No one wants to think about their own death, but it’s important to be prepared for the worst. Term life insurance is one way to help your loved ones financially if you die unexpectedly. But what happens if you outlive your term life insurance policy?

Most people choose term life insurance because it is more affordable than whole life insurance. Term life insurance covers you for a specific period of time, usually 10-20 years. If you die during that time frame, your beneficiaries will receive a death benefit.

If you live past the term of your policy, you will no longer have life insurance coverage. Some policies do have a “conversion option” which allows you to convert your term life policy into a whole life policy without having to undergo another medical exam. This can be a good option if you’re healthy and want to keep your life insurance coverage without paying higher premiums.

If you don’t have a conversion option on your policy and you outlive your term, you’ll simply be without life insurance coverage. You may want to consider buying another policy at that point, especially if you have dependents who rely on your income.

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