Your term life insurance policy through Waffle has a fixed term that determines when it will end.
Passing Away During Term Life Insurance Policy
If you pass away during the term, your beneficiaries will receive the benefit provided by your policy once your death has been verified.
Outliving Term Life Insurance Policy
If you outlive the term, your policy will expire, and you can look back with confidence knowing that you provided financial security for your loved ones during the term.
Alternatively, you can choose to cancel coverage willingly or stop paying premiums before the term ends.
In addition, you have the option to renew your policy annually for up to five more years, but the premium for the renewal period will be higher. This option is available if you still need coverage after the initial term ends.