In existence assurance is here a cost for not ?
dying within an alloted time ?
If you die after the policy expires, it doesn't settle. Is that what you mean?
Obviously, you expect life insurance, not assurance.
In my state near is a two-year contestable period on any vivacity insurance contract. This means that if the insured dies during the first two contract years, the company will investigate. If the insured have made misrepresentations on the application that would have decline the policy, or caused the policy premium to be rate up, the company can decline payment, or settle only the amount that the premium which be paid have purchased, if the policy would have be rated up. Also, the policy would not cover suicide within the first two policy years.
After the first two policy years, the company cannot decline payment, unless fraud be suspected and proven. But more than likely this would not occur. In this case and the cases above, adjectives premiums that were salaried on the policy would be refunded to the beneficiary.
If the insured have a term policy, and the occupancy period have expired, and death occur afterward, no benefit would be paid to the beneficiary.
If the policy be a whole life span, or limited settle up life (10-pay, 20-pay, etc.) the policy would be payable at demise, or at age 100, whichever occurs first.
Note: Cari's answer above is wrong.
Answers: LOL ... no! If nearby is a set term on the policy and you are still alive at that date, after you get the payout anyway. If you died back that date then your subsequent of kin would have get the payout. If there's no set term, afterwards it just pays out when you die.