Life insurance is important to protect your loved ones in the event that you are no longer around to provide for them. But concern over high premiums keeps many people from getting the coverage they should have. What many people don’t realize is that through the purchase of term life insurance, they can receive excellent coverage with extremely low premiums.

Term life insurance has no cash value while the insured is alive. It covers an individual for a specific period or term, generally 10, 20 or 30 years. At the end of the term, some policies can be renewed or other insurance may be purchased. If the insured dies during the term period, the beneficiary receives the death benefit amount. Premiums for term life insurance have reached historic lows, and it is now possible to purchase great coverage at a very low price.

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When buying term life insurance, it is important to determine how much coverage you need. Traditionally it is wise to insure a death benefit of 5 to 10 times your annual salary if you are the only financial support for a family of 4. If you are in good health and do not smoke, you can purchase a policy with a death benefit of $500,000 for just a few hundred dollars a year.

When choosing your level term life policy, there are a few other options to consider besides the death benefit amount. Choosing a “Renewable Term” policy allows you to renew the policy at the end of the term, even if your health has declined. Be aware that while you’ll get to renew the policy, the premiums will probably be at a higher rate. You can also choose a “Level Term” policy. This means that your premiums will not change during the term of your policy.

When planning for a term of up to 30 years, it is important to choose an insurer who is financially sound. You can obtain reports on insurance companies over the internet. It is wise to choose a company with a rating of A or better. Free reports can be found at standardandpoors.com, or ambest.com.

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Finally, even though level term life insurance rates are low, it is a good idea to shop around for the lowest premium rates. Five sites recommended by the Consumer Federation of America for rate comparison are: www.accuquote.com, www.insweb.com, www.quotesmith.com, www.term4sale.com, and www.youdecide.com. With all of the great and inexpensive term life insurance policies to choose from, you’ll soon be on your way the peace of mind of knowing that your family will be financially sound even in the event of the unexpected.