Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Does Life Insurance Expire At A Certain Age?

Does life insurance expire at a certain age? Some types life insurance policies expire after a certain period of time, while others don't. It depends on the type of policy.

If you have a term life insurance policy, your policy will expire after the term you selected ends. If you have a permanent life insurance policy (like whole or universal), your policy will remain in force as long as you continue to pay the premiums.

When Does Term Life Insurance Expire?

Term life insurance is simple to understand — you select a death benefit amount and a “term”, or length of time the policy will be in force. Terms can be as short as one year or as long as 30. If you pay your premiums on time and die while the policy is in force, your named beneficiary(ies) will receive the death benefit you selected.

Term policies expire when the term ends. So, if you selected a 20-year term life policy, the policy expires 20 years after it went into force. If you outlive your policy, your beneficiaries won’t receive a death benefit and you won’t receive any money in return, unless you have a “return-of-premium” policy.

If you’re interested in hanging on to your term policy after it expires, it might be possible to convert it into a permanent policy. Keep in mind, there’s usually a certain time period during the life of the policy that allows you to do so. If you don’t want to do that and are healthy, you could consider just buying a new term policy or another type of life insurance.

What About Permanent Life Insurance?

Permanent policies are designed to cover you for your entire life. However, there is a caveat if you live a long life. Permanent policies — whole life being the most common variety — accrue cash value over time. (Term policies do not accrue cash value).

If you live long enough, your policy will eventually “mature.” When you reach the age of maturity, your policy will pay out the cash value of the policy and your life insurance coverage ends. One big drawback is a benefit paid out upon your death isn’t considered taxable income for your beneficiaries. A payout received because of maturity would be taxable, though.

Many policies today are set up to mature at age 121, in response to longer life expectancy. However, older policies may have a maturity age of 100.

While it’s highly unlikely you’ll live to 121, some people with older policies are living to 100 and are encountering this issue with permanent life insurance. So it’s something to ask your agent about when shopping for a permanent policy.

Still Have Questions?

If you have more questions about how life insurance policies work, check out these helpful articles:

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Related Information

Permanent Life Insurance

Two benefits of permanent life insurance is that it does not expire and it accrues cash value. Shop around to find the right policy for you.

Read More

What Does Non-Life Insurance Mean?

There's life insurance and there's non-life insurance. Learn about what life insurance is and what types of insurance are recommended for you.

Read More

Minimum Age For Life Insurance

Looking for a life insurance policy? Here's what you need to know, including the minimum age for life insurance.

Read More

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that remains in effect for as long as you pay the premiums. Get a quote today.

Read More

Term Vs. Whole Life Insurance

Knowing the differences between term life and whole life insurance could save you money in the long run. Learn more here.

Read More

Does Life Insurance Test For THC?

Many life insurance companies test for THC. Testing positive could drive up your premiums or prevent you from obtaining a policy altogether.

Read More

Urinalysis Test for Life Insurance

If you're applying for a life insurance policy, you may be required to submit a urine sample during your pre-approval medical exam.

Read More

Do I Need Life Insurance?

If there are people who depend on you financially, it may be time to start thinking about buying life insurance.

Read More

Life Insurance 101

Life insurance 101: How well do you understand your life insurance coverage?

Read More