Do Term Life Insurance Premiums Increase?

That depends on the type of term life insurance policy you have.

Level term life insurance policies have premiums that stay the same each year for the entire duration of your policy "term".

So, if you buy a 15 year level term policy you pay the same premium for the 15 years you have your life insurance coverage.

If you choose to renew your policy for another term when the original 15 years ends, your premium will increase based on your age at the time of renewal.

There are also annually renewable term life insurance policies that charge a level premium for one year of coverage. But, each year you renew your policy your premium increases.