Final answer:
Advantages of term life insurance include low premiums for high death benefits, tax-exempt proceeds, and flexibility, but it is not cost-effective for long-term protection as it does not accumulate cash value.
Step-by-step explanation:
Among the advantages of term life insurance are that it allows a person to acquire the greatest death benefit for the lowest premium, death proceeds are generally exempt from income tax, and a high degree of flexibility can be made available by combining it with other types of insurance.
However, the option that is not an advantage of term life insurance is 'C. it is the most cost-effective when the duration of the needed protection is over' because term life insurance, unlike cash-value or whole life insurance, does not accumulate cash value and is therefore not designed for long-term financial planning or savings. Whole life insurance, on the other hand, not only provides a death benefit but also accumulates a cash value over time, which can then be borrowed against or serve as an account for personal use.