Does Term Life Insurance Expire at Age 65?

Hook: If you’re thinking your term life insurance will protect your loved ones forever, you might be in for a surprise.

Promise: I’ll walk you through how term life insurance works in Canada, look at whether it really ends at age 65, and help you figure out what to do next — so you’re not left exposed by accident.

1. What is Term Life Insurance?

When you purchased a term life insurance policy, you bought protection for a defined period of time. The idea is simple: you pay premiums and, if you die during the policy term, your beneficiaries receive a death benefit.

Some key facts:

• Unlike whole life insurance, term policies don’t build up cash value. 
• Term lengths commonly are things like 10, 20, 30 years — or sometimes “to age 65”. 
• If your policy ends (term expires) and you’re still alive, typically no benefit is paid.

So, term insurance is a dependable and affordable way to cover a specific risk period (for example, while your mortgage is being paid, or until the kids are grown) rather than for your entire lifetime.

2. Does it Expire at Age 65?

Short answer: it depends. Many term life policies can expire at age 65 — but not all do.

Why age 65 shows up so often

• Many people buy term insurance when they are younger and calculate that by age 65 their major obligations (mortgage, kids’ tuition, etc.) will be cleared. So “to age 65” becomes a common expiry benchmark. 
• Some policies explicitly define the duration as “until age 65”. Others describe a certain number of years which might coincide with turning 65. 

But not always

• Some term life policies allow coverage up to age 80 or even age 100, especially if you opt for “term to age X” or a long-term policy. 
• Some policies are renewable or convertible, meaning you might continue beyond 65 though the cost may go up.

So, if your policy says “Term to 65” or something similar, yes — it will end at 65. If not, you may still have options.

3. What Happens When the Policy Reaches Age 65 (or Its Term Ends)

If your policy is set to expire at age 65 (or an equivalent term), there are a few possible outcomes. Knowing them ahead of time will save you surprises.

No action — coverage ends

If you simply let the policy expire without taking action, you’ll no longer have coverage. If you die after that, your beneficiaries won’t receive a death benefit from that policy.

Renewal or extended term

Some policies allow renewal after the initial term. For instance, they may convert from fixed‑term to yearly renewable term, but the premiums will increase, sometimes significantly because you are older and riskier from the insurer’s perspective.

Conversion option

Your policy might allow you to convert to a permanent life insurance policy (whole life or universal life) either without a new medical exam or under simplified terms. This can avoid the risk of being uninsurable after the term ends.

Reevaluate your needs

By the time you reach age 65 you might have fewer dependents, less debt, and different priorities. It might be that you can let the policy lapse without risk — or you might still need coverage (for legacy, estate, or final expense purposes). It’s worth reviewing.

4. Should You Plan for Expiry at Age 65?

Yes — you should. Thinking ahead gives you options and avoids getting caught unprepared.

My personal insight

Working with clients over many years in coverage and content work, I’ve seen people assume coverage lasts “for life” when it was actually only to age 65. Then when job patterns, health or family situations changed, they discovered a gap. One case: a client thought their policy ended at 65 but actually ended at age 60 due to an earlier term choice!

What to check now

• Policy wording: Look for terms like “to age 65”, “term expires age 65”, “X years (ends at age 65)”. 
• Renewal/convertibility options: Does your policy allow you to renew or convert? What are the cost implications? 
• Your current needs: Are you still covering dependents or debts? Are your final‑expense plans in place? 
• Health and cost factors: If you wait until you’re older to apply or renew, premiums will likely be higher and underwriting may be tougher. 

5. What To Do If You’re Approaching Age 65 and Your Policy Says Term to 65

Here’s a checklist:

1. Note the expiry date on your policy and calendar a review at least a year ahead. 
2. Assess whether you still need life insurance and for how much. Has your financial, family or estate situation changed? 
3. If you need continued protection, get quotes for a new term policy, investigate converting to a permanent policy, or see if renewals from your current policy make sense. 
4. Compare costs: sometimes buying a new policy earlier (before expiry) may cost less than waiting for renewal. 
5. Talk to your licensed insurance advisor (especially for the Canadian market) and confirm all details. If you’re working with us at InsuranceByKaranSingh.ca I’m happy to review your existing policy with you.
   

6. Why This Matters for You and Your Loved Ones

It may feel like an administrative detail, but it’s a big deal. If you assume coverage continues but it doesn’t, your family could be left unprotected at a critical time. I’ve seen scenarios where people outlive their term and then struggle to get new coverage or end up paying far more. Knowing exactly when your policy ends gives you control.

Also, if you have a mortgage, business obligations, or dependents you still want to protect, you’ll want to align insurance coverage until those are addressed — not just “until 65” because someone told you that’s normal. And if your goals include leaving a legacy, or paying estate/final‑expense costs, your post‑65 insurance strategy might look very different.

About Karan Singh

Karan Singh, the founder of InsuranceByKaranSingh.ca, brings a wealth of experience and dedication to helping individuals and families navigate their life insurance needs. With a personalized approach, Karan works closely with clients to ensure they understand their policies and make informed decisions about coverage that best suits their unique life stages and financial situations. Whether you’re looking for Term Life Insurance in calgary , permanent coverage, or need advice on renewing or converting your existing policy, Karan is committed to providing clear, expert guidance every step of the way. Reach out to Karan today to secure the peace of mind that comes with knowing your loved ones are protected.

Frequently Asked Questions

Q1: If my policy ends at age 65, can I still get new life insurance afterward?
Yes, you can often apply for a new policy after yours expires — but you’ll likely face higher premiums and more underwriting due to older age and potentially poorer health.

Q2: What happens if I die the day after my term life policy ends at age 65?
If your policy has ended and you did not renew or convert it, typically no payout is made.

Q3: Can I convert my term policy to a permanent life insurance plan?
Many term policies include a conversion option (sometimes without a medical exam) to switch to permanent coverage before the term ends.

Q4: Why are premiums so much higher if I renew after age 65?
Because insurers base premiums on your attained age and health risk — as you get older the risk of death increases, so premiums go up.

Q5: If I’ve outlived my term policy, do I get any of the premiums back?
No, term policies generally don’t return premiums when the term ends. They simply end the coverage period.

Conclusion (Call to Action)

In short: yes — many term life insurance policies can expire at age 65, but it’s not universal. You really need to check your specific policy wording, think about where you are financially and in health, and plan for what happens next.

Before you let the expiry date sneak up on you, take a moment to review your policy and ask:

• When exactly does my coverage end? 
• Do I want coverage beyond that date? 
• What will it cost to renew, convert, or buy new?

If you’re in Canada and need help understanding your policy, choosing the right term length, or exploring conversion to permanent life insurance, feel free to reach out through InsuranceByKaranSingh.ca — I’d be glad to walk you through your options in plain language and help you make the best move for your family.