My term life insurance will end in a few years – what are my options?

Term life insurance is a flexible insurance option: you choose the term length, you choose the coverage amount, and you choose what happens when that term length ends. 

When it comes to deciding what to do next with your existing term insurance policy, you’ll have options once again. If your needs have changed, you may be able to convert to longer-term or permanent coverage, or, extend your coverage by renewing at the end of your term. 


  • This is the default: When the original term expires, if you don’t do anything, your term life insurance will automatically renew on a yearly basis until its ultimate expiry date.
  • You can always notify your insurance provider if you don’t want to renew.
  • When your coverage renews each year, your premiums will increase because you’ve gotten older.
  • You don’t need to requalify or answer any more health questions.

Convert to a longer term

  • If you decide you want to be covered for longer, you can convert to a term that is 10+ years longer than your original term. 
  • This option provides affordable, longer term coverage for some or all of your original policy.
  • Depending on your age and how long you’ve had your policy, you may be able to choose this option.
  • Your premiums will increase for your new term length, because you’ve gotten older.
  • You don’t need to requalify or answer any more health questions if you keep your coverage amount the same.

Convert to permanent insurance

  • Offers insurance coverage for life and investment opportunities.
  • In most cases, you can convert your policy to any permanent plan that is offered for conversion, any time after the first anniversary of the policy
  • Your premiums will be based on the coverage you choose.
  • You don’t need to requalify or answer any more health questions. 

If your term insurance is expiring soon, I’m here to help! Contact me today to learn what options are best for you. 

12 Jun 2023

Lessons From History

Historically, the average household used whole life policies as a savings vehicle for the criteria already mentioned.The increase in government intervention in the economy – particularly when it came to…
01 Feb 2021


Now, more than ever, people understand that life insurance can help protect the people they love the most from financial hardship caused by the death of a primary income provider.That’s…

Leave a Reply