Your term life insurance ends on a specific date, and you lose coverage unless you act before that date arrives
When a term life insurance policy matures, the coverage stops. The insurance company no longer owes a death benefit if you die after the maturity date. You have no automatic protection unless you take action before the policy ends — and the options available to you depend on your age, health, and what your original policy allows.
Most term policies mature between age 65 and 80, though some end earlier. The exact date is printed in your policy documents and was set when you bought the coverage. Unlike permanent life insurance (whole life or universal life), which lasts your entire lifetime, term insurance is designed to cover you for a fixed period — typically 10, 20, or 30 years.
Key Takeaways
- Your coverage ends completely on the maturity date unless you convert the policy or buy new coverage before that date.
- Most policies allow you to convert to permanent life insurance without a medical exam, but the premium will be significantly higher.
- You can renew some term policies for another term at a higher rate, though not all policies offer this option.
- If you wait until after the maturity date to buy new coverage, you will face a medical exam and higher premiums based on your current age and health.
- The best time to decide what to do is 90 to 120 days before your policy matures, when you still have options.
Conversion: switching to permanent life insurance without a medical exam
Most term policies include a conversion option that lets you switch to a permanent policy (whole life or universal life) without answering health questions or taking a medical exam. This is valuable if your health has declined since you bought the term policy, because you can lock in coverage even if you would not pass underwriting today.
The catch is cost. A permanent policy at your current age will have a much higher premium than your term policy did. A 55-year-old converting a term policy might pay three to five times what they paid for term coverage. The insurance company calculates the new premium based on your age at conversion, not your age when you originally bought the term policy.
Conversion deadlines vary. Some policies let you convert anytime during the term, while others allow conversion only in the final year or final five years before maturity. Check your policy documents or call your insurance company to confirm your deadline — if you miss it, you lose the conversion option.
Renewal: extending your term for another fixed period
Some term policies can be renewed for another term (usually 10, 15, or 20 years) without a medical exam. Renewal is different from conversion: you stay in term coverage rather than switching to permanent insurance, and the new premium reflects your age at renewal.
Not all policies offer renewal, and not all insurers allow it past a certain age. A policy that matures at 70 might not be renewable, or might be renewable only until age 75 or 80. Your policy documents will state whether renewal is available and until what age.
The renewal premium will be higher than your current premium because you are older. An insurer might charge you based on current rates for someone your age buying a new 20-year term policy, or they might use a rate table set when you originally bought the policy. Either way, expect a significant increase.
Buying new coverage after your policy matures
If you do not convert or renew before maturity, you can still buy new term or permanent life insurance after your policy ends. However, you will face a full medical underwriting process, which means a health exam, medical records review, and possibly blood work or other tests.
Your new premium will be based on your current age and current health. If you have developed health conditions since your original policy was issued — high blood pressure, diabetes, heart disease, or cancer — your new premium will reflect that increased risk. Some conditions may make you uninsurable at standard rates, or uninsurable at all.
This is why acting before maturity matters. Conversion and renewal do not require a medical exam, so they protect you if your health has changed. Waiting until after maturity closes off those options.
What to do 90 to 120 days before maturity
Contact your insurance company or agent three to four months before your policy matures. Ask for a written statement of your conversion and renewal options, including the exact deadlines and what the new premiums would be. Do not wait for a notice from the insurance company — many people miss their deadlines because they assume they will receive a reminder.
At the same time, get quotes for new term or permanent coverage from other insurers. You are not locked into staying with your current company. A new policy from a different insurer might be cheaper than converting or renewing with your existing company, especially if your health is still good.
Compare three things: the cost of converting, the cost of renewing, the cost of buying new coverage elsewhere, and whether you still need life insurance at all. If your children are grown, your mortgage is paid off, and you have substantial savings, you might not need coverage anymore. If you do need it, choose the option that fits your budget and your health situation.
If you miss the deadline
If your policy matures and you did not convert or renew, your coverage ends immediately. You are no longer insured. If you die after that date, the insurance company will not pay a death benefit, even if you were healthy when the policy ended.
You can still buy new coverage, but you will go through full medical underwriting. If your health has declined, you may pay significantly more or face coverage limits. Some insurers will not insure you at all if you have certain conditions.
Some people in this situation choose to convert or renew retroactively, asking their insurance company to reinstate the option they missed. Insurance companies rarely agree to this, but it is worth asking in writing if you missed the deadline by a short time and have a good reason.
When you no longer need life insurance
Not everyone needs to convert or renew. Life insurance is meant to replace income or cover expenses if you die. If you are retired, have no dependents, and have enough savings to cover your final expenses, you may not need coverage anymore.
Letting a policy mature without converting or renewing is a valid choice. It simply means you decided the cost of continuing coverage outweighs the benefit. Make that decision actively — do not let it happen by accident because you missed a deadline.
Frequently Asked Questions
Can I convert my term policy after it matures?
No. Conversion rights end on the maturity date or on the conversion deadline stated in your policy, whichever comes first. Once the policy matures, you can no longer convert without a medical exam. If you want to convert, you must do it before the maturity date.
Will I get a refund if my term policy matures and I do not die?
No. Term life insurance does not build cash value and does not pay out if you survive the term. You pay a premium for coverage during the term; if you do not die during that time, the insurance company keeps the money. This is how term insurance stays affordable compared to permanent policies.
What if I convert but then decide I do not want the permanent policy?
You can cancel a permanent policy anytime by stopping premium payments or formally requesting cancellation. There is no penalty for canceling, but you will lose coverage. If you have a whole life policy with cash value, you may be able to withdraw or borrow against that value before canceling, but terms vary by policy.
Can I buy a new term policy instead of converting?
Yes. You can let your old term policy mature and buy a new term policy from any insurer. However, your new premium will be based on your current age and health. If you are older or have health problems, a new policy will cost more than converting your existing policy, because conversion does not require a medical exam.
What happens if I am too sick to get new coverage?
If you cannot pass medical underwriting for new coverage, conversion becomes your only option — but only if you convert before your policy matures. This is why conversion is valuable for people whose health has declined. If you wait until after maturity, you have no way to get new coverage.