Does Term Life Insurance Payout?
Will my term life insurance policy payout at the end of the term?
Term life is temporary life insurance for a set number of years. The term life policy will pay out a death benefit to your beneficiary upon your death, provided you die while the life insurance policy is "In Force", during the term of your coverage.
However, a term life policy does not pay out a benefit at the end of your term. If you are alive when your term expires, your life insurance coverage ends with no death benefit pay out.
In addition, your life insurance coverage ends if you stop paying your premiums and the policy lapses.
Or, if you notify the insurance company in writing that you want to cancel your policy.
Also, your beneficiary would be required to notify the insurance company of your death and they will send the beneficiary the necessary forms that must be completed and returned to the insurance company in order to process a death claim on your life insurance policy.