Will My Life Insurance Premiums Increase?

That depends on whether you have term life insurance or permanent life insurance.

Level term life insurance has premiums that remain the same each year for the entire length of your term, usually up to 30 years.

If you choose to keep your life insurance in force after your initial term ends, you may renew your term life policy for another term (usually up to 10 years), at a new premium based on your age at time of renewal.

Whereas, permanent life insurance has premiums that remain the same for your entire lifetime.

Keep in mind, permanent life insurance usually costs 3 to 5 times more per year than term life insurance, depending on the length of term for your term life policy.