After 10 years you'll most likely have to refinance, or at least show them enough information to constitute a full application (which is really the same thing anyway).
Presumably in 10 years (or even 5) you wouldn't be paying LMI again because the property would have gone up in value and hopefully you'd only borrow 80% or less of the properties value at that time.
I'd expect your circumstances would change dramatically over the next 10 years anyway. Forward planning is an excellent thing, but sometimes you've just gotta roll with it. I strongly suspect a loan you set up today won't look the same in 10 years - you'll probably do something more dramatic than roll over to I/O within that period.
