What is Term Life Insurance and some sample rates

What is Level Term Life Insurance? Actually, it is exactly what it sounds like. It is life insurance for a time period that you select—from 5 to 20 years. During that “term” your rates will not increase and your coverage will not decrease. Furthermore, the premiums are very low, just pennies per thousand dollars of coverage.

Why is Term Life so cheap? That’s a very good question and one that aptly illustrates the old saw “you get what you pay for.” Term life is inexpensive because all you have is a death benefit in the event of a tragedy. That is, although the death benefit can be very high—as much as a million dollars or more in coverage if you can afford it and are health-qualified—it has no cash value. This means that if you are more than 30 days late on your payment, it will lapse. And, regardless of what you pay into it, when it reaches the end of the initial period, it usually simply ends. Nevertheless, it is better than nothing and may be quite satisfactory to many people. Plus, the availability of a high face value at low cost will mean the survival of your family if you should die.


Monthly rates on 39 year old male for 100K of coverage for. Rate good for 30 yrs.

Select Choice 10 Year Level Term Series I
$100,000
$10.75

Select Choice 15 Year Level Term Series I
$100,000
$12.83

Select Choice 20 Year Level Term Series I
$100,000
$14.91

Select Choice 25 Year Level Term Series I
$100,000
$16.41

Select Choice 30 Year Level Term Series I
$100,000
$18.08