All Frequently Asked Questions

What happens when your coverage term ends?

By definition, term life insurance coverage lasts for a specific period, usually 10, 15, 20 or 30 years. Typically, young families have a policy to protect them during the years when savings are low, and children are financially dependent. During that time, you can enjoy the peace of mind that comes with knowing your family has financial protection.

Once you’ve come to the end of your policy's term, you have a few options.

1. You can let coverage end because you no longer need a policy. The mortgage is paid off. The kids are adults. Enjoy the extra money in your bank account.
2. You can renew the coverage, thanks to the fact that most policies have a guaranteed renewability clause in their contracts. But, coverage will cost much more per month, which is why it’s valuable (and cost effective) to choose the right term length from the get-go.
3. You can shop around to purchase a new policy if you still have a need for coverage.