If there is an average I would have to say most people have around $80 per month in life insurance. But there is no real tracking of an average that I know of. Some have $20 and many pay several thousand dollars per month for life insurance.
The important thing is to do a fact finder and see how much you need and what kind. Then see if that will fit in your budget.
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How much does the average person pay for life insurance? Based on my 32 years in the business as a broker (and there is no right or best answer), I would estimate between $15 and $150 per month. This is, of course, "per person."
Term policies are much cheaper than permanent policies and of course that would impact the amount each person pays. And...each person has different amounts of coverage they carry.
You can purchase term coverage for under $100 per year depending on age and face amount. But because of economies of scale, that may not be such a good idea. You may be able to double the coverage for slightly more.
Quite simply, there will be tremendous variations in the amount that consumers pay for their coverage. A fully-licensed (full-time) broker will help you find the lowest prices.
Life insurance premiums are priced by gender, health condition, smoking status, amount of death benefit and the length in time of coverage. Male and female that are 25 years old and in super preferred health can pay $75-$85 a year for ten year term life insurance for $100,000 worth of coverage.
The cost of Life insurance is dependent upon your health, vocation, smoking status and coverage period of your Survivor's need for cash upon your death.
Term plans are very inexpensive because very few insureds die during the coverage period.
Permanent plans are more expensive because 100% of the Surviving beneficiaries will receive its death benefit.
Company Actuaries determine the rates for coverages using statistical information matching risk of death of an insured during the coverage period of the plan.
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The important thing is to do a fact finder and see how much you need and what kind. Then see if that will fit in your budget.
Term policies are much cheaper than permanent policies and of course that would impact the amount each person pays. And...each person has different amounts of coverage they carry.
You can purchase term coverage for under $100 per year depending on age and face amount. But because of economies of scale, that may not be such a good idea. You may be able to double the coverage for slightly more.
Quite simply, there will be tremendous variations in the amount that consumers pay for their coverage. A fully-licensed (full-time) broker will help you find the lowest prices.
Term plans are very inexpensive because very few insureds die during the coverage period.
Permanent plans are more expensive because 100% of the Surviving beneficiaries will receive its death benefit.
Company Actuaries determine the rates for coverages using statistical information matching risk of death of an insured during the coverage period of the plan.