What Do I Need To Know About Term Life Insurance? 
What do you need to know about term life insurance ? You need to know that : 1 -RRB- Unless you have some type of rider stating otherwise , term life insurance will jump way up in price at the end of the term , and go up in price annually after that . Or it will end at the end of the term . 2 -RRB- Most term life insurance will stay the same premium during the entire term , and the death benefit will stay the same for the entire term . But you need to ask your agent to make sure you are buying a guaranteed level premium , and a guaranteed level death benefit , to be sure . 3 -RRB- There is no cash value in term life insurance . Only ROP -LRB- return of premium -RRB- term will pay back a substantial cash value if you keep it enough years , and are alive at the end of the term . 4 -RRB- If you miss a payment more than two months , your term policy will end . There is no cash value in it to pay the premium , so it is very important to keep up your payments with term life insurance . 5 -RRB- Many term policies are convertible to permanent insurance for at least part of the term period . If you convert your term policy , you must convert it to the policy or policies stipulated by the life insurance company at that point in time . These policies may or may not have lifetime guarantees , but will be UL or WL . The rate will be based on your age at the time of conversion . There are no health requirements ; your permanent policy will be rated similarly to what your term policy was rated . 