The exact gift value can be, and should be, obtained from the insurer. As previously mentioned, insurance companies offer a wide variety of policies at any given time. Term insurance premiums reflect the actuarial risk of the insured's death occurring within the term of the policy. It accumulates no cash or surrender value. When the term ends or the premium is unpaid, the insurance lapses with no remainder value.
Most policies are renewable for an additional term when the present term ends.
The premium cost is set by the insured's age at the time of renewal. With constant face value term insurance, the insurance coverage remains constant and the premium increases at each renewal. With decreasing term insurance, the premium remains constant and the insurance coverage is reduced at each renewal. Some term insurance policies are convertible to other forms of life insurance. Depending on the policy terms, evidence of insurability may or may not be required prior to a conversion.