Increasing term life insurance is a type of life insurance policy where the death benefit increases over the term of the policy. The increase could be a fixed amount each year or tied to an inflation index.

This type of insurance may be suitable for individuals who anticipate their financial responsibilities growing over time, such as those with growing families or increasing business obligations.

The key difference is the death benefit amount. In increasing term life insurance, the benefit grows over time, whereas in level term life insurance, it remains the same. Premiums for increasing term life insurance may be higher or may increase over time compared to level term insurance.

Like other types of term insurance, increasing term life insurance expires at the end of the term. If the policyholder is still alive, no death benefit is paid out. Some policies may offer a renewal or conversion option, but the details vary by insurer and policy.

Typically, yes. The premiums for increasing term life insurance generally increase over time in conjunction with the increasing death benefit. However, the exact details depend on the terms of the policy.

Convertible term life insurance is a type of term life policy that includes a feature allowing the policyholder to convert their term policy into a permanent life insurance policy, like whole or universal life. This can be done without undergoing a new medical examination, irrespective of the insured's health at the time of conversion.

This type of policy can be beneficial for individuals who anticipate their insurance needs will change over time. For instance, young individuals or families who initially can't afford permanent life insurance but foresee a better financial future might consider convertible term life insurance. It's also suitable for those who anticipate their health might deteriorate, making it harder to qualify for a new policy in the future.

The main difference is the conversion feature. With a convertible term policy, you have the option to switch to a permanent life insurance policy without a new medical exam. Regular term life insurance doesn't have this feature, so if you wanted to get a new policy after your term expires, you'd typically have to undergo a new medical exam.

When you convert your term policy, you'll start paying higher premiums associated with the new permanent policy, but you won't need to undergo a medical examination. The death benefit remains the same, but now the policy will also have a cash value component that grows over time.

The conversion period varies but is usually within a specified timeframe or before a certain age, as defined by the policy. Restrictions might include waiting a certain period after the policy begins before conversion, or limiting conversion to certain types of permanent policies. The specific details of when and how you can convert will depend on your policy and insurance company.

Return of Premium (ROP) term life insurance is a type of term life policy that returns the premiums paid if the policyholder outlives the term of the policy. The returned premium is usually tax-free as it's considered a return of your payments, not income or a gain.

ROP term life insurance can be a good fit for individuals who need life insurance coverage for a specific period but also want a return on their investment if they outlive the term. It's also suitable for those who can afford the higher premiums associated with this type of policy compared to a standard term life insurance.

The main difference is the return of premium feature. Regular term life insurance doesn't offer a refund of premiums if you outlive your policy. ROP term life insurance, on the other hand, will return the premiums you paid, but it comes with higher premium costs to compensate for this benefit.

If the policyholder is still alive at the end of the term and the policy is in force, they receive a return of all the premiums paid for the policy. If the policyholder passes away during the term, the beneficiaries receive the death benefit.

Typically, no. The returned premium usually doesn't include any interest or earnings. It's generally a return of the base premiums that you paid during the policy term. Any additional premiums paid for riders or other benefits may not be included in the returned amount, but this depends on the specific policy terms.