What happens if you outlive your term life insurance?

Term life has no cash value and covers you only for the years you buy. If the term ends and you are still alive, the policy expires and your beneficiaries receive nothing. Many people outlive their term, which is the point of it being affordable.

Most policies let you renew each year, though at rates that climb with age. Many also include a conversion option that lets you switch to permanent coverage without a new medical exam, usually within a set window.

You can also apply for a new policy, but rates will be higher because you are older, and your health may have changed.

As your term approaches its end, review whether your family still depends on your income. If your mortgage is paid and children are grown, you may not need more coverage. If you do, converting or buying while still healthy gives you the best options.