Unless your financial reasons for originally purchasing term life insurance have are no longer a reality, you should continue your coverage. If your financial liabilities are ongoing you may want to consider converting your term life insurance to permanent life insurance if the existing policy permits.
When Term insurance enters the annually renewable period, there is no good reason to hang onto it, unless you only have need for coverage for another year, or if you are terminally ill. Those premiums are going to continue to go up every year, so it's best to bite the bullet and get a new policy now.
If your policy has not yet reached the end of the term, you could check to see if you can convert it to a permanent policy. If you are going to pay higher rates soon, anyway, it is far better to pay them for a permanent policy. Converting does not ask any health questions, so can be done with a simple form and is an excellent way to extend coverage if your health has declined since you took out your Term policy.
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If your policy has not yet reached the end of the term, you could check to see if you can convert it to a permanent policy. If you are going to pay higher rates soon, anyway, it is far better to pay them for a permanent policy. Converting does not ask any health questions, so can be done with a simple form and is an excellent way to extend coverage if your health has declined since you took out your Term policy.