Term policies are great because you can generally get more coverage for cheaper. It's a great product to protect your mortgage because you can get a term for 30 years for the amount of the mortgage. When you pay off your mortgage, your term policy expires unless you convert it to a permanent life insurance product, which can be costly depending on your age. But, what if you're approaching 70, for example, and that term policy will be too expensive to convert to a permanent po