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. Good for a specific need that disappears over time, such as a mortgage, children's education costs, or an automobile loan.
Policy proceeds pass to the beneficiary tax-free.
There is no buildup of cash value. Has a finite term that the policy is in-force. Premiums rise as you grow older. Coverage may terminate at the end of the term period or may become too expensive to continue coverage. Because of advances in technology the insurance industry has been able to underwrite each case with much greater accuracy and efficiency.