"Expiry" in the context of insurance refers to the date on which an insurance policy's coverage ends or is terminated. Upon reaching the expiry date, the insurance company's obligation to provide coverage under the terms of the policy ceases. This concept is applicable to various types of insurance policies, including life insurance, health insurance, and temporary or term insurance policies.

Key aspects of policy expiry include:

  1. Term Policies: For term life insurance, the expiry date is predetermined and marks the end of the coverage period.
  2. Renewal: Some policies, may offer the option for renewal at the end of the term. The terms of renewal, including premium adjustments, may depend on the policyholder's age, health status, and other factors at the time of renewal.
  3. Conversion: Certain term policies may include a conversion privilege, allowing the policyholder to convert the term policy to a permanent policy without evidence of insurability before the expiry date.
  4. Permanent Policies: For permanent life insurance policies, such as whole life or universal life, the expiry date might be set at an age that the policyholder is unlikely to reach (e.g., 100 or 121 years old), effectively providing lifetime coverage.

Understanding the expiry date of an insurance policy is crucial for policyholders to ensure continuous coverage and to make informed decisions about renewal, conversion, or purchasing new coverage.

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