Quote Term Life Insurance Rate – Life insurance may be a small price to pay because it provides peace of mind that your loved ones will be financially stable in the event of your untimely death. (iStock)
Life insurance may be a small price to pay because it provides peace of mind that your loved ones will be financially stable in the event of your untimely death. But the monthly cost of life insurance can vary greatly depending on the type of insurance you have, as well as your age, gender and health status.
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The analysis below shows the average cost of life insurance broken down in detail so you can get an accurate idea of how much you should be paying for your monthly premiums. Data was collected on June 16 and 18, 2021 from the Policygenius marketplace and assumes the policyholder is a non-smoker with a Preferred health rating.
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If you’re shopping for life insurance, it’s important to compare different types of policies in different lengths and values to decide which one is best for your family’s needs. You may also be able to get a cheaper premium by comparing quotes from multiple life insurance companies on Credible.
Life insurance is a policy that pays monthly premiums over a specified period, usually up to 30 years. If you die before the end of the term, your beneficiaries will receive a death benefit payment. This is a traditional type of life insurance that helps keep your loved ones financially protected if you die unexpectedly.
The monthly cost of life insurance depends on the value of the death benefit, as well as the age, gender and health status of the policyholder. The average premium for a $500,000, 20-year term life insurance policy for a young, healthy policyholder can range from $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 marketplace.
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As you age, life insurance rates increase by up to 9% annually. And because women tend to live longer than men, they qualify for lower life insurance premiums.
For example, a healthy 35-year-old woman who takes out a 20-year life insurance policy worth $1 million can expect to pay about $36 a month. A 60-year-old man who takes out the same policy will pay an average of $493 per month.
A policyholder’s health rating will also affect the cost of monthly premiums. For example, a man with a Preferred health rating can expect to pay about $29 a month for a 20-year, $500,000 term life insurance policy. But if the same man had standard health care, he could expect to pay $45 a month.
You may face even higher life insurance premiums if you have high blood pressure, high cholesterol, diabetes or other chronic conditions. You will also pay more for life insurance if you smoke cigarettes or use recreational drugs.
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The policy premiums listed above are average, but you can get even lower rates by shopping multiple life insurance policies at Credible.
If you’re looking for another way to save on life insurance, consider a shorter term. Simply put, you are less likely to die in the next 10 years than in the next 30 years, so a life insurance company is less likely to have to pay a death benefit if you have a shorter life expectancy. As a result, shorter term life insurance policies are generally cheaper than longer term policies.
When buying life insurance, you need to get rates for different types of policies from different life insurers. This ensures that you are making the most informed decision possible before taking out a policy. You can compare life insurance rates for free at Credible.
While term life insurance expires after a certain period, whole life lasts for your entire life. Some policyholders see whole life as more of an investment because it has a guaranteed cash value that you can use while you’re 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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Whole life insurance premiums vary widely, costing anywhere from $300 to $7,000 per month. The best way to get a lower rate on life insurance is to take out a policy when you are young and healthy. The table below shows the average cost of whole life insurance by age, gender and policy size.
Whole life insurance premiums may seem high, but the amount you pay is not a total loss. You can save a guaranteed cash value along with a death benefit for your loved ones.
Not sure what type of life insurance you need? Visit Credibility to compare your options and get quotes for term and whole life insurance.
Do you have a financial question but don’t know who to ask? Email the Credible Money Expert at moneyexpert@credible.com and Credible can answer your question in our Money Expert column. When people come to consult about buying life insurance, our experts generally recommend buying young. The reason is not that we are trying to sell you something – insurance advisors have no affiliation with any insurance company. Conversely, the reason we recommend buying life insurance at a young age has to do with the cost of life insurance and the way monthly premiums are calculated. Read on to find out more.
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When you apply for life insurance, you must fill out a detailed questionnaire about your health and lifestyle. A medical examination may also be required. Your application and test information is sent to a team of underwriters who look at all the details and determine your statistical probability of dying young.
Why is there an entire team of workers dedicated to calculating people’s death rates? Pretty morbid, isn’t it? Although not the most pleasant subject, this type of statistical analysis (based on life expectancy) is the most accurate way for life insurance companies to assess their risk.
According to data published by the Boston University School of Medicine, the healthier someone is, the less likely they are to die early. The more health complications someone has, the greater their risk of dying earlier. Therefore, the healthier you are, the lower your life insurance premiums will be. The more complications you have, the higher your premiums will be.
Term life insurance is a policy that lasts for a period of time and is purchased in blocks of years such as 10, 20 and 30 etc. When it comes to this type of life insurance, the longer someone lives, the less likely the insurer is to pay the death benefit.
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For example, if a 30-year-old buys a 30-year life insurance policy, it will expire at age 60. If that person does not die during those 30 years, the insurance company does not have to pay anything. If the person dies within 30 years, the company must pay the death benefit.
In most cases, the death benefit of term policies is never claimed, which is why the monthly rates are cheaper than whole life insurance.
Unlike term, whole life insurance has no expiration date and lasts the life of the policyholder. The insurance company must always pay. Hence, the monthly premiums for whole life insurance are higher than for term. This is true at any age and with any coverage.
So we understand why someone in good health can get better rates than someone in poor health, but what does health have to do with buying life insurance at a young age? It’s simple. Age and health are naturally linked. According to NCBI (National Center for Biotechnology Information), the younger you are, the less likely you are to have health complications.
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This applies to all age categories. People in their 40s are healthier than people in their 50s, people in their 50s are healthier than people in their 60s, etc. For this reason, insurance advisors recommend buying life insurance in your 20s and 30s, as this will allow you to lock in lower insurance rates and save you money in the long run.
Below is a chart of average term insurance rates by age for men and women in reasonably good health. In this case, we looked at a $500,000, 20-year policy for people located in New York (prices may vary by state).
Then compare the rates of smokers and non-smokers. If you thought buying life insurance at 60 was expensive, try being 60 and a smoker. Rates are through the roof. At all ages, rates for smokers are double or triple the rates for non-smokers. This is because the death rate for both men and women who smoke is three times higher than for people who have never smoked, according to the CDC (Centers for Disease Control and Prevention – Diseases).
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