Once the initial level period expires, most level term policies can be renewed but usually at much higher rates. (termland.com)
Term life insurance is «temporary» coverage usually offered in level periods of 5, 10, 15, 20, 25, and 30 years. (keypersoninsurance.com)
I don't see a real issue with it, but obviously it requires you to monitor price level each period and adjust your investment accordingly. (financialsamurai.com)