Term Life Insurance means that the policy and price are guaranteed for a specific length of time or term. Terms range from 5yrs to 30yrs, but most companies typically offer 10year or 20year term policies. Once the term comes to an end, the policy can be renewed for another term however the price will be significantly higher. If you want to keep your policy in place, you have to pay the new premium which will be locked in for the length of the new term.
For example, if you sign up for a 10yr term policy, your coverage and rate will be guaranteed for 10yrs. After 10yrs, you can renew and lock in your policy for another 10yrs but the price will most likely be 2-3 times the amount you were originally paying. After each 10yr term ends, the price gets exponentially more expensive.
For this reason, Term Life Insurance is best suited for short term insurance planning. If you have a large mortgage, young kids, a key employee, or a business situation that requires short term insurance. Term insurance is the cheapest form of insurance and because there is no value in the policy unless you die, we compare it to renting your home. You have a roof over your head when you need it but the price goes up over time and as soon as you walk away or hand your keys back to your landlord, there is no value to you, you will receive nothing when your policy term ends or you cancel your policy.