We consider a wireless communication system with a passive eavesdropper, in which a transmitter and legitimate receiver generate and use key bits to secure the transmission of their data. These bits are added to and used from a pool of available key bits. In this work, we analyze the reliability of the system in terms of the probability that the budget of available key bits will be exhausted. In addition, we investigate the latency before a transmission can take place. Since security, reliability, and latency are three important metrics for modern communication systems, it is of great interest to jointly analyze them in relation to the system parameters. In particular, we show under what conditions the system may remain in an active state indefinitely, i.e., never run out of available secret-key bits. The results presented in this work will allow system designers to adjust the system parameters in such a way that the requirements of the application in terms of both reliability and latency are met.