When you purchase a term life insurance policy, you are buying coverage for a specific period of time. Unlike permanent forms of life insurance, temporary policies have no cash value. This means that when the coverage expires, your life insurance protection will disappear. Even if you have been paying premiums for 20 years, there will be no residual value.
If you want to continue to have coverage, you will need to apply for a new life insurance policy. There are several types of life insurance policies available, including term life insurance, no exam life insurance, final expense insurance, and disability insurance. When selecting a life insurance policy, it is important to consider your individual needs and budget. You should also research the different types of policies available and compare the features and benefits of each one.
Additionally, it is important to understand the terms and conditions of the policy before signing any documents. If you have any questions about life insurance policies or need help selecting the right one for you, it is best to speak with an experienced life insurance agent or financial advisor. They can provide you with more information about the different types of policies available and help you make an informed decision.