David RacichPRO
    Fountain Hills, Arizona
    Obtaining life insurance depends on your gender, age, smoking status, health history and current medical condition? It may also depend on the amount of benefit you’re seeking. For a nonsmoking male or female with the top health classification seeking $100,000 in coverage for ten years term life insurance, the premium will be around $80 annually. 
    Answered on June 12, 2013
  2. 671 POINTS
    Scott Bannon
    Independent agent, Scott Bannon, Florida
    How much is life insurance for a 21 year old? The amount of premium depends on several different factors. These factors are basically the same for any person at any age. It depends on the type of life insurance you are buying. Term insurance is generally cheaper for the term of the contract. However, once that term has expired the premiums usually increase. Whole-life insurance offers premiums that will not increase for the life of the insured as long as all premiums are kept current, as well as any other conditions of the contract. This allows for the young person to budget for the premiums over the course of the life of the insured. Whole-life insurance takes a little longer to mature. Therefore, just about the time the term insurance is about to run the course of the policy the whole-life insurance should be maturing. A good combination of these products covers the short-term needs, as well as, the long-term needs. There are also universal life policies to be considered. These products offer flexible premium amounts. Fixed annuities are considered a form of life insurance and these are beneficial for retirement. All of these products are great for the young person to consider and each has its advantages and disadvantages. Therefore, a well-balanced portfolio is essential so you can make use of all the advantages offered and limit the disadvantages of each product.

    In addition to the type of insurance you are purchasing, your gender, health, tobacco use or non-use, recent hospitalizations and sometimes your hobbies and career etc. will all be considered when calculating the premiums.
    Answered on May 9, 2015
  3. Did you find these answers helpful?

Add Your Answer To This Question

You must be logged in to add your answer.

<< Previous Question
Questions Home
Next Question >>