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How Much Does Life Insurance Cost? Life Insurance Rates

How Much Does Life Insurance Cost? Most people ask questions like this leading to the fact about how life insurance can safeguard your family.

With Life Insurance, you can safeguard your family’s life quality once you pass out, therefore, it’s wise to consider adding life insurance to your financial record note.

If you’re worried that you might not afford its actual quotes, first check out the life insurance rates we have for you.

We calculate average life insurance rates based on age, term length, and payout amount. Your actual cost will depend on your health status and age, with our overview of average life insurance rates, you’ll see an idea of what you can expect to pay.

How Much Does Life Insurance Cost?

Life Insurance costs an average amount of $13 every month ($159 in a year), while for a 20-year $250,000 term life insurance policy for a man under the age of 30, and $12 every month ($142 a year) for a woman under the age of 30.

For 40-year-olds: The average cost for a 20-year, $250,000 term life insurance policy is $19 a month ($223 a year) for a 40-year-old man and $16 a month ($193 a year) for a 40-year-old woman.

For 50-year-olds: The average cost for a 20-year, $250,000 term life insurance policy is $40 a month ($477 a year) for a 50-year-old man and $32 a month ($378 a year) for a 50-year-old woman.

The costs of life insurance change significantly based on factors like gender, age, type of policy, coverage amount, and length of coverage.

Due to the fact that life insurance rates increase as you age, it’s a wise decision to make when you get a policy while you’re much younger.

Major Factors That Influence Life Insurance Rates

Life insurance companies determine one main thing, which is how long you’re likely to live. The information the companies gather helps us to estimate an answer to the complicated question, and to calculate life insurance quotes.

What you offer for life insurance depends on the kind of life insurance you secured, how much coverage you get, and your age and health, among other factors.

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Every life insurance company around the world has its own system for pricing a policy, therefore, when you compare quotes across multiple companies, you’ll find the best fit for your needs & budget.

Below are the major factors that influence life insurance rates.

  • Age 
  • Gender
  • Height & Weight 
  • Past and Current health 
  • Family Health History (including siblings & parents)
  • Nicotine & marijuana use
  • History of Substance Abuse
  • Driving Record (especially DUIs and speeding tickets)
  • Credit
  • Criminal History

Additionally, a primary factor influencing what you’ll pay is the type of life insurance policy for you. Life Insurance exists in two types, they include Term Life insurance and permanent Life Insurance.

Average Term Life Insurance Rates by Age

Even if you are in perfect health, your life insurance quotes will rise as the year passes. By waiting to buy life insurance, you also risk developing a health condition that will result in an even higher rate when you accept a policy.

It is wise to buy life insurance when you are younger before rates increase and your policy options decline. Term Life insurance enables one to lock in level rates for a set period, such as 10, 20, or 30 years.

Here we see how term life insurance rates for seniors age 70 cost over 1,000% more than a policy that’s purchased by a 30-year-old. Note, that a term of 30 years is not fully available for those within the age of 60 and above.

Term Life Insurance Rates Per Year for 30-year-Old Male

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $129 $174 $264
20-year term $159 $246 $399
30-year term $235 $381 $669

 

Term Life Insurance Rates Per Year for a 30-Year-Old Female

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $117 $149 $217
20-year term $142 $204 $320
30-year term $198 $317 $525
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Term Life Insurance Rates per Year for a 40-Year-Old Male

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $162 $238 $371
20-year term $223 $360 $629
30-year term $365 $632 $1,172

 

Term Life Insurance Rates per Year for a 40-Year-Old Female

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $149 $208 $329
20-year term $193 $304 $518
30-year term $299 $506 $920

 

Term Life Insurance Rates per Year for a 50-Year-Old Male

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $298 $498 $894
20-year term $477 $864 $1,630
30-year term $853 $1,561 $3,006

 

Term Life Insurance Rates per Year for a 50-Year-Old Female

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $250 $414 $734
20-year term $378 $667 $1,190
30-year term $639 $1,154 $2,176

 

 

Term Life Insurance Rates per Year for a 60-Year-Old Male

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $764 $1,361 $2,583
20-year term $1,370 $2,533 $4,905
30-year term Not available Not available Not available

Term Life Insurance Rates per Year for a 60-Year-Old Female

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $553 $939 $1,746
20-year term $977 $1,777 $3,362
30-year term Not available Not available Not available

 

Term Life Insurance Rates per Year for a 70-Year-Old Male

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $2,247 $3,974 $7,582
20-year term $5,053 $9,432 $18,272
30-year term Not available Not available Not available

 

Term Life Insurance Rates per Year for a 70-Year-Old Female

Term length $250,000 in coverage $500,000 in coverage $1 million in coverage
10-year term $1,519 $2,650 $4,856
20-year term $4,018 $7,728 $13,691
30-year term Not available Not available Not available

 

Term Life Insurance Costs by Term Length

We checked the average annual rates for 30-year-old males and females buying a policy with level term lengths of 10, 20, and 30 years.

Average Annual Term Life Insurance Rates for a 10-Year Policy

Policy amount Male buyer Female buyer
$250,000 $129 $117
$500,000 $174 $149
$1 Million $264 $217

 

Average Annual Term Life Insurance Rates for a 20-Year Policy

Policy amount Male buyer Female buyer
$250,000 $159 $142
$500,000 $246 $204
$1 Million $399 $320

 

Average Annual Term Life Insurance Rates for a 30-Year Policy

Policy amount Male buyer Female buyer
$250,000 $235 $198
$500,000 $381 $317
$1 Million $669 $525

 

Average Term Life Insurance Rates By Payout Amount

It’s vital to know how much life insurance you need. Your charges will increase when the death benefit does as well.

For policy payments ranging from $100,000 to $3 million at various term durations, we examined typical yearly rates for a 30-year-old.

10-Year Term Life Insurance Annual Rates

Policy amount Male buyer Female buyer
$250,000 $129 $117
$500,000 $174 $149
$1 Million $264 $217
$2 Million $465 $368

 

20-Year Term Life Insurance Annual Rates

Policy amount Male buyer Female buyer
$250,000 $159 $142
$500,000 $246 $204
$1 Million $399 $320
$2 Million $728 $571

 

30-Year Term Life Insurance Annual Rates

Policy amount Male buyer Female buyer
$250,000 $235 $198
$500,000 $381 $317
$1 Million $669 $525
$2 Million $1,272 $988

 

Source: TopCelebBio