Issue link: http://clhia.uberflip.com/i/405151
8 LIFE INSURANCE POLICIES LIFE INSURANCE TERM TO 100 TERM To age 100 Guaranteed. Usually remain level. Guaranteed in contract. Remain level. Usually none. (Some policies have a small cash value or other non-forfeiture value after a long period, say, 20years.) See above. See above. Most policies are "non-participating" and do not pay dividends Depends on term in contract. Often renewable for additional terms but usually not past age 70 or 75. Guaranteed and remain level for term of policy (e.g., 1 year, 5 years, 10 years, etc.). Increase with each new term. Guaranteed in contract. Usually none. (Some long term policies have a small cash value or other non-forfeiture value.) Most policies are "non-participating" and do not pay dividends Provides protection to age 100 - if kept in force. Premium cost usually stays level,regardless of age or health problems. Premium cost is lower relative to traditional permanent policies. Usually no cash values and no or limited non-forfeiture values. • Suitable for short term insurance needs, or specific liabilities like a mortgage. • Provides more immediate protection because, initially, it is less expensive than permanent insurance. • Can be converted to permanent insurance without medical evidence (if it has a convertibility option), often up to ages 65 or 70. • If renewed, premiums increase with age and at some point higher premium costs may make it difficult or impossible to continue coverage. • Renewability of coverage will terminate at some point, commonly age 65 or age 75. • If premium is not paid, the policy terminates after 30 days and may not be reinstated if health is poor. • Usually no cash values and no non-forfeiture options.