Congrats! You made it to the end of your policy. That is always a good problem to have! Whats next?
Well at this point we actually hope that with the help of the Baby Steps that you will not longer need life insurance, instead you can be self-insured! "What in the world does that mean?" you may be asking. Self-insured is the act of having a large enough net worth that if something were to happen to you, your loved ones would be taken care of and not need life insurance. The insurance industry has convinced the public that you have to have life insurance for your whole life – but that’s simply not true! You only need life insurance when your death would cause your family financial hardship. By the time a 15, 20, or 30-year term policy expires, it is likely that you will no longer have a need for life insurance anyway.
However, if you do still need life insurance for a little longer to ensure you are self-insured, no worries! Most term life plans are guaranteed renewable to age 90 or older, so they don’t really expire. However, once the level premium period expires, the cost of the policy increases substantially on a yearly basis.