Term Lifers Get a Break

Instead, I propose a coverage checkup with an eye on the lower rates:

• Flesh out coverage.

  Premiums may have gone down, but living costs, especially those of families with children, haven't. Surviving spouses and families need health care, and that certainly isn't getting cheaper. Ditto for college.

  What about dependents' years prior to Social Security and Medicare eligibility? Studies show that while three in four families have life insurance, most don't have enough coverage.

  For $50 a month, and perhaps under $30 a month if a "preferred" risk, a 40-year-old male can now get $500,000 in coverage. Not bad.

• Re-evaluate your policies.

  You thought you were so smart buying that 20-year level term policy, with constant payments through the period. Although the later years are the better deal, you might find still better rates in a new policy.

  And if you're buying a new policy, consider buying shorter terms to take advantage of further reductions.

• Redirect coverage.

  Your life -- and the income you generate -- is important. But perhaps your insurance dollars are better spent on disability or additional health coverage, which are several times more likely to actually be needed. Or maybe you can buy a cheaper policy and plunk the difference into your IRA or 401(k).

Now I know looking at insurance quotes won't be the highlight of your day. But you and your family may breathe easier and enjoy the fruits of a wonderful life -- a small price to pay indeed.