If you purchase a "guaranteed level term" insurance policy, the premium will remain the same for the term period-10, 20, or 30 years.  However, if your policy provides for renewal, the premium for the second "term" period will increase, sometimes significantly.

For Example:

Male-Age 35 purchases a 20-Year Level Term Life Insurance Policy which is issued at a "Preferred Plus-Non-Smoker" rate:

Premium for 20 years - $ 239 per year**

Premium starting year 21 - $ 3,045 per year**

This is why we say that term life insurance may be more economical - initially.

**This example is based on a 20 year guaranteed level term life insurance policy underwritten by Metropolitan Life Insurance Company.   Premiums are subject to change.

• Term life insurance provides low cost insurance protection at first, but premiums generally increase with age and may become unaffordable later in life.
• There is no "cash value" element, so you miss the tax-deferred growth of the cash value of permanent life insurance policies.
• At the expiration of the "term" period, unless the policy is renewed, the life insurance coverage will cease and the policy has no further value.
• Term life insurance is designed for a temporary life insurance need, like retiring a 30 year mortgage.
• If your life insurance need is large, but you have a limited budget, term life insurance may be a good place to start your life insurance program.