Oklahoma Life Producer Practice Exam 2025 – All-in-One Resource to Master Your Certification

In the case of a Term to 65 contract, if the insured is still alive at age 65, the contract will typically expire without value. This is because term life insurance is designed to provide coverage for a specified period, and once that term ends, the protection ceases. If the insured survives past the age limit established in the policy and there is no conversion option or renewal into a permanent plan, the policy does not pay out any benefits.

Understanding term life policies is crucial, as they are not intended to accumulate cash value or provide benefits once the term limit is reached unless specific features are included in the contract. However, if there is a conversion provision in place that was exercised before reaching 65, it would allow the insured to switch to a permanent policy, but that is not a standard feature of all term policies. Therefore, for a standard Term to 65 contract without conversion, the most accurate outcome is that it expires without value if the insured is alive at that age.