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.

Example 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.