Premium payment varies depending on the type of insurance policy you selected. For traditional term life insurance, you have to pay a fixed premium for the initial period of 10, 20, or 30 years. If you need to maintain your policy in force past that period, the premiums will probably increase. However, regarding universal life insurance policies, you are flexible in premium payment. If you pay more at a young age, you can accumulate the cash value to cover the insurance cost when you become older. If you do not build up that cash value, then the amount paid to keep the policy in effect will ascend with age.