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	Insurance--Life Insurance   Term Life Insurance Annuities Auto Insurance Small business insurance Long term care insurance Health Insurance Home Insurance Life Insurance -Life Insurance FREE QUOTE -The process of buying life insurance -Cash value life insurance -How your blood pressure and cholesterol affect your life insurance costs -Assess your life insurance needs -Term Life Insurance -Universal life insurance -Variable life insurance -Whole life insurance Travel insurance The easiest policy to understand is the term life insurance policy. It is also the cheapest. Term life insurance provides you with a benefit amount in exchange for the payment of your premiums. For example, if you take out a term life policy for $100,000, your premium may be around $200 a year. Whether you pass away in the first year of the term coverage or the 20th year of the policy, your survivors will receive a death benefit of $100,000. Term life insurance is available for set periods of time that range from 10 to 30 years. During this time, your premiums will not increase. As long as you pay the premium, you have life insurance. Term life insurance is a popular insurance choice, because it features longer rate guarantee periods and premiums are recently quite low. For example, a healthy, non-smoking 28 year old male can purchase a $500,000 policy for a 20-year guaranteed term for only $360 per year in premiums. The more you insurance you take out, the cheaper it becomes. You can take out a $1 million policy for around $600 a year, less than twice the cost of the $500,000 coverage. Choosing the rate guarantee period is a simple process. Simply look at the period of time you will need coverage. For example, if your children are young and you have a long mortgage to pay off, you might choose a 30-year term life. If you are older, your children are in college and your home is almost paid off, a 10-year term might fit you better. With term life, you have two benefits that are of great consequence. You have a guaranteed renewal and guaranteed convertibility. A guaranteed renewal grants you the right to continue coverage beyond the initial rate guarantee period without a medical exam. Before you buy a term life policy, you should confirm that the policy contains this option. If you become ill or uninsurable towards the end of your term life rate guarantee period, this could be a life saver. For example, you've paid $800 a year on a $500,000, 20-year term life insurance policy. Towards the end of the 20 years, you develop cancer. If you want to continue coverage, the guaranteed renewable clause will allow you to continue coverage beyond 20 years on an annual renewable basis without a medical exam. When you use the annual renewable clause, your premium will go up drastically. You could be looking at $8,000 to $11,000 a year. Weigh the options carefully. The premiums may not be too high if you are very sick and in need of coverage. Guaranteed convertibility gives you the right to convert your coverage to a cash value policy that the company offers. You are allowed the current rates without having to take a physical exam. This is a good option if you plan to switch to a cash value life insurance policy in the future.