Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage terminate. Renewal premiums are likely to be higher due to the change in the insured's age.
Whole Life Insurance is life insurance which can provide lifetime protection at a level premium. All Whole Life policies build up cash values.
Universal Life Insurance is a type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance).
Life (Term, Universal, Indexed, Whole Life) Insurance
Term life insurance provides a specific amount of coverage on the life of an insured at a fixed rate of payments for a specific period of time.
