This occurrence is referred to as extension risk, whereby a policy remains in force at or beyond an individual's life expectancy. (investopedia.com)
In this environment, we believe investors need to have the flexibility to actively manage duration and extension risk in high yield. (asianprivatebanker.com)
This is similar to what happened in 1994, when the prime mortgage market blew up over extension risk. (alephblog.com)