PolicySolutionsYour term life insurance is about to expire — don't let it lapse by default.
Reaching the end of your level term isn't a failure — it's the plan working. Term is designed to cover a temporary need and then end, so most term policies are written to be outlived. But if you still need coverage, doing nothing is the one costly choice. You have three real options — renew, convert, or re-shop — and the best one depends on your health, your budget, and how much longer you need protection. A licensed independent agency can compare all three with you, at no cost.
Conversion windows and level rates do have deadlines, so looking early keeps every option on the table. Reviewing all three is free.
In short: When term life insurance expires you have three real options: renew it (the premium jumps sharply each year), convert it to permanent coverage with no new medical exam — but only before your policy's conversion deadline — or re-shop a fresh term policy, which often beats renewing if you're still healthy. Letting it lapse is the one costly default. Start well before the term ends.
The level period ends — the coverage doesn't have to.
For years your premium stayed flat. That was the "level" part of level term. When it ends, most policies quietly convert to annually renewable term: you can keep the coverage, but the price is recalculated on your current age and typically jumps sharply — then climbs again every single year after that. Nothing forces you to accept that path, but if you take no action, it's usually the default you fall into.
of Americans overestimate the actual cost of life insurance. Many people assume re-shopping isn't worth it — when a fresh policy is often far cheaper than they think. — LIMRA & Life Happens, 2026 Insurance Barometer Study
what consumers under 31 guessed coverage costs — against an actual median of $192 — about six times too high. — LIMRA & Life Happens, 2026 Insurance Barometer Study
term is built to be outlived — it covers a temporary need (a mortgage, kids at home, a working income) and then ends. Your term expiring is the design, not a surprise.
Figures describe the market generally, not any one policy or price. What you'd pay to renew, convert, or re-shop depends on your age, health, and carrier — a licensed agent can put real numbers next to each path for you.
Renew, convert, or re-shop.
Each path keeps you covered in a different way, at a different cost, with different fine print. Here's how they compare at a glance — then we'll walk through the details that matter most.
| Option | What happens | New medical exam? | Typically best when… |
|---|---|---|---|
| Renew annually renewable term |
Coverage continues one year at a time; the premium is repriced on your current age and rises each year. | No | You need coverage for only a short, defined bridge — or your health makes a new policy hard to get. |
| Convert conversion privilege |
You exchange the term policy for permanent coverage that lasts for life — using the health class you originally qualified for. | No | You now want lifelong coverage, or your health has declined and you'd rather not be re-underwritten. |
| Re-shop a fresh term policy |
You apply for a brand-new level-term policy at today's age and health, then replace the expiring one. | Usually | You're still in reasonably good health and need level coverage for several more years. |
General education only — not a quote, an underwriting decision, or a recommendation. "Best when" describes common situations, not your outcome. Never cancel an existing policy until replacement coverage is fully in force; a licensed agent can sequence this safely so you're never uncovered.
Renewing keeps you covered — but the meter starts running.
Annually renewable term is the safety net built into most policies: you generally can't be turned down for renewing, and there's no new exam. The trade-off is price. Because each year's premium is set on your current age, the cost tends to jump at the end of the level period and then increase again every year — which is why renewing usually makes the most sense as a short bridge rather than a long-term plan.
No new underwriting
You keep coverage without answering health questions or taking an exam. That's valuable if your health has changed and a new policy would be hard to qualify for.
The price climbs yearly
Premiums are recalculated on your age each year and rise as you get older. What starts as a modest bump can grow quickly, so it's rarely the cheapest way to hold coverage for long.
A useful short bridge
If you need just a little more time — to finish paying a mortgage, or while you arrange a new policy — renewing for a year or two can keep you protected without a gap.
Convert to permanent — no new exam, but watch the deadline.
If your policy is convertible, the conversion privilege lets you exchange it for permanent coverage — such as whole life — without a new medical exam or health questions. Your new premium is based on the health class you originally qualified for, so a decline in your health since then doesn't count against you. The single most important thing to know: the window to do this doesn't stay open forever.
Your original health class is locked in
Converting uses the rating you first qualified for — priced at your current age. If your health has worsened, this can be worth far more than the premium difference suggests.
The conversion deadline is real
Conversion windows are limited — often closing after a set number of years or at a specified age such as 65 or 70. Miss it and the guaranteed right is gone. — MoneyGeek; Ameritas, conversion guidance
You can often convert part of it
Many policies let you convert only a portion of the coverage rather than all of it — a way to lock in some permanent protection while keeping the cost manageable.
Permanent coverage lasts for life
Unlike term, converted permanent coverage doesn't expire, and it can build cash value over time. Whether that fits your goals is a personal decision — a specialist can walk through the trade-offs.
Check what riders carry over
Some benefits may transfer or be added at conversion; others may not. Reviewing your policy riders before you convert avoids surprises later.
Read your specific policy
Convertibility, deadlines, and which permanent products you can convert into all vary by carrier and contract. Confirm yours in writing — a licensed agent can read the fine print with you.
Conversion terms are set by your policy and carrier, not by any general rule. This is education, not tax, legal, or investment advice — confirm cash-value and tax questions with a tax professional, and your conversion deadline with your insurer.
Still healthy? Re-shopping a fresh policy often wins.
If your health is reasonably good, applying for a brand-new level-term policy frequently beats renewing — you lock in a flat premium again for another 10, 15, 20, or 30 years instead of paying a price that rises annually. It usually means new underwriting, but for many people the long-term savings are substantial. Because carriers price the same age and health differently, comparing several at once is where the best rate comes from.
