Once you are approved, your policy will contain a premium schedule that will show all premiums payable, including the renewal premiums that would apply at the end of your term. As long as you continue to pay your premiums, your coverage will continue at these rates.
Premiums are guaranteed for the life of the policy and will be specified in the policy schedule included in the insurance contract. Premiums remain the same for the term length selected. After that term length passes, premiums will renew annually.
Here’s an example to help illustrate how it works: A 25 year old female, non-smoker applies for $1,500,000 in coverage with a Term 20. Premiums are the same at $52.47/month for the next 20 years. At the end of the 20 years, the coverage will renew with premiums increasing year over year.