How to Replace a Lapsing Term Policy at 65

Use your conversion privilege first

Most term policies include the right to convert some or all of your coverage to permanent insurance without a new medical exam — but only during a defined conversion window that closes at a specific age, often 65 or 70, or at the end of the term, whichever comes first.

Pull your policy off the shelf today and look for the words 'conversion' or 'convertibility.' Check the specific deadline. If you're inside the window, you can convert to whole life or universal life at your current health class, regardless of what your health actually looks like now. This is one of the most valuable features in your policy — and one most people forget they have.

If conversion isn't possible

If the conversion window has closed or your policy never included the feature, shop simplified-issue whole life on the open market. Most healthy 65-year-olds still qualify for meaningful coverage without a medical exam, and locking it in now beats every future birthday.

Coverage amounts up to $50,000 are readily available on a simplified-issue basis in Texas and Florida. Larger amounts require full underwriting but are absolutely doable at 65 if your health is decent.

Don't cancel the old policy until the new one is in force

“Never cancel yesterday's policy until tomorrow's is in your hand and paid.”

The 'renew and hate it' option

Most term policies can be renewed annually after the level term ends, but the annual renewal premium is often 5–10× the original rate. It's a bridge if you need one for a few months, but it's not a long-term plan. Any replacement — conversion or new policy — is almost always cheaper.

Call before the term expires

One phone call, both paths priced side by side, no obligation. Call the number above and know your options before the clock runs out on your existing coverage.