It depends on your policy. Premiums on Whole Life never go up. A properly funded Universal Life will never go up. Term insurance will go up at the end of each term. One year term will go up each year, 10 year term every 10 years, 20 year term every 20 years and so forth, assuming that the term policy is renewable.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
At what age does life insurance go up? Prior to purchase life insurance costs, no matter the product rise every age change. In the younger ages the difference is a few dollars. Starting around age 50, the slope for cost increase starts to rise sharply. In your 60's and above waiting can add thousands onto the cost of your insurance. By purchasing a policy, you can either lock the cost in for the life of the policy (permanent) or for a block of time (term).
There are some life insurance policies that go up when your age hits 5 years increments. After paying these increases a few times, you could find yourself unable to afford the premium at a time when you are most likely to need the coverage.
Term life insurance usually (but not always) guarantees that the premium will stay up for a set number of years, then often jumps up in price drastically and goes up every year after that.
Whole Life and Guaranteed Universal Life with a no lapse guarantee will not go up in price as long as premiums are paid in a timely manner and the policy is maintained properly.
As you can see, it is very important to know the terms of each policy before you purchase it.
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Term life insurance usually (but not always) guarantees that the premium will stay up for a set number of years, then often jumps up in price drastically and goes up every year after that.
Whole Life and Guaranteed Universal Life with a no lapse guarantee will not go up in price as long as premiums are paid in a timely manner and the policy is maintained properly.
As you can see, it is very important to know the terms of each policy before you purchase it.