What happens to my life insurance when the term ends?

When a term life policy expires, coverage simply ends and no death benefit is paid if you are still alive. Most insurers offer the option to renew coverage at a higher, age-adjusted premium or to convert the policy to a permanent policy without a new medical exam, though you must do so before the term expires. If you still need coverage, it is best to shop for a new policy or exercise your conversion option well before the expiration date.