The phrase "to outlive the policy" means to live longer than the period during which a particular policy or agreement is valid or in effect. Full definition
A conventional term plan pays out nothing in case the insured outlives the policy term. (blogs.bajajallianzlife.com)
You must especially consider the term length so you do not outlive your policy when you still need the coverage in force. (bestchoicelifeinsurance.com)
Also, there are no benefits payable in case the life insured outlives the policy period. (oneinsure.com)