Most term policies have conversion privileges, which allows you to convert your term policy to a permanent policy during the term period (in some cases, the conversion option period is shorter than the term period). The main benefit of conversion is that your medical insurability is guaranteed (medical underwriting is … Continue reading Can I convert my term policy to a permanent policy?
In a level-premium term life policy, your premiums will never change during the term period. If you choose to renew your policy at the end of the term, your premiums will increase significantly. In some flexible-premium universal life policies (without lapse protection), your premiums can change.
If you miss a premium payment most policies have a grace period of 30 days. At the end of the grace period, your policy will lapse and will no longer be in force. In some cases, the insurance company might reinstate the policy if you pay the premiums due.