NEW YORK (Money Magazine) -- Q: I'm 37, married, and have four kids ages 2 to 13. I'm in the market for term life insurance. What features should I look for? -- N.N., Lutherville, Md.
A: Term is the smart choice -- most people need coverage only until big responsibilities like college and a mortgage are taken care of.
For the policy length, think about when your youngest will graduate from college, says Jack Hungelmann, author of Insurance for Dummies. So you'll need a 20-year term.
As for the amount, the rule of thumb is seven to 10 times your annual salary, but your family could need more or less, depending on factors like how much your wife earns and whether she'd need to cut back her hours to take care of the children in the event of your untimely demise.
Use the calculator at lifehappens.org to work out a number. Then shop at websites like Insure.com and Accuquote.com.
A 37-year-old married man who doesn't smoke will pay $500 to $550 a year for a 20-year, $1 million policy. To make sure the insurer is financially sound, check that it has at least an A rating from A.M. Best. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.89% | 3.88% | |
| 15 yr fixed | 3.21% | 3.21% | |
| 5/1 ARM | 2.87% | 2.88% | |
| 30 yr refi | 3.96% | 3.96% | |
| 15 yr refi | 3.30% | 3.29% |
Today's featured rates:
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