Blog, Life & Health Insurance

What Happens If I Live Past My Life Insurance?

September 23, 2023

What Happens If I Live Past My Life Insurance?


Sometimes questions just hit you when you’re in the shower or right before falling asleep. The mind wanders to places and conjures up things we normally don’t think about.


Today we are hopping in the shower and/or bed with you to answer, What Happens If I Live Past My Life Insurance?


If you are living past your life insurance policy then you either missed some payments, you’re a vampire, or you purchased Term Life Insurance.


So, here’s the deal. Most of the time, when your term life insurance policy ends, you don’t get any money back. I know that can feel like a straight bummer. Like realizing you’ve been paying for that Apple TV subscription and only watched one episode of Ted Lasso. But in the spirit of the optimistic coach himself, there’s hope.


Return of Premium


Did you know some companies we work with have something called a Return of Premium policy? That kind of term policy will give you back all the cash you’ve paid over the years once it expires. So, it is possible…


Sounds great, right?


Well, the catch there is that it usually costs more than traditional term life insurance.


Okay now, you might be thinking, “I don’t want to lose all the money I’ve already paid in premiums!”

Term Was Exactly What I Needed


It’s okay. Woosah. There are options.


For one, most companies will allow you to switch your term life policy to a permanent one like whole life or universal life.


Thinking back to when you first got that insurance, perhaps Term was the best fit for your life and your financial situation.


It’s possible you subscribe to the “buy term and invest the difference” methodology, and it’s time to re-up on your term policy (if you’re eligible of course).


Maybe somebody who sleeps next to you is going through a mid-life crisis and has incurred several thou$and in debt for new toys or hobbies to make themselves feel young again.

What Can I Do About My Expiring Policy? 


Now could be a good time to check your Term Insurance to see when it will end and begin to devise a plan around that.


You don’t have to wait until the current one expires to make changes or discuss options with an agent.


It’s possible you are eligible for another Term policy. Depending on your age and health of course.


Then again, things change, and now could be a good time to consider switching to a permanent policy.


If you prefer not to use insurance at all, and your savings aren’t quite as stacked as you’d like, then I guess you could consider buying all the Goldschlager at your local Wines & Spirits store and panning through the bottles for doubloons.




Do you know anyone that let their term insurance end, but still needed coverage later on in life?


Were they able to do anything about it?


~Written by DeAirius Goodrum