What happens to my 10 year term policy after 10 years?
Once your term life insurance policy expires you have several options. If your life insurance carrier offers extensions, you can inquire as to which are available to you. Some life insurance carriers will allow you to renew your policy without having to go through the insurability process again. This means that your rate class will not change. Bear in mind though, that even with the same rate class, you will have higher payments as you will be older at the end of the term than at the beginning. Your second option is to convert your term policy into a whole or permanent life insurance policy. The options in this case will be limited to those the insurance carrier provides. It is typical of the industry to offer at least one option under these circumstances. If neither of these extension options appeals to you or is offered by your carrier, you can either simply let the policy expire, or begin the process over and start shopping for a new policy.
