What happens if you outlive your life insurance policy?

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asked Mar 31, 2019 in Insurance by JaredPick (200 points)
What happens if you outlive your life insurance policy?

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answered Apr 1, 2019 by Judy (56,120 points)
If you outlive your life insurance policy what happens when you do outlive the life insurance policy depends on the type of life insurance you have.

If it's term life insurance you're usually able to get the full amount or most of the money back at the end of the life insurance term depending on the life insurance company.

If it's another type of life insurance such as whole life insurance you may not get any of the money back depending on what the policy says.

Whole life insurance typically only pays out the death benefit upon your death so you'd have to die before the policy ended for the money to be paid out.

With term life insurance the policy is paid out upon your death but if you outlive it you can get your money back and then apply the amount of money to prepay a funeral or other expenses.

I find what is best is to just prepay for a funeral so that everything is already taken care of and if you do not have anybody depending on you for their livelihood then life insurance is just a waste of money and should not be taken out.

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