Does A Life Insurance Policy Expire?

Yes, a life insurance policy can expire. However, the expiration depends on the type of life insurance policy you have.

• Term Life Insurance: Term life insurance policies have a specific term or duration, such as 10, 20, or 30 years. Once the term is over, the policy expires. If the insured person passes away during the term, the death benefit is paid out to the beneficiaries. However, if the policyholder outlives the term, the coverage ends, and there is no payout or cash value.
• Whole Life Insurance: Whole life insurance is designed to provide coverage for the entire lifetime of the insured person, as long as the premiums are paid. These policies do not typically have an expiration date as long as the policy remains in force and the premiums are up to date. Whole life insurance policies also often have a cash value component that accumulates over time, providing additional benefits and potential for policy loans or withdrawals.