What Happens At The End Of A Term Life Insurance Policy? 
When you first purchased your term life insurance policy , one of the options you designated was the term length -LRB- 10 , 15 , 20 , 25 , or 30 years -RRB- in which the premium would remain locked in place for and could not increase . At the end of the designated term length premium guarantee period , the policy will do one of two things : 1 -RRB- the premiums will begin to increase each year by a substantial margin -LRB- based on age -RRB- 2 -RRB- the premiums will remain the same , but the death benefit will rapidly decrease -LRB- this method is only used on some term policies that are issued on a universal life chassis -RRB- What you will commonly see is the first method . For example , if you purchased a 20 year term policy and outlive the 20 year period , the premiums will start increasing in year 21 . Since the premiums will keep going up and up , most people replace the term policy with a new life insurance policy -LRB- term or permanent - depending on need and age -RRB- to create a new premium guarantee period . Note - the new policy will feature a higher rate structure -LRB- for the same coverage structure -RRB- as your older and due to any changes in health history - to accommodate this , you can adjust the face amount or length of coverage to reduce the premium of the policy . I hope the information is helpful - please feel free to contact me for assistance with your coverage and if you have any other questions . Thanks very much . 