Expiry

What Does Expiry Mean?

Expiry, in the context of insurance, refers to the termination of a term life insurance policy at the end of its coverage period.

Insuranceopedia Explains Expiry

Term life insurance policies provide coverage for a specified period, which determines both the duration of coverage and the validity of the policy. Once this period ends, the policy expires, and the policyholder loses coverage. However, policyholders may opt for term life policies with renewable, convertible, or both options. The renewable option allows policyholders to renew the policy without reapplying for eligibility, while the convertible option enables them to convert the policy into a permanent one. In both cases, the contract will specify a final expiry age or date, after which the policyholder can no longer benefit from the respective feature.