What Happens When Your Term Life Insurance Ends? 
When most term insurance policies come to the end of the level term period , the insurance company will require a much higher premium that goes up every year if you want to keep the policy . Most clients simply do not pay the higher premium and let their policy lapse . There are some policies that will let you pay the same premium but your death benefit decreases each year . This is rare but there are companies that do this . Another option that many insurance companies offer is the ability to `` convert '' or exchange all or part of your policy for a permanent policy without having to go through underwriting . Check with your insurance agent on the options for a specific policy . Hope this helps ! 