At the end of the term, your term life insurance policy will end and you will no longer be covered. Depending on your policy, you may have an option to renew it for another term or convert it into a permanent life insurance policy. If you choose not to renew or convert your policy, then all benefits associated with the plan cease and you are no longer insured under that particular plan. It is important to note that if you do choose to renew or convert your policy, premium rates may increase depending on factors such as age and health.