Term life insurance is a type of life insurance policy that provides coverage over a limited period of time. Generally, you do not get money back on this type of policy.
All term life insurance plans are designed to provide coverage for a predetermined amount of time, usually 10, 15, 20, 25, or 30 years. How much you pay depends on the length of the term, your age, and your health.
When the policy ends and your premium payments stop, there is no money left over that can be refunded. When a term life insurance policy is up, it's up. But that doesn't mean you don't have any options.
When the policy ends, most companies give you the option to convert your policy to permanent life insurance, such as whole life insurance or universal life insurance. With these types of insurance policies, you gain access to cash value that can be borrowed from or withdrawn when you need it.
You can also let your term policy lapse and purchase a new policy that is tailored to your changing needs. If you're considering this route, it's important to review all of your options carefully, as you may have to answer health-related questions for the new policy and your premiums will likely be higher than your original term policy.
Ultimately, term life insurance doesn't offer a return, but there are options if you're wanting more flexibility in your policy. We recommend that you speak with an experienced insurance broker to help you find the policy that best suits your needs and budget.