With a(n) term option, you can continue your existing term insurance coverage for another term.

In insurance, a term option allows policyholders to extend their existing term life insurance coverage beyond the original policy period without needing to undergo a new medical examination or application process. This option is beneficial for individuals who may still require life insurance coverage as they age or if their financial circumstances change.

The key points to consider with a term option include:

1. Duration of Coverage: The extended term can last for a specified additional period, which might mirror the original term—such as 10, 20, or 30 years—or be defined by the insurer.

2. Premium Adjustments: While you can continue the coverage, the premiums may increase based on your current age or the terms of the policy. Some policies have level premiums that remain constant, while others may adjust over time.

3. Conversion Features: Depending on the policy, there might be an option to convert the term policy to a permanent insurance policy during the extension period.

4. Lapsed Coverage: If you choose not to exercise the term option, it's vital to ensure that you have other insurance arrangements in place because your existing coverage will expire when the term ends.

This flexibility that a term option provides is essential for those planning for future financial responsibilities or uncertainties, as it allows continued protection without beginning the entire application process anew.