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Term Life Insurance

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Term Life Insurance

What is term life insurance?

This type of insurance is characterized by low premiums and a specific time period (the term) in which you are covered. Premiums are generally, though not always, level throughout the guaranteed term period. The longer the term period, the larger the premium will be. Many agents use the analogy of “renting” coverage as it is temporary.  Typically these policies have term lengths of 5, 10, 15, 20 or 30 years.
For instance, a 10 year term policy for $500,000 on a 40 year old female in excellent health runs about ~$17.00 per month. If the term period were to be 20 years, the premiums would increase to ~$28.00 per month. At 30 years, it becomes even higher at ~$47.00 per month.
Here are some sample Costs for variety of age/genders in excellent health for a 10 year, $500,000 policy:

Age Male Female
35 $15 $14
40 $18 $17
45 $30 $27
50 $46 $38
55 $76 $56

 

Here are some sample Costs for variety of age/genders in excellent health for a 20 year, $500,000 policy:

Age Male Female
35 $24 $21
40 $34 $28
45 $55 $43
50 $82 $61
55 $133 $99

 

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