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You can often renew term life insurance, but it is not going to be at the rate you were paying. For example, if your 10-year annual; premium was $400 per year, your "guaranteed" renewal might be $2,500!
However, if you are still in reasonably good health, you can apply for a new policy with the most competitive carrier and probably get a much lower rate.
A full-time financial planner or broker always will provide you with the best advice.
Annual renewable term life insurance is renewable at an ever increasing annual premium. Some guaranteed level term life insurance can renew after the guaranteed period is over at an ever increasing annual premium. Many planners’ recommend purchasing term life insurance with a conversion clause to extend permanent coverage as another alternative to renewable premiums.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
Whether you can renew term life insurance depends on a few things. Most insurers offer guaranteed renewable term insurance up to a certain age such as 70, 75 and in some cases 80. That doesn't mean that you can renew it at the same premium amount as you had the first time! The premium amount is adjusted upward for every year you live. If yours is not a guaranteed renewable you may have to qualify according to your health condition as well in order to renew or buy a new policy. These are some of the reasons it's better to buy Whole Life or convert your term to whole life while it's available and relatively affordable.
Robert J Russell - Finalist for Broker of the Year 2015
Broker Owner, InsuranceAgentsSelling.com, United States (Most States)
The good news is that many policies will give you the option to renew your policy when you reach the end of the term. The bad news is that you’ll probably face much higher costs since age is one of key factors used to determine life insurance premiums. To renew the policy, you also may have to present evidence of insurability (that’s insurance jargon meaning, “take another medical exam and answer a new round of questions about your lifestyle, health status and family health history”). If you’re still a fine specimen with healthy living habits, you might re-qualify at a reasonable rate. But if your health has deteriorated, you may find that it’s too expensive to renew your policy or you may not even re-qualify.
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However, if you are still in reasonably good health, you can apply for a new policy with the most competitive carrier and probably get a much lower rate.
A full-time financial planner or broker always will provide you with the best advice.