What happens after the initial term insurance guaranteed premium period?

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It's up to you. If you no longer need the protection you can simply cancel the policy. To continue coverage, you can apply for "re-entry" which typically means agreeing to take a new medical exam. If approved, you'll be able to lock in a new rate with your original company for an additional 5 to 30 years (as long as the maximum issue age for that plan has not been exceeded.) Assuming good health at the expiration of your guarantee period you can also simply shop the marketplace and find ongoing guaranteed coverage at the lowest possible market rates.

If you don't apply for re-entry, find other coverage, or if the results of your re-entry medical exam disqualify you for re-entry, you will still have a guaranteed right to annually renew your policy through age 95 (in most cases). However, renewal premiums will increase each year (and very substantially as you get older) within the specified guaranteed maximums stated in your original policy.

Many term life insurance plans may also allow you to convert your term insurance coverage to a guaranteed level premium, whole life type plan - although this conversion right is limited and often must occur prior to the time at which the initial guarantee period ends.

Important - Because of the potentially dramatic increase in premiums if you are unable to reenter at the end of your guarantee term insurance period or find other acceptably priced coverage -- be sure to select a term insurance policy with an initial guaranteed term period that will meet or slightly exceed your need for coverage.