Will my term life insurance premium increase during the length of my policy?

Once you have purchased your term life insurance coverage, your life insurance premium rates will not increase for the duration of your policy term.

So, if you bought a 10 year level term life insurance policy, your premiums will remain the same each year for a period of 10 years.

In addition, the amount of life insurance protection provided by your 10 term life policy remains the same each year for the entire 10 year term of the policy.

Only at the end of the term period you have chosen - 10, 20, 30 years - will your life insurance rate increase, if you choose to renew your policy for another term. At this point you can choose to continue your current coverage, or apply for a new policy if you still need term life insurance.

It is a good idea to periodically review your term life insurance policy and your current life insurance needs. Life changes, such as a bigger family or buying a new house, can dramatically change your life insurance needs. You should think about reviewing your existing term life coverage if any of the following have happened to you since you purchased your policy:

1. Bought a new house.
2. Expanded the size of your family.
3. Got a new job or increased your income (promotion).
4. Started a new business.
5. Gotten married or divorced.
6. Left the workforce in order to raise your family.

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