Term life insurance only protects you during the length of the term. If you outlive your policy, you may have an option to renew or convert it into permanent coverage. If you choose not to renew or convert, your policy will expire, and you will not have coverage. If you decide to renew or convert, your premiums will be higher. Age and life expectancy are significant factors at renewal, and most insurance companies will charge you more. Permanent life insurance offers lifetime coverage and consequently costs more too.