How much does life insurance cost?

Life insurance can provide financial protection to adults for amounts ranging from tens of thousands of dollars to more than $1 million. And, despite the common misconception that life insurance is only useful for beneficiaries after the death of the insured, there is in fact policies that the insured can use during their lifetime.

Due to varying coverage amounts – and types of policies – that a potential insured can obtain, the cost of life insurance varies considerably. Accordingly, it is useful to know the influencing factors in order to obtain the most profitable and comprehensive plan possible.

You can get a free life insurance quote online now by answering a few simple questions.

How much does life insurance cost?

Life insurance premiums are different for everyone.

According to Haven Life, a 40-year-old man living in New York can expect to pay $53.92 per month for a $500,000 term life insurance policy covering 30 years. The candidate must be a non-smoker in excellent health.

Using the same provider, a 40-year-old woman living in New York can expect to pay $44.06 per month for a $500,000 term life insurance policy covering 30 years. The candidate must also be a non-smoker in excellent health.

Note that the candidate will pay less than the man, all other factors being equal. But, in general, any of the above features could easily cause the quoted premium to go up or down – or cover could be denied altogether.

It helps to plug in your own information online here so you know exactly what to expect.

Factors That Affect Life Insurance Rates

As seen above, there are a range of factors that influence life insurance costs. Any one of them – or a combination of two or more – will dictate your payout. Here are a few important factors to know:

• Age: A younger candidate is less likely to encounter health problems than an older candidate. Therefore, the younger you are, the less you will have to pay. As you age, the rate will increase.
• Health: If you are sick, have a current or pre-existing medical condition, you may pay more for life insurance than if you were in good shape without any problems. This is especially true for smokers because the health issues they are prone to are well known, making them difficult to insure at a reasonable cost.
• Genre: Statistically, women live longer than men. Since men often (but not always) die at an earlier age than women, they can expect to pay more for coverage.
• Policy type: Not all policies are created equal. Different policies have different costs. Understand the difference between whole and term life insurance. Become acquainted with universal, variable and life insurance no exam politicians too. The type you choose (and qualify for) will influence your rate.

The bottom line

The answer to “how much does life insurance cost” depends on so many factors that it’s impossible to give a standard figure – or even a rough estimate.

Do your research, understand what factors can help or hurt your rate, and start shopping for a comprehensive, reasonably priced policy. Get a free quote online now or use the chart below to start comparing your options.