Yearly renewable term life insurance has a lower initial premium; however, the premium rises each year.
Yearly renewable term life insurance is only cost effective for a few years because of the rising premiums.
If you need term life insurance protection for more than a few years, then a level term life insurance policy can cost a lot less in the long run.
Make sure to carefully consider the length of the level premium period that will suit your needs.
For example, if the primary purpose of the death benefit for your life insurance is to provide income to support very young children and/or to fund college education expenses, a 20-year level term life policy might be a good option.
If your kids are already in their teens, you may only need a ten year level premium policy, because longer level premium term policies are more expensive.
After the level premium period expires on your term life policy, most policies require you to requalify with medical underwriting in order to receive a favorable premium.
However, if you have renewable level term life insurance you may renew your expiring level term policy for another 10 year term without taking an exam, but your renewal premium will be based on your age at renewal.