What Is the Impact of a Longer Time to Expiration on an Option’s Time Value?

Generally, the longer the time remaining until an option's expiration, the greater its time value will be. This is because there is more time for the underlying asset's price to move favorably, increasing the probability of the option expiring in-the-money.

All else being equal, an option with six months to expiration will have a higher time value than an identical option with one month remaining.