Term life insurance policies expire when the number of years in the term are up. However, Term life insurance usually has the option to be renewed annually beyond the term. If you choose to pay that new, higher premium, the policy will stay in effect. Or you may be able to convert your Term policy to permanent insurance, in which case it would not expire.
Term life insurance also expires when you quit paying the premium.
Permanent life insurance, such as Whole Life and Universal Life, will expire if you stop paying the premium and there is not enough cash value left in the policy to pay the premium. If you have paid the premium so that policy is "paid up", however, and you have followed the rules for paying back policy loans, permanent life insurance will never expire.
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Term life insurance also expires when you quit paying the premium.
Permanent life insurance, such as Whole Life and Universal Life, will expire if you stop paying the premium and there is not enough cash value left in the policy to pay the premium. If you have paid the premium so that policy is "paid up", however, and you have followed the rules for paying back policy loans, permanent life insurance will never expire.