At the end of the designated "term" length premium guarantee period, the term life insurance policy will do one of two things:
1. the premiums will begin to increase each year (annually) by a large amount based on your age at the time of each annual renewal.
2. the premiums will remain the same, but the life insurance death benefit will rapidly decrease.
What you will commonly see is the first method stated above.
For example, if you purchased a 10 year term life policy and outlive the 10 year period, the premiums will start increasing in year 11.
Since the premiums will keep going up and up each year, most people replace the term life policy with a new life insurance policy, either term or permanent, depending on your need and age. This new life insurance policy would create a new premium guarantee period.
Here's how you can compare instant term life insurance rates from several of the top life insurance companies.