Yes. To be more flexible and only pay for coverage when you need it, you can opt for a one-year policy that renews every year until you are 100 years old, in which case, premiums would increase with your age at each renewal date. Otherwise, you may also choose to be insured for a fixed number of years of your choice. The choice of coverage for a fixed term policy is a minimum of five years or more, until you reach age 70.