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First,
what is term life insurance? It is a policy that will
cover the beneficiary with two criteria that must be met:
1.
The covered individual must cease living within the time frame
specified in the policy. If the covered individual dies after the
time allotted in the insurance policy, the beneficiary does not
receive a penny. However, there is what is called
"Renewable Term" in which the insurance can be renewed
if the covered individual does not die within the time frame
allotted. The only drawback is 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. For example,
for a $500,000 payment to the beneficiary, this will only cost
approximately less than twenty dollars a month according to a
June 2004 Consumer Reports Money Adviser article.
More
definitions here
Shop
for term life insurance rates:
https://www.reliaquote.com/?sourceid=00A00000032000000000
https://firstinlife.com/quote.htm
A
good article about term life insurance
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