Originally, there was one type of term insurance. The premium increased annually with the insureds age. Over time multiple variations of term insurance were introduced offering a fixed level premium for a fixed number of years (10, 15, 20 and 30 being the norm). The longer the fixed level premium number of years the higher the premium for any given age. Term insurance has no cash value. It expires when a premium is missed or at the end of its fixed term, after which a massive premium increase is required to keep a level term policy in force. The alternative being completing a new medical and buying a new term policy at that older age and based on the insureds then current health. Often not feasible.