Will my premiums increase?

It depends on whether you have a term or permanent insurance. With term life coverage, your premiums start out lower than comparable permanent coverage and stay fixed for the initial term. If you choose to keep your policy in force past the initial term, the premiums will likely go up. With permanent life insurance coverage, though, as long as you don’t let your policy lapse, your premiums are guaranteed not to increase for the rest of the owner’s life.