80 yr old term insurance --live or die?

Question

I was going thru some of mom's insurance and noticed a 300K term insurance with an expiration date 80 years.

Does that mean when she reaches 80 yr old (she is now 78) that if she doesn't die it will expire and be useless?

Is there any way to redeem?

Thanks

Answer 1

I've never heard of an 80 year term policy.

You casn ask your mom about it.  She can call the insurance company to see if it's still in force.

YOUR MOM can cancel it, but if it's really term, there isn't any "cash value" to get when you redeem it.

Only the policy owner - likely your mom - can cancel, change, or verify the policy.

Answer 2

Yes, if she outlives the policy, it will be useless.  And no, there is no way to redeem anything because term insurance does not build up cash value.

If she would have purchased whole life, then there would have been a cash value that could have been redeemed if it wasn't needed anymore, or she could have kept it until she died, and it would be paid.

Answer 3

You can't "redeem" term insurance as there is no cash value.  It only stays in force as long as she pays the premiums.  Have they been paid?