Term Life – Term Life has no cash value and generally provides the most coverage for the premium paid. Term life policies now are available with level benefits and premiums for 5, 10, 15, 20, 25 and even 30 years. Many carriers guarantee the premiums for the entire initial term period selected, however others do not, so please be careful when shopping plans to confirm premiums are guaranteed. Term life policies are normally renewable after the initial level term period has expired on an annual renewable basis until some later age. However, premiums increase substantially after the initial term duration. In addition many term life policies are convertible to a permanent policy, this feature can vary from company to company based on the terms of the policy.