5. Understanding term tife ithsuratece. interested in a term He nsurance pelicy that in last 1 voars. Carolne goes to an insurance broker to purchase a policr and is shown the followng two rate tables to help her diogse between annual renewablet and level premium term He incurance. Given her age and desired policy term, she can purchase an annual renewableterm Me nalicyand pay in the first year and a total of 5 over the course of the policy, Aternatively, the can purcha of jeer year for a total of over the course of the pory. fiovel premium. This example is regresentative of why, in general, people today purckase term ife insurance