Life insurance policies, including term life insurance and permanent life insurance, aim to provide a death benefit to the beneficiaries of the insured. However, life insurance policies can end for several reasons. When it comes to maturity, it is only applicable to permanent life insurance policies. Here’s what happens when term life insurance matures:
|Type of Life Insurance||Expiration/Maturity Date||What Happens When It Ends|
|Term Life Insurance||Expiration date, which is at the end of the term length||
|Permanent Life Insurance||Maturity date, usually when the policyholder is between 100 and 121 years old||The policy value would be paid to the insured if they live to the maturity date|
Term life insurance policies do not have a maturity date, but they have an expiration date based on the term length selected by the policyholder. On the other hand, permanent life insurance policies are designed to last for the entire life of the insured, but they still have a maturity date due to legal reasons. When the policy matures, the policy value would be paid to the insured if they are still alive.
Term life insurance policies offered by GetSure can provide financial protection to your beneficiaries if you pass away within the term length you selected. The premiums start at $11 per month, and the application process is quick and easy. However, keep in mind that term life insurance policies do not have a maturity date, so the policy could expire if you outlive the term length. Contact GetSure today to get a free quote and ensure your loved ones are protected.
- The Guardian Life Insurance Company of America. Life Insurance Guide
- U.S. Chamber of Commerce. Term Life Insurance: What It Is, Different Types, Pros And ...
- International Student Insurance. What Happens When My Term Life Insurance Policy Ends?
- American Fidelity Assurance Company. What Happens When My Life Insurance Matures?
- Thrivent Financial. Appendix I Life Insurance Concepts - Eligibility Policy Manual