 Are you paying too much for term life insurance? There is a tremendous price war in the term life industry. Rates have dropped dramatically in the past few years. For example, a man aged 45 non-smoker can get $1 million of coverage for $75 per month, level rate for 10 years. Or a man aged 50 non-smoker can obtain $500,000 of coverage for a monthly premium of $110, level rate for 20 years. That's right, guaranteed level rate for 20 years.