The main downside of life insurance is the cost. Your policy will charge you monthly premiums, which are another expense for your budget. The price depends on your age, health, lifestyle, and the amount of coverage you buy. If you stop paying, you lose your coverage. Another downside of life insurance is that you might pay these costs without getting anything back. Temporary term life insurance policies have a set expiration date. If you live past the expiration date, your coverage ends. In other words, you’ve paid for life insurance without getting any payout for your heirs. Finally, you must qualify to buy life insurance. You will owe a larger premium if you have health issues or risky hobbies. If the insurance company decides these risks are too high, you might be denied the chance to buy a policy.