Termination Options for Term Life Insurance

Q. What are my options for continuing coverage once my existing term life insurance policy terminates? A.  Most term life insurance policies are 'renewable' for a period of time beyond the initial term of the policy (typically to age 95 or so for newer policies). So, although your policy has a term period of ten years for example, it may not actually terminate for many years beyond that, depending on your age. The initial term period of ten years simply means the premiums are guaranteed to remain level for ten years. So your options at the end of the term period are:  Option  Pros  Cons  Renew the Policy Annually Simple; No Need to Provide Proof of Insurability   Expensive