What Does Expiry Mean?
Expiry, in the context of insurance, refers to a term life insurance policy being terminated at the end of the coverage period.
Insuranceopedia Explains Expiry
Term life insurance policies only provide coverage for a set period of time, which determines the period of the coverage and the validity of the insurance policy. After this point, the policy expires, and the policyholder no longer has coverage. However, policyholders may purchase term life policies with a renewable or convertible option or with both. The former allows them to renew a policy without having to prove eligibility again, while the latter allows them to change it into a permanent policy. With either option, the contract will indicate a final expiry age or date. After this point, the policyholder can no longer benefit from the feature in question.