Average Cost of Life Insurance

Life indemnity can cost $ 200 – $ 7,000 per year, depending on factors like your old age, health, and policy size. Read on to see what you can expect to pay for life policy .

Average Cost of Term Life Insurance

On average, Americans spend $ 2,037 per year on term liveliness insurance. This average is for non-smokers between the ages of 20-65 with a $ 500,000 policy. Smokers pay a higher rate, with an average of $ 7,313 per year for term life policy. This comes out to around $ 609 per calendar month.

The older you get, the more expensive your life insurance rates. It ‘s always best to secure life insurance at a younger senesce to keep your premiums lower .

Average Cost for 10 Year Term Insurance

10-Year Term Rates – Male

Age $100,000 $250,000 $500,000 $1,000,000
20 $9.41 $12.50 $16.26 $24.58
30 $9.45 $12.50 $16.26 $24.58
40 $10.75 $15.30 $21.75 $38.80
50 $17.87 $26.72 $44.83 $77.17
60 $36.14 $65.82 $117.32 $221.04

10-Year Term Rates – Female

Age $100,000 $250,000 $500,000 $1,000,000
20 $8.04 $9.62 $12.94 $20.48
30 $8.10 $10.34 $12.94 $20.48
40 $9.93 $13.35 $16.93 $27.15
50 $15.87 $21.87 $37.08 $66.73
60 $27.47 $46.94 $81.13 $148.12

Average Cost for 15 Year Term Insurance

15-Year Term Rates – Male

Age $100,000 $250,000 $500,000 $1,000,000
20 $9.50 $13.14 $18.14 $29.45
30 $9.50 $13.14 $18.14 $30.45
40 $11.30 $16.85 $25.67 $42.11
50 $21.07 $35.31 $63.62 $110.27
60 $47.63 $101.29 $186.29 $299.02

15-Year Term Rates – Female

Age $100,000 $250,000 $500,000 $1,000,000
20 $8.51 $10.65 $14.66 $25.10
30 $8.51 $11.68 $14.66 $25.10
40 $10.75 $14.79 $22.46 $34.37
50 $17.33 $27.35 $49.08 $81.39
60 $32.31 $62.28 $121.24 $210.84

Average Cost for 20 Year Term Insurance

20-Year Term Rates – Male

Age $100,000 $250,000 $500,000 $1,000,000
20 $9.92 $13.57 $20.88 $34.67
30 $9.92 $14.57 $20.88 $35.67
40 $12.67 $19.67 $34.92 $56.90
50 $24.63 $47.68 $92.06 $145.55
60 $64.34 $132.70 $266.85 $419.38

20-Year Term Rates – Female

Age $100,000 $250,000 $500,000 $1,000,000
20 $9.05 $12.09 $18.71 $30.19
30 $9.14 $13.31 $19.14 $32.06
40 $12.12 $17.99 $27.67 $46.72
50 $20.16 $34.46 $63.87 $109.36
60 $42.26 $89.37 $165.03 $298.02

Average Cost for 25 Year Term Insurance

25-Year Term Rates – Male

Age $100,000 $250,000 $500,000 $1,000,000
20 $11.18 $16.42 $27.08 $47.75
30 $17.78 $16.83 $28.41 $49.25
40 $16.89 $24.92 $45.08 $81.08
50 $33.80 $57.67 $110.75 $194.83
60 $98.87 $101.58 $382.83 $712.16

25-Year Term Rates – Female

Age $100,000 $250,000 $500,000 $1,000,000
20 $10.32 $13.75 $22.16 $38.17
30 $10.94 $14.25 $23.42 $39.81
40 $14.52 $21.00 $37.91 $67.74
50 $26.42 $43.75 $81.67 $161.08
60 $72.89 $84.25 $292.42 $494.26

Average Cost for 30 Year Term Insurance

30-Year Term Rates – Male

Age $100,000 $250,000 $500,000 $1,000,000
20 $12.96 $20.53 $33.06 $55.00
30 $13.31 $21.62 $34.28 $61.77
40 $20.52 $31.18 $55.26 $103.53
50 $39.78 $74.94 $138.99 $258.39

30-Year Term Rates – Female

Age $100,000 $250,000 $500,000 $1,000,000
20 $11.92 $18.49 $26.97 $46.72
30 $12.88 $19.45 $28.62 $51.03
40 $18.15 $27.61 $45.51 $83.09
50 $31.94 $59.64 $102.66 $194.95

once you hit 60 years old, you ‘re broadly not allowed to purchase 30-year term life indemnity anymore. You can normally silent purchase 25-year term up to the age of 65, and 20-year term after that .

Average Cost of Whole Life Insurance?

whole life indemnity rates are on average $ 250 more than term policy rates. The median monthly cost for unharmed life sentence policy is $ 419 for a non-smoker. Smokers pay an modal of $ 859 per calendar month.

hera ‘s a more detail dislocation of average solid life policy costs by old age ( for non-smokers ) .

Age Men Women
25 $177.70 $155.73
30 $200.25 $179.16
35 $260.57 $218.59
40 $327.99 $263.61
45 $415.86 $328.86
50 $530.92 $420.86
55 $677.73 $543.97

Average Life Insurance Cost for a Family of 4

A 20-year, $ 250,000 term liveliness insurance policy for a family of 4 with no health issues costs an average of $470 per year. This average is based on the best rates possible. It assumes the adults have not smoked within the last 3 years .

Smoker vs. Non-Smoker Life Insurance Costs

On average, smokers can expect their rates to be 250% higher than rates for non-smokers. The average monetary value of a 20-year, $ 500,000 terminus life insurance policy for a male stag party is $ 707 per calendar month. The average cost for the same policy for a female smoker is $ 511 per month .
typically, you are not considered a non-smoker until you are nicotine-free for at least 12 months. This varies by policy company. Some require a longer waiting period than others do .

Factors That Affect Life Insurance Costs

  • Age: The top reason life insurance rates vary is age. The older you are, the more expensive you are to insure.
  • Gender: Women generally pay lower rates than men, because women have longer life expectancy (86.6 years vs men’s 84.3 years). On average, men pay 38% more for term life insurance than women.
  • Occupation: The more dangerous your job, the higher your premium, no matter your gender.
  • Health: If you have high cholesterol or blood pressure, expect to pay as much as 50% more than regular rates for life insurance. However, if you manage your condition with medication, you can still keep rates lower.
  • Hobbies: Got pastimes like motorcycle racing or skiing? Those with more high-risk hobbies will face higher premiums.
  • Policy size: The bigger coverage you get, the higher your premium. Find out how much life insurance you need.

Reasons to Get Life Insurance

Some reasons to get biography policy admit :

  • Replace your income so your family can maintain the same standard of living
  • Pay off your debts so your family isn’t burdened with them
  • Pay for child care services
  • Pay for your children’s education
  • Pay for final burial expenses
  • Transfer business ownership
  • Pay off estate taxes

Bottom Line

Life insurance can protect you and your family. But it can get costly. Try minimizing your risk factors before applying. Getting policy at a young age can help excessively. You need to find the perfect balance between protecting your family and outgo excessively much money on coverage .
Sources and References :

generator : https://www.peterswar.net
Category : Finance

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