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 March 20, 2019

How Long Do I Have to Renew a Term Life Insurance Policy?

life insurance renewal period

The time has come when your term life insurance policy is coming to an end. This leaves you with the question – what am I going to do next?

Since term life insurance only covers you for a set period of time, you’ll have to determine what your options are.

Renewing Your Policy

When it comes to choosing your policy, you have the option to purchase it for a certain number of years and whether the term coverage will stop at the end of those years, or if the policy gives you the option to renew the policy.

Some companies offer a guaranteed renewal feature3, which automatically continues the coverage without having to undergo underwriting or a medical examination. Since you’ll be older than when you initially signed up for the policy, there’s a chance you could have an increased premium.

However, not all term life policies are renewable1. For instance, most contracts have a maximum age limit1. If your policy is not renewable, you could purchase a new term policy but your current health2 is factored into whether you qualify for a new policy. Hence, it’s important to review your policy and to direct any specific questions you may have to a licensed insurance Agent.

Conversion Privilege

Another feature some companies offer is a conversion privilege, in which you’re able to convert your term life insurance policy to a whole life policy..3 Even if your health has changed, you will be able to convert your term coverage to a whole life policy, all without any underwriting or needing a medical examination.

Typically, these privileges are only offered for a certain amount of time of the term life policy, and usually don’t last beyond the expiry of the policy. Look over your policy to see whether there is a conversion privilege and be sure and check for the last day you are allowed to convert so the opportunity doesn’t pass you by.


  1. Should Renew Your Term Life Insurance?   LifeAnt, 2015
  2. What Happens When My Term Life Insurance Policy Ends?  QuickQuote, 2013
  3. What to Expect When Term Insurance Reaches Maturity   Zacks Investment Research, 2019

Categories: Accident Insurance, Insurance, Life Insurance, Term Life Insurance

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