Which type of term insurance has benefits that rise over time while keeping the premium fixed?

Increasing term insurance features benefits that rise over time while maintaining a fixed premium throughout the policy's duration. This type of policy is designed to provide coverage that adjusts for inflation or increasing financial responsibilities, aligning with the insured's anticipated future needs.

As the benefit amount increases, the premium remains stable, allowing policyholders to secure more significant benefits without the stress of fluctuating costs. This makes increasing term insurance an appealing option for individuals who expect their coverage needs to grow over time, such as parents planning for their children’s future education costs or anyone anticipating rising living expenses.

In contrast, decreasing term insurance features a benefit amount that declines over the term of the policy, which does not suit the premise of rising benefits. Level term insurance maintains both a fixed benefit and a fixed premium, while convertible term insurance allows for the policy to be converted to a permanent policy without needing to provide evidence of insurability, but it does not specifically deal with rising benefits either. Thus, increasing term insurance stands out as the correct choice for this question.