1. Peggy MacePRO
    President and Senior Agent, Outlook Life, Most of the U.S.
    The amount that someone should be paying for life insurance depends on a multitude of factors. Some of those factors are:

    1) The length of the policy. Generally speaking, the longer your premium is locked in, the higher your term life insurance premium will be. Also, permanent policies usually cost more than term policies. However, getting a new policy every 10 years can end up costing more than locking in one policy for 30+ years. So you have to look at the big picture and the purpose of your life insurance in order to determine which is more cost effective for you.

    2) Your age. Premiums go up with age.

    3) Your health and other risk factors. Having a health condition, family history of early heart disease, dangerous hobbies, and other risk factors can all affect the price of your life insurance.

    4) The type of policy you get. If you want to build up cash value in your policy (such as Whole Life or Indexed Universal Life) it will cost more than a Term policy that has no cash value. However, even policies of exactly the same type will vary in price depending on the carrier you buy them from or whether or not you get an exam (generally, but not always, No Exam policies cost more than those requiring full medical underwriting). It is important to shop with an ethical broker who can find you the lowest price but also the type of policy that works best for your needs.

    5) Your financial situation. Persons with higher incomes and estate values may want to spend more on their life insurance coverage than those struggling to have a good quality of life on a low income. Insurance calculators can help you determine how much insurance you need, which will in turn help you arrive at an affordable price
    Answered on April 19, 2013
  2. J Paul Wilson CFP, CHFCPRO
    Certified Financial Planner, JPW Insurance Retirement Investments, Halifax, Nova Scotia, Canada
    How much you should be paying depending on a number of factors. Perhaps a better way to look at it would be to ask, "How to I be sure I am paying for the right type of insurance at the right price?"

    What you pay depends on;a number of factors including age, health, sex, smoker/non smoker, occupation and more. The number of different types of term and permanent life insurance available is huge. You can get a basic idea from the online quoting services, However, you would be better served by speaking with a local independent insurance agent/broker who could help determine what plan fits your needs at the best price.

    If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.

    If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
    Answered on April 17, 2014
  3. Jim WinklerPRO
    CEO/Owner, Winkler Financial Group, Houston, Texas
    Great question! Unfortunately the answer is filled with so many variables that it is impossible to give you a solid dollar amount. If you are attempting to budget an amount, or compare your current price, I'd suggest that you go to an independent agent ( An independent agent is one who can use several companies to choose from, not just one specific one) and walk through the process of comparing with them. I'd strongly recommend that as opposed to comparing based on mail, television or internet quotes, as they are generally pitched to promote their best rate and not the ones most people would actually qualify for. One other tip - do not apply for several policies with the hopes of finding out your price - that actually can have very bad consequences for you. Ask only, commit when you've found the one that best fits your needs. If you have any further questions, I'd be happy to help, feel free to contact me. Thanks for asking!
    Answered on April 17, 2014
  4. David G. Pipes, CLU®, RICP®PRO
    owner/agent, Rooney Pipes Insurance Agency for the Horace Mann Insurance Companies, Fresno, California
    With every year the risk of you dying increases.  The cost for providing you insurance also increases.  The statistics that underlie the development of the insurance premium vary little.  So, the difference between premiums for the variety of policies available is the result of the length of time that the company assumes the risk and how close you are to the “standard” risk.  If you have had multiple heart attacks, your premium will be greater than a long distance runner in good health.  The price that you are paying for life insurance is monitored by your state insurance commissioner.  You are probably getting good value, regardless of which policy you have purchased.  The policy that is in force when you die is the best possible value.
    Answered on April 25, 2014
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