If your health has stayed the same you can get new coverage for less than the existing coverage.

But you might be able to get a NEW policy, at a lower rate, IF you can be re-underwritten. Maybe even with the same company.

So, shop this out (but get all the shopping done before this payment is due!). And next time, get a 20 year term, guaranteed renewable and convertable. Because every time the term is up, the rate WILL increase, so lock it in for as long as you can.

1. Evaluate how much insurance you need now and how much you will need over the next 10-20 years.

2. Get quotes from other insurance companies for similar policies.

3. Consider different term policies, e.g. level term or reducing term.

You may not need as much insurance now as you did before. Or you may need more. Your insurance needs may decline over time as you accumulate private savings and investments. A reducing term policy cost less than level term.

You are wise to stay with term insurance. All others are term plus a savings feature. They earn bigger commissions for sales people but provide less benefit to you.

Sales people like to add a double indemnity clause for more money. Ask yourself do your heirs need more money if you die in an accident than if you die in bed?