Term life insurance, like the name suggests, is only good for a certain period of time, usually 10-30 years. A benefit is only paid out if the policy owner should die during the specified term. Term life insurance is the least expensive form of life insurance and the most widely used.  Term insurance is an extremely good value for most applicants, because the insurance companies have actuaries who calculate the likelihood of your death at your age and health class.  If the likelihood of your death is very low, the price for the term life insurance is low too.

While some term policies can be extended or renewed at the end of the term, the premiums are much more expensive that way.  Usually you would only pay the much higher premiums if you were not healthy and could not qualify for a new term policy.  Even though you are older at this point, buying a new term policy will be a better value than extending an expired term policy.  Of course if you are not healthy enough to qualify for a new term life insurance policy you must renew the plan if it is offered, or lose coverage.