1. Annual renewable term life insurance has a level death benefit while its premium:

Increases each year as the insured grows older

Annual renewable term keeps the death benefit level but charges an increasing premium each year as the insured ages.

2. A convertible term life policy gives the insured the right to:

Exchange the term coverage for permanent insurance without proving insurability

A convertible term policy lets the owner convert to permanent coverage without new evidence of insurability within the allowed time.

3. Interest-sensitive (current assumption) whole life differs from traditional whole life because its values reflect:

Current interest rates credited by the insurer

Interest-sensitive whole life adjusts values based on the insurer's current interest crediting rates rather than fixed assumptions.

4. Variable universal life insurance combines flexible premiums with:

Policyowner-directed separate account investments

Variable universal life offers flexible premiums plus policyowner-directed separate account investments, so values vary with performance.