Most Term Life plans are renewable to age 90 or older. But the cost of the policy goes up substantially each year once the guaranteed level premium period expires.
However, the affordability and flexibility provided by the long-term rate guarantees (10,15,20,25 and 30 years) of term life plans and the financial achievements you can accomplish during that time period is the reason term life insurance is a much better option than cash-value plans.
Cash-value plans (Whole Life, Universal and Variable Life, and Return of Premium Plans) assert that you will need life insurance for your entire life, so to cover the higher cost of insuring you in your later years, they overcharge you in the earlier years of the policy. It is Dave Ramsey’s opinion that the money you save with term life insurance should be used to pay off debts and grow your wealth so that, by the time you’re older and the term expires, you won’t even need life insurance anymore. Don’t be fooled by the idea that you’ll need lifelong insurance coverage – life insurance is only necessary when your death would cause your family to suffer financially due to loss of income or debt.