By Bill Hupp, Life Quotes, Inc.

When it comes to life insurance premiums and age, the relationship is directly proportional: The older you are, the more expensive your policy will likely be.

A hidden benefit of term life insurance: many policies are guaranteed renewable up to age 95 without an exam (assuming no major changes in medical condition). That said, every year the premiums increase until the initial term period has expired.

The LiveStrong website offers detailed information about guaranteed renewable insurance and age.

Some term policy renewals do require an exam or an insurability review, while others may simply be renewed by paying a “renewal” premium.

The renewal premium is usually more expensive than the yearly premiums, however, and the costs can quickly add up.

There is no hard and fast rule about age limitations when purchasing health insurance, but the typical cut-off for whole or universal life insurance is age 85, and 90 for term life. Packages are typically offered in 10, 20, and 30-year terms, and if you’ve kept up with the premiums and are in good health, you can continue to renew.

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