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Iowa | Yes, I could have gotten cheaper rates had I gone with a ten year policy. It would have to be renewed twice to get 30 years. If you are renewing the policy at age 30 or 40, it probably would not cost as much. Term life policies get a little more expensive if you are renewing at age 60 or 70, especially if you are no longer healthy. It's always a gamble one way or the other. Insurance companies are pretty good at figuring the odds.
Either way, term life is not a savings plan. It's just insurance that only pays if you die while the policy is in effect. | |
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What does life insurance cost?
