It is impossible to say what life insurance generally costs because the rates are so different for each policy. The ads that give a rate usually are basing it on a 10 year Term policy for an extremely healthy person, and that can be as low as $10/month for a 25 year old male purchasing $250,000 of 10 year Term life insurance.
Bump the applicant's age to 55 and the price quadruples to $40/month. Drop his health from the best class to Standard and the rate nearly double again.
Let's say the 55 year old man gets nervous about buying 10 year Term at that age and opts for permanent coverage. The lowest price for $250,000 of no lapse Universal Life at for a 55 year old man rated Standard is approx $320/mo.
As you can see, so many things affect the price. But it is very easy to compare quotes for yourself by going to a website quote engine that offers free and instant quotes. Some, like ours, will even ballpark quotes with certain health conditions, but it is always best to call to talk to someone when you have a health condition, so that you can get an accurate rate.
While life insurance costs vary widely, many people have a number in their heads of what they feel they can afford to pay. Then agents help them find them the amount and type of life insurance that best fits their needs and their budget. I find that many people want to pay $100/mo or less. And getting a policy for that cost is generally attainable.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Life insurance pricing is a matter of mathematics. The shorter the period of coverage, the lower the premium. The older the insured, the higher the premium. There are savings in policies with higher death benefits (reduced administration and underwriting costs.) There are preferred prices for people who have a lower Body Mass Index. There are higher prices for people who use tobacco products. The thing to remember is that the basis for all of this is mathematics, so it is really unusual to discover a “deal.”
.JPG){kind=avatar}
Bump the applicant's age to 55 and the price quadruples to $40/month. Drop his health from the best class to Standard and the rate nearly double again.
Let's say the 55 year old man gets nervous about buying 10 year Term at that age and opts for permanent coverage. The lowest price for $250,000 of no lapse Universal Life at for a 55 year old man rated Standard is approx $320/mo.
As you can see, so many things affect the price. But it is very easy to compare quotes for yourself by going to a website quote engine that offers free and instant quotes. Some, like ours, will even ballpark quotes with certain health conditions, but it is always best to call to talk to someone when you have a health condition, so that you can get an accurate rate.