This lower price is accounted for by the fact that the possibility of pay-out not being given as goes with the expiration of the term is high. The consumer has an option of whether renewing or stopping his or her insurance plan after the term expires. If, however, the policy holder opts to discontinue payments of the premium as he or she has decided to transfer ownership of the insured thing to someone else, the insurance provider will not give any refunds and would decline any benefits claim or pay-out request made in the event that it may otherwise be appropriate to do so. Cheap term life insurance ensures a 100% satisfaction of claims made against the thing insured, provided that diligent payments of premiums are made and the claim is made properly within the allowed period by the term. The insurance provider would not give any single dollar pay out if claims have been made upon the expiration of the insurance contract and when payments of premiums are neglected. The insurance cover may be renewed upon expiration but with higher premium costs. This is explained by the economic disturbances and even growth that may happen from time to time, which then cause the increase in prices of commodities in general.