Compare Life Insurance Quotes:
Life Insurance Costs
What Determines Life Insurance Rates?
Many factors are taken into account when determining your life insurance rates. Costs will vary depending on your age, health status, gender, if you are a smoker or tobacco user, if you engage in risky activities, etc.
Your rates will also depend on the amount of coverage you get and the policy term chosen.
But, by far, age is the most important factor.
Example Life Insurance Average Costs:
- A men, 55 years old, in good health, non-smoker, will pay about $130 per month for a 20 year term life insurance policy in the amount of $500,000. By comparison, a woman will pay $98 for the same coverage. As you can see women pay way less than men.
- For the same policy above, a smoker (man) will pay $420 per month, a smoker (woman) will pay $320 per month. By far the biggest factor for high insurance rates, is the use of tobacco products.
- A 60 year old woman without any health issues, and not a smoker, will pay on average $45 per month for a 10 year term policy in the amount of $200,000.
- A 65 year old woman, non-smoker, in good health, will pay around $40 per month for a $100,000 10-year term life insurance policy.
- A 70 year male, in fair health, non-smoker, can get life insurance coverage in the amount of $100K for around $120 per month.