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What happens when my term life insurance expires?

Maria Ferrante-Schepis
Financial Health
One advantage to term life insurance is that your premium–that is, the amount you pay to your insurer each month--remains the same for the length of time you choose (e.g. 10, 20 or 30 years). But after that, your premiums increase significantly every year. Before that term period is up, it’s a good idea to consider buying another term policy if you’re eligible and your insurance need is going to continue. If you're not eligible because of age or health, and your term insurance contains a conversion feature, you should consider upgrading to a permanent life insurance plan. You’ll pay more, but then you can keep the insurance as long as you like, often without risk of your premium increasing further. 

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Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.