What Happens At The End Of A Term Life Insurance Policy? 
When the guarantee period on a term life insurance policy expires , you have several choices you can make : 1 -RRB- You can continue your coverage , however , the policy becomes annually renewable and the premiums increase each year by a substantial margin -LRB- based on age -RRB- . 2 -RRB- You can terminate the policy and end the coverage . 3 -RRB- You can stop paying premiums and allow the policy to lapse on its own . 4 -RRB- If you still need coverage , work with an independent insurance broker to secure a new policy with a new guarantee period -LRB- either for a set term period or guarantee the policy for life -RRB- - you want to do this before the existing policy 's guarantee period expires . Keep in mind , underwriting can take up to 6-8 weeks to complete so you want to allow enough time to get a new policy in place . # 4 is the course of action most people generally take as you will generally need some level of coverage for the rest of your life , whether it 's to cover a mortgage , income replacement , final expenses , etc. . Send me a private message on here if you would like assistance with your coverage . 