If you have a level term life policy, your premiums stay the same each year for the entire duration of your term, up to 30 years.
If you have an annual renewable term life policy, you have life insurance for one year.
If you choose to renew your coverage at the end of the year, your premium will increase based on your age at the time you renew your policy for another one year term.
The main benefit of level term life coverage is that you lock-in a low rate that remains the same for the term of your policy, whether your term is 5, 10, 15, 20, 25 or 30 years of coverage.