Which of the following is NOT a characteristic of term insurance?

The characteristic that is not associated with term insurance is the notion of having no expiry date. Term insurance is, by definition, a type of life insurance that provides coverage for a specific period, or term, which can range from one year to several decades. After the term expires, the coverage ceases unless it is renewed or converted to a permanent policy.

In contrast, permanent life insurance policies, such as whole life or universal life, do not have an expiry date and remain in force for the lifetime of the insured, as long as premiums are paid. Therefore, the nature of term insurance inherently includes an expiration, which is a key factor that distinguishes it from permanent coverage.

The other characteristics associated with term insurance, such as its temporary nature, generally lower cost compared to permanent plans, and the fact that it may not provide a death benefit if the insured outlives the term, accurately describe the product. These factors contribute to the financial planning strategies employed by individuals seeking cost-effective coverage for specific situations or time frames.