5. Understanding term life insurance Cho is a 60-year-old female who has recently become the legal guardian and sole caretaker of her three-year-old grandson. Ideally, she would like to purchase permanent insurance coverage, but her primary concern is making sure her grandson will be taken care of financially if she dies before he begins college. Given her current financial situation, she is interested in a term life insurance policy that will last 15 years. Cho goes to an insurance broker to purchase a policy and is shown the following two rate tables to help her choose between annual renewable and level premum term life insurance. 5. Understanding term life insurance Cho is a 60-year-old female who has recently become the legal guardian and sole caretaker of her three-year-old grandson. Ideally, she would like to purchase permanent insurance coverage, but her primary concern is making sure her grandson will be taken care of financially if she dies before he begins college. Given her current financial situation, she is interested in a term life insurance policy that will last 15 years. Cho goes to an insurance broker to purchase a policy and is shown the following two rate tables to help her choose between annual renewable and level premum term life insurance