Can My Life Insurance Rate Increase If I Get Older or My Health Declines?

No. Your rate is determined by your age and health when you first apply for your life insurance policy.

Once you are insured you cannot be singled out for a rate increase, they are guaranteed to remain the same for the life of your policy or the length of time your term coverage guarantees your rate.

For example, a permanent life insurance policy has a rate that is guaranteed to remain the same for your entire lifetime you are insured under your policy.

Whereas, a level term life insurance policy has a rate that is guaranteed to remain the same for the entire duration of the "term" for your policy.

So, if you have a 30 year level term policy, your rate remains the same for a period of 30 years.