A flat premium, again
A new level-term policy resets your cost to a fixed amount for the whole term — predictable for budgeting, and often far below what annually renewable term would climb to.
Your health today sets the price
New coverage is underwritten on your current age and health, so it works best while you're still in good shape. If your health has declined, converting may serve you better.
Match the term to the need
Not sure how much or how long you still need? Our free coverage guide and a licensed agent can right-size the coverage before you apply.
Even among people who know they need coverage, about 38% of U.S. adults — roughly 98 million — say they need or need more life insurance, and cost is the most common reason they hold off. Comparing carriers is how you find out what you'd actually pay. — need gap: LIMRA & Life Happens, 2026 Insurance Barometer Study; cost as the top reason: LIMRA & Life Happens, 2026 Insurance Barometer Study
A quick way to narrow it down.
Your health and how long you still need coverage point toward one option more than the others. This is a starting point, not a decision — a specialist confirms it with real numbers.
Re-shopping is likely your best move if…
- Your health is reasonably good and you could pass underwriting.
- You need level coverage for several more years — not just a few months.
- You want a predictable, flat premium again instead of a yearly increase.
- You'd like to compare carriers to make sure you're not overpaying.
Convert or renew may fit better if…
- Your health has declined since you bought the policy — conversion skips new underwriting.
- You now want coverage that lasts for life rather than another fixed term.
- You need only a short bridge — renewing for a year or two buys time with no exam.
- Your conversion deadline is close and you want to preserve the option before it lapses.
Compare the fundamentals on term life and whole life — or ask a specialist which the math favors for you.
The one mistake to avoid: a coverage gap.
Whatever you choose, the goal is simple — never be uncovered, even for a day. A few sensible steps keep the transition clean.
Find your dates
Know when your level period ends and, separately, when your conversion window closes — the two are not the same. Both are in your policy or one call to your insurer away.
Don't cancel too early
Keep the existing policy fully in force until any replacement coverage is issued and active. A licensed agent can time the switch so there's never a gap.
Reassess how much you need
Your obligations may have shrunk — or grown. The coverage guide helps you right-size coverage instead of guessing.
Compare before you commit
Renew, convert, and re-shop can differ widely in cost. An independent agency prices all three across multiple carriers so you decide from facts, not defaults.
Term life insurance expiring — frequently asked questions
What happens when my term life insurance expires?
When the level-premium period ends, the coverage doesn't have to vanish, but it changes. Many policies automatically renew one year at a time as annually renewable term, and the premium is recalculated on your current age — so it can rise sharply and then climb again every year. Your other choices are to convert the policy to permanent coverage using its conversion privilege, or to shop for a fresh level-term policy while you're still healthy. A licensed independent agent can compare all three for your situation at no cost.
Should I renew my term policy or buy a new one?
It depends on your health and how long you still need coverage. Renewing into annually renewable term keeps you covered with no new exam, but the price is based on your current age and rises every year, so it usually works best as a short bridge. If you're still in reasonably good health and need coverage for several more years, re-shopping a new level-term policy often costs far less than renewing. A specialist can price both side by side before anything changes.
What is the term conversion privilege, and is there a deadline?
A conversion privilege lets you exchange a convertible term policy for permanent coverage without a new medical exam or health questions — and your new premium is based on the health class you originally qualified for, not your current health. The catch is timing: conversion windows are limited, often closing after a set number of years or at a specified age such as 65 or 70. Once the window closes, the guaranteed right is gone. Check your own policy's conversion deadline, and ask a licensed agent to confirm it before you decide.
Can I still get a new term policy now that I'm older?
Usually yes. Age and health both affect the price, but many people in their 50s, 60s, and beyond still qualify for level-term coverage — and comparing carriers matters because each one prices age and health differently. If a fully underwritten policy is difficult, no-exam and simplified-issue options remain available. A licensed independent agent can give you an honest read on what you'd likely qualify for before you apply.
Does converting to permanent coverage require a new medical exam?
No — that's the main advantage of the conversion privilege. Converting a convertible term policy to permanent coverage skips the medical exam, health questionnaire, and lab work, so a decline in your health doesn't lower your rate class. That makes conversion especially valuable if your health has changed since you first bought the policy. Confirm your policy is convertible and check the conversion deadline with a licensed agent, since the terms vary by carrier.
Don't let a good policy expire by default.
A licensed independent specialist (NPN #20612303) lays your three options side by side — renew, convert, or re-shop — with real numbers from multiple carriers, so you choose from facts. No cost, no pressure.
No call-center pile-on. Here's exactly what to expect.
You reached out, so a real licensed agent picks it up — not a rotating call center, and never a sale you don't need.
- 1
A licensed agent reaches out
We aim to reach you the same business day — someone licensed where you live, who answers your questions straight.
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A few honest questions
Enough to understand your situation and match you to the partner carrier that treats it most favorably. If it isn't a fit, we'll tell you.
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Real options — your call
We compare carriers and show you what actually fits. No pressure, no obligation; you decide if and when.
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Covered, with a safety net
If you move forward, a free-look period lets you review the real policy and change your mind for a full refund — a limited window that starts when the policy is delivered to you. Most states set a minimum length; where a state sets none, the window your insurer prints on the policy controls.
Realistic timelines: approval times vary by product and by carrier. Policies underwritten from health questions alone are typically much faster. Fully underwritten policies take longer — they require a medical exam and a records review. Your agent will tell you which path your application is on and what to expect. Any estimate you see online is a ballpark. Your real rate comes from a licensed agent comparing carriers for your exact age and health.