 Are you paying too much for term life insurance? There's a tremendous price war among the major term life companies. Rates have dropped dramatically in the past few years. For example, a man age 45 non-tobacco user, $1 million of coverage is only $75 per month. Level for the next 10 years. Or a man age 50 non-tobacco user can buy a half million dollars of coverage for a monthly premium of only $100.