At the end of that term, unless the policy can be renewed, coverage stops and it no longer has any value. Level term means the premium remains the same and the life insurance coverage remains the same for the period involved. As a result, your payments in earlier years cover the costs of higher risks in later years. However, the premium will go up when you renew.
Renewable term is an important future consideration.
You can usually convert a term life insurance policy to a policy that can be continued for life and may or may not have cash value. This is called convertible term . With any kind of term life insurance, if a premium is missed, there is usually a grace period of at least 31 days before the policy is cancelled, and during which the coverage stays in force. You are in need of a large amount of insurance and term provides the largest amount of coverage for the least cost in the short-run, and therefore does not tie up money you need for other purposes. You may have a decreasing need for life insurance as your mortgage is reducing, and children are growing up.