Will My Life Insurance Premiums Increase Over Time?

Whether or not your premiums will increase depends on whether you have term life insurance or permanent insurance.

With term life insurance coverage your premiums start out lower than comparable permanent life insurance coverage and stay fixed for the initial term (duration of your policy). If you choose to keep your term policy In Force past the initial term, the premiums will likely go up when you renew for another term.

With permanent life insurance policies, as long as you don’t let your life insurance coverage lapse, your insurance premiums are guaranteed not to increase for the rest of the owner’s life.

Here's how to compare term insurance versus permanent insurance.