What happens to premiums during the renewal of a level premium term policy?

When a level premium term policy is renewed, the premiums indeed vary based on the insured's age at the time of renewal. Initially, level premium term policies offer fixed premiums for a specific term, making them more affordable in the early years. However, upon renewal, the insurance company reassesses the risk associated with the policyholder, which includes considering their current age. As the insured gets older, the risk of mortality increases, leading to a rise in renewal premiums.

This adjustment reflects the higher likelihood of a claim being made as the insured ages, which is a standard practice in life insurance. As a result, while the renewal premiums are not fixed as they were initially, they do change to correspond with the age and health condition of the insured at the time of the renewal.