No load life insurance is a way to purchase insurance directly from the insurance company without the services of an agent. You thus eliminate the agent’s commission and a variety of fees. Otherwise it is just like any other life insurance. The benefit to the customer is lower cost. Since they don’t have to pay an agent’s commission, this savings can be passed along to you, allowing you to get more insurance for your money.
The disadvantage is the absence of customer service after the sale. An agent might help you find the exact right amount and type of coverage to get, but without this service you might end up with less than optimal life insurance.