@trnubian Your 5 year term is now in what is called "annual renewable term" phase. It goes up in cost every year until you reach the date where they will refuse to keep covering you. That is going to vary by carrier. But it's probably not for a long while.
This isn't a bad thing if you have a need for 50k of insurance, but that is sort of a weird amount.
Why do you have this insurance policy. That's the most important piece of information at the end of the day.
Is it to cover a debt (like a mortgage?) Is it to replace lost income if you die? Is it to pay to help raise your kids if you die?
If it is any of those... This is not nearly enough coverage. You need term life. Depending on things probably over $200k, but maybe as much as several million. Most people are massively under insured and at your are term is cheap. Get a lot.
Is it to pay for funeral costs? Is it to leave a legacy or gift of some sort when you die?
If yes, this is the wrong type of policy. You need whole life. Probably a much smaller one. Probably one that can be paid off in 10-20 years.
If you were planning to use it as an investment opportunity, I would assume you would be asking different questions so I won't even mention Universal Life. Basically, ignore anyone who talks to you about universal life (or an product called adjustable life, flexible life or IUL or VUL). There is nothing wrong with these products but they serve pretty specific purposes and get misused and inappropriately sold A LOT. Proceed with caution if anyone suggests them.