Which of the following is correct about Term Life Insurance?

I. Fixed$-$level term typically costs less than annual renewable term $($ART$)$ in the earlier stages of life.

II$.$ Term life insurance provides life insurance protection for a limited period only. The face amount of the policy is payable if the insured dies during the specified period.

III. The premium for term life insurance is initially lower than whole life insurance because most term contracts do not cover the period of old age when death is most likely to occur and the cost of insurance is high.

IV$.$ Term Life Insurance is generally used for people who need a guaranteed death benefit for the duration of their life.

II and III only

II only

I and II only

None of the above.

III only

II and IV only

I only

I and IV only

IV only

I and III only