Some disadvantages of term insurance are that it increases in cost when you renew it and that it has no value when it matures or you discontinue your policy.

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Term insurance is a type of life insurance that provides coverage for a specific period of time, such as 10, 20 or 30 years. When the term expires, you can usually choose to renew your policy, but the cost of coverage will typically increase as you get older. Additionally, term insurance policies do not have any cash value, which means that if you cancel your coverage or it expires, you will not receive any money back.

Some Disadvantages of Term Insurance Are That It Increases in Cost