What Happens When Term Life Insurance Ends? 
When term life insurance ends , the premium rises drastically or the policy simply ends . When the premium rises at the end of the term , it is no longer locked in and can raise annually . Rather than wait for the term to end and the premium to jump up , you might want to look into converting your policy to permanent life insurance . Whether you convert your policy to permanent before the term ends , or pay the new annually renewable premium at the end of the term , your premium will be substantially higher . But by converting you can lock in your premium for a longer period of time . 