Quote Term Life Insurance Rate - Life insurance can be a small price to pay for the peace of mind that your loved ones will be financially stable in the event of your untimely death. (iStock)
Life insurance can be a small price to pay for the peace of mind that your loved ones will be financially stable in the event of your untimely death. However, the monthly cost of life insurance can vary significantly depending on the type of insurance, as well as your age, gender and health.
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The analysis below details the average cost of life insurance so you can get an accurate picture of how much you should be paying for your monthly premiums. The data was collected on June 16 and 18, 2021 from the Policygenius marketplace and the policyholder is assumed to be a non-smoker with a preferred health rating.
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When shopping for life insurance, it's important to compare different types of policies with different lengths and values to decide what best suits your family's needs. Plus, you can get a cheaper premium by comparing quotes from multiple life insurance companies on Credible.
Term life insurance is a policy where you pay monthly premiums over a fixed period of time, usually up to 30 years. If you die before the term, your beneficiaries will receive a death benefit payment. This is a traditional life insurance policy that helps you financially protect your loved ones if you die unexpectedly.
The monthly cost of term life insurance depends on the value of the death benefit, as well as the insured's age, gender and health. The average premium for a 20-year, $500,000 term life insurance policy for a healthy, young policyholder can be about $25 to $35 per month.
The table below breaks down the average cost of a 20-year life insurance policy by age, gender and policy size using data from the Policygenius market.
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As you age, life insurance rates increase by up to 9% each year. And because women tend to live longer than men, they receive lower life insurance premiums.
For example, a healthy 35-year-old woman who takes out a 20-year life insurance policy worth $1 million will pay about $36 a month. A 60-year-old man taking out the same policy would pay an average of $493 a month.
The insured's health rating also affects the cost of monthly insurance premiums. For example, a man with a preferred health rating might pay about $29 a month for a 20-year, $500,000 life insurance policy. But if the same man had a standard health rating, he could expect to pay $45 a month.
If you have high blood pressure, high cholesterol, diabetes or several other chronic conditions, you may experience even higher life insurance premiums. You will also pay more for life insurance if you smoke cigarettes or use drugs recreationally.
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The premiums above are average, but you can get an even lower rate if you shop multiple life insurance companies on Credible.
If you're looking for another way to save on life insurance premiums, consider a shorter term. Simply put, you are less likely to die in the next 10 years than in the next 30 years, so the life insurance company is less likely to pay out a death benefit if you have a shorter term. Therefore, shorter-term life insurance policies tend to be cheaper than longer-term ones.
When shopping for life insurance, you should get quotes for several types of policies from several different life insurance providers. This ensures that you make the best possible decision before taking out the policy. You can compare life insurance quotes for free at Credible.
While term life insurance expires after a certain term, whole life insurance lasts for a lifetime. Some policyholders consider whole life insurance more of an investment because it has a guaranteed cash value that you can use while you're still alive. But as a result, whole life insurance can cost up to 15 times more than term life insurance, according to Policygenius.
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Life insurance premiums vary widely and cost around $300 to $7,000 per month. The best way to ensure a lower cost of life insurance is to take out a policy when you are young and in good health. The table below shows the average cost of life insurance by age, gender and policy size.
Life insurance premiums may seem high, but the amount you pay is not a total loss. You can maintain guaranteed cash value with your loved ones death benefit.
Not sure what life insurance policy you need? Visit Credible to compare your options and get quotes on policies and life insurance policies.
Do you have a financial question but don't know who to ask? Email Credible Money Expert at [email protected] and Credible can answer your question in our Money Expert column. Life insurance companies mostly base their determination on your age and health, but they also take into account your job, weight, smoking status, and even your family's health history. Unlike other types of insurance, your location does not affect life insurance quotes. Compare prices for different policy types and customer profiles to calculate the average cost of life insurance for you.
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Life insurance companies use age as an important determinant of your premium. Interest rates go up as you age due to a reduction in life expectancy.
If you are young, your monthly premiums will increase much less as you age. For example, the average life insurance quote goes up just 6% between ages 25 and 30, but jumps much more between ages 60 and 65—an average increase of 86%, or $275 a month.
The differences in premiums are even greater if you smoke. On average, smokers pay 218% higher premiums for life insurance than non-smokers.
In addition to age, life insurance prices differ based on your gender. On average, men pay 23% more for term life insurance than women.
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This is because men have a shorter lifespan compared to women. Life insurers take this into account and charge men a higher price than women of the same age.
The dollar amount that would be paid to your beneficiaries upon your death, known as the face value of a life insurance policy, is critical to your financial planning. For this reason, you should carefully evaluate and calculate the exact face value depending on your assets and future expenses. By choosing the right face value for your life insurance policy, you can provide adequate care for your loved ones.
Your life insurance can be vital to your spouse in paying the mortgage, raising the child, or even paying for your funeral. Consider how much your family will have to pay when you're gone when deciding how much life insurance to buy.
By researching 10- and 20-year life insurance policy offers, it turns out that the shorter the term of the life insurance policy, the cheaper the life insurance premiums you have to pay each year.
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We have distributed the rewards according to the so-called rating class. A rating classification is a health rating that a life insurance company assigns to you after passing a medical examination. The rating you receive directly affects the rate you pay for your life insurance policy. These metrics are set by each life insurance provider, but vary slightly across industries. Health indicators such as blood pressure, smoking and cholesterol levels will affect your classification.
People on a tight budget may prefer 10-year policies as they offer some cheaper rates. Additionally, a 10-year policy can be beneficial for those who may not need long-term coverage.
The most popular life insurance option on the market, the 20-year policy offers longer protection than its shorter 10-year counterpart, although it comes with higher annual rates.
These policies are usually recommended for young families who often have large debts and expenses, such as mortgages and school loans, that would be more difficult to pay without the income of one parent.
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A 20-year period is usually long enough for the family to pay off these debts substantially and reduce the potential risk of someone else footing the bill if something happens.
According to the survey, more than a third (35%) of the total number of respondents did not have a life insurance policy.
When asked about the main reason for this decision, over 40% of people said that buying life insurance is too expensive. Furthermore, more than half (53%) of baby boomers (adults between the ages of 54 and 72) do not currently have life insurance because they believe the premiums are too high. Investing in a policy when you're young can pay off, and boomers don't feel the impact of buying life insurance until later in life.
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