At renewal the premium for a renewal term policy is based on what?

I own a term life insurance policy. What is my renewal premium based on for the renewal of my term life insurance policy?

Renewal term life insurance provides temporary coverage for 10, 15, 20, or 30 years, usually.

At renewal, the policy may allow you o renew your life insurance plan for another term.

The renewal provision is a clause within the insurance policy that permits an insured to renew the policy without having to take a medical examination.

Regardless of his or her physical condition, the premium cannot be increased at renewal to reflect an adverse medical condition, usually.

However, the new rate at renewal of your term policy will depend on your age at that time, the length of term for your term life renewal policy, and the amount of life insurance provided by your policy.

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