My husband and I bought a 30 year term policy from Primerica a few months ago. It was only upon delivery of the policy that we noticed (rep never mentioned it) that premiums were only guaranteed for 20 years.
When we questioned our rep on the other 10 years, we were told that the company could increase premiums after 20 years, but they have never exercised that right, so not to worry about it.
Do most companies maintain the right to increase premiums for the term being purchased? Are there any companies that guarantee term premiums for the full term being purchased? We'd much prefer that, as don't want to roll the dice on something this important and find that we can't afford premiums after paying for 20 years.
It's not about the life insurance company, it's about the product type. A whole life insurance policy, for example, will have a guaranteed level premium, forever. That means each and every year of your whole life policy the premiums would remain the same.
Most life insurance companies will guarantee a rate on a straight term life insurance policy for about 20 years. It doesn't mean they aren't out there.
Your life insurance policy may be a IS or 20 year term, with a 10 year renewal option. Premiums for the 10 extra years, would be determined at the time you want to exercise that option when the current term expires.
Here's how you can learn more about how term life insurance works.