The rate you are charged for your new term life policy will be higher because it is based on your age at renewal of your life insurance policy.
Unless you have a health issue that precludes you from being able to get a new life insurance policy elsewhere, you are probably better off just getting a new life insurance policy instead of renewing your current life insurance plan.
That way, you can compare rates from multiple life insurance carriers to find the most affordable plan from a highly-rated insurance company. By doing this you may save hundreds of dollars over the life of your new term life policy.