It pays a benefit only if you die during the specified term of the policy. Some term policies can be renewed when you reach the end of the initial coverage period, which can be from 1 to 30 years.
Convertibility is another feature to keep in mind with term products.
This option allows you to convert the term coverage to a permanent type policy without showing evidence of insurability, up to a predetermined age. Each company has different limits and guidelines for renewability and convertibility. All term life products offered by Insurance Company Information Online are considered level term policies. This means that the death benefit remains level for the entire initial coverage period. Advantages Initial premiums are lower than those of permanent insurance, allowing you to buy more coverage at a younger age, when the need is the greatest.