Often yes. Many term policies let you renew without a new medical exam, but the price goes up because it is based on your age when you renew.
A renewable term policy can keep going for more terms, even if your health got worse. You do not need a new exam.
Your premium stays the same during each term. When you renew, the new price is based on your age at that time. So it goes up.
There is an age limit. Texas says most companies offer term only up to about age 70 or 80. The Insurance Information Institute says most will not sell a term that ends past your 80th birthday.
Another choice is to convert. Many term policies let you switch to permanent life with no exam. Texas says this is often allowed until about age 65.
To avoid big price jumps later, think about buying a longer term at the start.
- Read your policy for a renewal option
- Ask the insurer for the renewal price
- Ask if you can convert to permanent
- Compare with a new policy if you are healthy
More questions
Does my term just end if I do nothing?
Yes. Term coverage ends at the end of the term unless you pay to extend it.
Is renewing cheaper than a new policy?
Not always. If you are healthy, a new policy may cost less. If your health changed, renewing may be the easier path.
Words to know
- Premium
- The amount you pay an insurance company for your policy.
