If you outlive a term life insurance policy and don't renew or convert it, your coverage will end, and your beneficiary won't be entitled to a death benefit. Insurers may offer ways for you to maintain coverage after a term policy expires, such as converting to permanent insurance, but often at a more expensive rate. On the other hand, permanent insurance lasts throughout your lifetime, as long as you keep paying the premiums. Therefore, you cannot outlive permanent insurance.