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You will be going through underwriting again, your new rate will be based on starting at an older age, and you'll have a new exclusion period begin (unless there are some provisions which prevent these in the event of a company failure). Hopefully you haven't had any significant health conditions present themselves since the original policy went into effect.

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Insurance companies will find any and every reason to not insure you. A slight change in lifestyle could mean you are no longer covered.

With term life insurance specifically the lifetime policy premiums are typically so low relative to the value of the policy that there's a natural bias towards insuring generally healthy people. Its not uncommon to see policies that are something like $40/month for 20 years ($9600 in premiums) for a $1mm death benefit, for example.

People with more complex medical conditions often can get life insurance from smaller, specialized providers... and at much higher rates. But the big mass-market players offering inexpensive term life products are only offering them that cheaply because they really control the risk profile during underwriting.

Insurance companies only make money, when they insure people..

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