Do life insurance policies expire?
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 on time and in full.
What are the different types of life insurance policies?
When it comes down to it, there are essentially two kinds of policies: term life insurance and whole life insurance. Term life insurance lasts for a specific amount of time (the term) and expires at the end of the term. Whole life insurance, on the other hand, is a form of permanent life insurance and lasts your entire life.
How long does life insurance stay in force?
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 on time and in full. 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.