Most of UNUM's policies, for instance, are capped at age 60. However, it does offer reduced-benefit policies to those over 60. But we're also trying to have enough profit margin to make it worthwhile for us. For smokers, the rates double. Premiums are typically higher for men because they have a higher incidence heart attack, stroke, and other illnesses.
Policyholders pay until termination age, payout of the policy, or cancellation.
Policies will generally be canceled by the company if premiums aren't paid, if a payout is made, if the policyholder dies or reaches termination age, or if the policyholder requests a cancellation. You aren't going to get your money back or a reimbursement if you cancel after a year or if you never get sick. But bear in mind this is strictly term insurance, and the policy has no cash value, so you aren't going to get your money back or a reimbursement if you cancel after a year or if you never get sick and your policy never pays out. The younger the person, the lower the premium. The younger person is much less likely to have any kind of savings to get through difficult times.