Do you have term insurance that you have had for long time and your need for that coverage is going to be longer than expected? Or have you had a change in your health which may prohibit you from qualifying to get new coverage? If so then you will want to explore the possibility of converting your term policy to another type offered by the company you have your current plan with.
I have one client who had been paying for her term policy for over 15 years. Her premiums were on the rise and her need for the coverage looked like it was going to continue indefinitely. She asked me to look into her options. After checking with the company we found out that for just a slighter higher premium than what she was going to have to pay for that year she could convert that old term policy to a Universal Life plan. She was delighted to do so and has been able to continue have the protection she needed and wanted and kept her premiums lower than what she would have had to pay.
Not all term policies have a conversion option. I have come across some policies which only had a conversion option for a short period of time after the policy was issued. So this option is not always available. It does not take hardly any effort though to check it out to find out if a conversion is available.