term life insurance rate

Term life insurance rate depends on the kind of policy you choose. That is, the premium for $500,000 coverage will vary from a $250,000 policy. According to a June 2004 Consumer Reports Money Adviser article, the premium for a $500,000 payment will cost approximately less than twenty dollars a month. This is one of the reasons term life insurance is very popular.

About term life insurance:

1. The policy holder must cease living within the time frame stated in the policy. If the covered individual dies after the time allotted in the insurance policy, the beneficiary does not receive payment. However, there is what is called "Renewable Term" in which the insurance can be renewed if the covered individual outlives the policy time frame. This may mean that the premium payment will increase.

2. The beneficiary gets paid the set amount stated on the policy. That is, the dollar amount to be paid does not increase. This is called "Level term."

So decide on "Renewable" or "Level" and choose the policy which will determine your premium.

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