 Are you paying too much for term life insurance? There's a tremendous price war in term life. Industry rates have dropped dramatically in the past few years. For example, a man aged 45 non-smoker can get a million dollars 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.