy. Your price is based on your age and health now. |
| Let it go | If the kids are grown and the house is paid off, you may not need the same coverage. |
Why conversion matters
If your health has changed since you bought the policy, converting can be the only way to keep coverage without health questions. Every policy has a conversion deadline, often a few years before the term ends. Find yours now and write it down.
Questions to ask before the term ends
- Does my policy have a conversion option, and what's the deadline?
- What would renewal cost each year?
- Do I still need this much coverage?
- Would a smaller final expense policy cover what I need now?
Don't let it lapse by surprise
Look at your policy two or three years before the term ends. That gives you time to convert, shop or decide without pressure.
Watch: term life, explained
How term works, the options worth asking about, and what happens when the term ends. About 5 minutes.
Term ending in the next few years?
Send me your policy details on a free call. I'll explain your options and compare new coverage if it makes sense.
Common questions
Do I get my money back when term life ends?
Usually not. Standard term life doesn't refund premiums. Some plans with a return-of-premium feature do, at a higher price.
Can I extend my term life insurance?
Many policies can be renewed year to year at a rising price, or converted to lifelong coverage before a deadline.
What is a conversion option?
A feature that lets you switch term coverage to lifelong coverage without new health questions, usually before a set deadline.
What if I still need coverage at 65?
You can convert, renew or apply for new coverage. Many people at this stage choose a smaller final expense policy.
Nick Brown is an independent life insurance agent with NJN Insurance, licensed in Arizona (License 19720244). He compares plans from several companies and explains them clearly. NJN stands for Not Just a Number.