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Typically, term life insurance policies have a guaranteed number of years that the death benefit remains level and the premium does not change. That would be regardless of any change in your health. And of course, you can terminate a term policy at any time.
At the end of the term, you may have a guaranteed renewal rate that is quite high although you can attempt to qualify for a lower rate. You can also (depending on the policy) convert to a permanent plan.
Some policies offer a Guaranteed Insurability Rider that allows you to obtain additional life insurance at certain dates, regardless of health. Also, new "Term-UL" products combine features of Term and Universal Life, giving you more flexibility than just Term life insurance.
Regardless of how life insurance is extended, it almost always costs more than the original rate. The exception would be if your risk lessened and you are able to qualify for a new policy at a better rating than you originally had.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Can term life insurance be extended? It depends on what you mean by extended? Many level term policies do not end after the level period ends. These policies can be extended on as annual increasing premium term policies. This extension will cost much more than the original policy cost as rates are based on current age.
A term policy cannot be extended past it's contracted end date as that would violate insurance laws about policies.
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At the end of the term, you may have a guaranteed renewal rate that is quite high although you can attempt to qualify for a lower rate. You can also (depending on the policy) convert to a permanent plan.
Regardless of how life insurance is extended, it almost always costs more than the original rate. The exception would be if your risk lessened and you are able to qualify for a new policy at a better rating than you originally had.
A term policy cannot be extended past it's contracted end date as that would violate insurance laws about policies.