What happens when my life insurance policy ends?

Your life insurance policy has come to an end. What's next? If you're concerned about having no financial protection, it may be worth considering a new policy. There are various options available, which could help you maintain that peace of mind. Before making any decisions though, it’s important to understand what’s happened to your previous cover and assess your current and future needs.

When your life insurance policy ends, your cover also comes to an end. There is no automatic renewal, because you buy life cover for a set period of time – and only that set period of time. When you took out the policy, you'd have confirmed how many years you wanted it to last. That length of time is called the 'the term'. Once the agreed term has finished, your cover will stop. As there is no cash-in value with a life insurance policy, this means you won't get back any of the money you've already paid over the years.

It's worth revisiting why you took out cover in the first place. Your circumstances may have changed. Your children might be financially independent, your mortgage could be paid off, or you may have built up savings. If no-one relies on your income anymore, you might decide you no longer need life insurance - and that’s perfectly fine.

It may be important to you that, should the worst happen, your loved ones would receive a lump sum payout. If you’d prefer to keep some protection in place, you may want to consider:

• Taking out a new life insurance policy.
• Choosing an over 50 life insurance policy.

It's worth considering that premiums on a new policy could be more expensive due to your age and/or health. Also, there is no cash-in value at any time with a life insurance policy.

These products work in very different ways and are designed to provide different levels of cover. For example, life insurance could help towards taking care of your finances when you’re no longer around, making it one less thing for you – and the people you leave behind – to worry about. Over 50 life insurance could provide a small amount of money towards a funeral or general bills, it isn't designed to protect a loved one or take care of finances.

Our Life Insurance Plan offers two different types of life insurance cover. With our level cover, the pay-out amount stays the same, whilst with our decreasing cover option, the pay-out amount decreases each month. You can compare the types, consider what feels right for you, then choose the length of cover you'd like. You have to be between 18 and 77 to apply. In most cases there won’t be a medical exam, but we'll need to know about any pre-existing medical conditions that we ask about. Our Life Insurance Plan has no cash-in value at any time. This means, if you no longer want the cover and cancel it, or if you stop paying your premiums, your cover will end and you won't get back any of the money you've paid in.

Our Over 50s Life Insurance guarantees to pay out every penny of the cover amount as a lump sum if you die for any reason after the first 12 months of having the policy – or if you die because of an accident within the first 12 months. However, if you die within the first 12 months, and it isn’t an accidental death, we won’t pay out the cover amount, but we’ll pay a sum that’s equal to the premiums that have already been paid. Our over 50s Life Insurance has no cash-in value at any time. This means, if you no longer want the cover and cancel it, or if you stop paying your premiums, your cover will end and you won't get back any of the money you've paid in.