This is What Happens When YOUR Term Life Insurance Expires!

This video will go over What happens when Term Life Insurance expires, so you can better understand your options.
What happens at end of term life insurance? Do you get money back from term life?
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This channel was created to provide viewers with content that will help them better understand life insurance. As a licensed Life Insurance Agent, I will go over the most important facts and topics in these videos.

hey guys I'm Kelli Arrowsmith
and today we're going to talk about
what exactly you can do when a term life
insurance policy ends first and foremost if you don't know
term life insurance is a type of life
insurance policy that covers the policy holder for a
certain period of time a set period of
years typically 10 15 20 or even 30
years the it's only the death benefit is only
payable if the policy holder dies during
that specified period of time
also a term life insurance policy does
not build cash value and have any other
features unlike a permanent life
insurance policy would so simply put
term life insurance pays a death benefit
and does nothing else
you've got several options when your
term life insurance policy does end and
option number one is going to be to
convert the term policy to a permanent
life insurance policy this will ensure that you'll have
coverage that's going to last your
entire life now this option is going to have to be
written into the policy at the time of
purchase although if you do go with this option
you do not have to have any proof of
insurability at the time of conversion so when you
want to convert that term policy to
a whole life or a universal life policy
you're not going to have to show any
proof of insurability meaning
the insurance company is not going to
require a medical exam and they're not
going to do a search of your medical history
now typically premium rates will increase when you
convert from a term policy
to a permanent life insurance product
so option number two is going to be
simply to renew that term
uh which is when the term policy
is renewed when the term policy ends
so uh this option will have to be
written into the policy
at the time of purchase
again this also you will not have to
show proof of insurability if you're
going to renew it now
you are going to have to pay probably a
higher rate because you are going to be
applying or renewing at your current age so that
is something to consider and the renewability
option also it sometimes is limited to a certain
number of renewals and you may not be
able to renew it after a certain age
so option number three is
simply when the term policy expires that
you apply for an entirely new life
insurance policy whether that be a a new
term policy a whole life policy or a
universal life insurance policy
now something to consider when you go with
this option is that you will have to
medically qualify for a new policy and
you are going to be applying for that
life insurance policy at your current
age and a lot of times people may do this
and go with new coverage for a variety of reasons
sometimes you're just at a different
stage of life and you may need more or less coverage than you did
before and then the final option is when the
when the term policy ends the policyholder may simply choose to let
the policy expire and accept the risks and just go without
life insurance so let's recap real quick
a a term policy is a type of life
insurance that covers the policy
policyholder for a specified number of
years it does not have any features and
benefits such as building cash value or an accelerated
death benefit and once the policy ends you are no
longer covered that type of policy only
pays out a death benefit so option one when a term policy ends is
simply to convert to permanent coverage
you're going to be able to do that
without proof of insurability but this
option will have to be written into the
policy at the time of purchase
option number two is going to be simply to renew that term
when policy ends renew it there again
that option is going to have to be
written into the policy at the time of
purchase but there is no proof of
insurability required with that option number three is going to be just
to simply purchase a completely new
policy although you are going to have to
medically qualify for that new policy
and you are going to be applying at your current age and our
fourth and final option is going to be
simply a policyholder just simply lets
the policy expire and assumes all the
risk and goes without life insurance
so i hope this was helpful if that answers
what you can do when the life when a
term life insurance policy does end
and if you have any questions about
today's video or any other life
insurance questions let me know down in
the comments if this was helpful please like
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and I'll see you guys next time thanks.