What happens to my term life policy when the level term period ends?

When your level term period (say 20 or 30 years) ends, the policy usually does not simply stop. Most term policies are annually renewable afterward, meaning coverage continues one year at a time but the premium jumps dramatically each year based on your current age, quickly becoming unaffordable. Many policies also have a final expiry age, often 90 or 95, after which they end entirely. If you still need coverage when term expires, you generally must buy a new policy at your then-current age and health, or use a conversion option if your policy has one. This is why matching the term length to how long you will actually need coverage matters so much when you first buy.