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Term Life Insurance Rates
Term life insurance is the most affordable type of insurance available. Compared to permanent life insurance, a term policy has significantly lower premiums. The cost of your particular policy is dependent upon a number of factors, including health, age and lifestyle. Additionally, term life insurance has lower priced premiums because it is strictly life insurance and does not invest a portion of the premiums to build cash value.
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Term Life Rate Classification and Coverage
Life insurance companies determine your risk category and factor it into the cost of premiums – those with health problems or those that are smokers are classified as “riskier.” Basically, applicants at higher risk will pay higher premiums.
Life insurance rates are also dependent upon the amount of coverage of your policy, and in the case of a term policy, the length of the term. Your age and health are also important considerations. For example, in the article “Insurance Everyone Needs” on Kiplinger’s Personal Finance website, the following example is provided to illustrate policy pricing:
A $500,000 policy for a 28-year-old woman in excellent health, for 20 years, cost $260 a year, or $22 a month.
Similarly, Investopedia.com offers this example to illustrate the estimated rate one could expect to pay for a term life insurance policy:
A healthy 35-year-old (non-smoker) can typically obtain a 20-year level-premium policy with a $250,000 face value, for between $20-$30 per month.
Do the Research on Term Life Insurance
One of the most important considerations with any type of insurance policy is to thoroughly evaluate and review the company and the rates of the policy. Educate yourself with the various rates and make comparisons among companies to ultimately arrive at your decision.
Get a free quote by visiting our online quote form. You’ll discover how much a term life insurance policy will be for your particular situation and coverage amount.
Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.
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