What if I outlive my term life policy?

You have a few options. You can let it lapse — you're uninsured but paid for protection you hopefully didn't need. You can renew it, though at much higher rates since you're older. You can convert it to a permanent policy if your contract allows it. Or you can purchase a new term policy.

If convertibility matters to you, we factor that in when selecting your carrier up front — not all policies are created equal. Some allow conversion up until age 70, others cut off earlier.