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If you are looking for a life coverage policy that is not only inexpensive but also has a decent payout rate then a graded life policy is the best option for you. A graded life policy basically guarantees your acceptance. Some companies may only ask if you have been diagnosed with a deadly terminal illness, and other companies may not even ask you for any questions. Life insurance is meant to help provide security in case something happens to you. It pays a predetermined sum to your beneficiary when you die. I