Yes, term life insurance policies can be extended or renewed. However, the renewal or extension process depends on the type of term life insurance you have. There are two main types of term life insurance: level term and decreasing term.
For level term policies, the coverage amount and premium remain the same throughout the term. When the term ends, you can choose to renew the policy at a higher premium, as you will be older and at a higher risk of death. Keep in mind that the premium increase may be significant, especially if you have age-related health conditions.
For decreasing term policies, the coverage amount decreases over time, while the premium remains the same. At the end of the term, you can choose to renew the policy, but the premium will likely be higher, and the coverage amount will not increase.
It is essential to review your policy terms and conditions or consult with your insurance agent to understand the renewal and extension options available to you. Additionally, consider your financial situation, health, and life changes when deciding whether to renew or extend your term life insurance policy.