Life Insurance Cost: A Product for Everyone
Life insurance cost depends on your unique profile and the type of insurance policy you want to get, like term life, whole life, or universal life.
- updated last on January 26, 2022
Average cost of life insurance
If you finally make a final decision to get life insurance quotes, then you will be overwhelmed with lots of possible choices as you search online. To be able to come up with the right decision, it is imperative to equip yourself with a useful life insurance cost calculator. The first step that you need to take is finding out the average life insurance cost. The following is helpful information that you need to understand.
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Life insurance cost per month
- Term Life Insurance will not hurt your pocket; you can acquire one with a monthly premium of approximately $19.00 for 20 years.
- Next is Universal Life Insurance with an approximate monthly premium of $85.00 that can offer permanent insurance.
- Indexed Universal Life Insurance has an approximate $110.00 as a monthly premium that can offer permanent insurance.
- Flexible or Variable Life Insurance has an average monthly premium of $115.00 and can offer permanent insurance.
- Whole Life Insurance is the most expensive type with an approximate monthly premium of $129.50 and can offer permanent insurance.
These rates are not final because it varies according to the insurer and insured health status, age, and more.
Important Factors That Can Affect The Cost Of Life Insurance
All need to become aware that there are several factors to determine the classification when it comes to life insurance cost. These factors will also determine how much you need to pay for the monthly premium.
- Age is one of the most important considerations because older individuals are more susceptible to illnesses, so it is better to get so one can keep their life insurance cost down while young to avoid paying more.
- Gender is also an essential factor for most insurers because according to statistics, men have a shorter lifespan compared to women.
- The body builds like height and weight is a vital factor that can increase or decrease the monthly premium.
- Insurers are looking deeper into the medical as well as the prescription history of the applicant to know the risk level.
- The kind of lifestyle and daily activity is also an essential factor for many insurers. They will look at risky activities like skydiving and others.
- The financial standing or credit history of a person is vital for insurers to calculate risks.
- Also, smokers tend to pay three times of monthly premium compared to non-smokers.
- A negative driving record can also hurt your monthly premium.
After assessing all of these factors, then insurers can classify how risky you are as insured, and this will determine your monthly premium.
Life insurance rates by age
| Age | $250,000 | $500,000 | $750,000 | $1,000,000 |
| 10 year | 10 year | 10 year | 10 year | |
| Age 20 | $11 | $14 | $19 | $21 |
| Age 30 | $12 | $15 | $20 | $22 |
| 15 year | 15 year | 15 year | 15 year | |
| Age 20 | $11 | $16 | $21 | $25 |
| Age 30 | $12 | $17 | $23 | $26 |
| 20 year | 20 year | 20 year | 20 year | |
| Age 20 | $13 | $21 | $29 | $35 |
| Age 30 | $15 | $22 | $29 | $37 |
* The term life insurance rate chart represents the average life insurance cost for both a 20 and 30-year-old non-smoking male.
Whole life insurance cost
Are permanent insurance and low risk compared to universal? However, insureds need to pay a higher amount of monthly premiums. Whole life is a good investment.
Knowing all of this vital information is necessary for people to make a wise decision when it comes to choosing the right life insurance that is according to their financial capability and needs.
How much does life insurance cost for a 75 year old
A more affordable option is final expense insurance, a no medical exam life insurance policy where coverage is issued based on answers to health questions on the application. At age 75 and older, healthy men will pay about $123 a month for a $10,000 policy, and women will pay approximately $101.
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Coach B. Life Insurance can help you!
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About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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