term life insurance rates

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.

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