Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
The cost of life insurance from state to state is relatively the same. with the exception of a few states like New York, there shouldn't be a any difference in the price tag. To confirm this, go online to a brokerage web site that carries all the major life insurance companies and sorts them by states. You'll find little difference in the premium.
If you find that life insurance premiums are high in Utah, it may be that you are beyond middle aged, getting a longer term or permanent policy, smoke, or have a health condition. The rates quoted on TV and radio are for very healthy, younger nonsmokers with the premium guaranteed to stay that low for a very short period of time. You change any of those factors, and the premium will be higher, not just in Utah, but every other state, However, an agency that sells many choices can help find an affordable life insurance policy for you.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
As stated above premiums for same type and coverage for the same individual for life insurance are very similar throughout the States. So the question really becomes, "Why are premiums for life insurance as much as they are?" Factors that influence the premiums include age and health of the insured, the amount of benefit being purchased, and the kind or variety of life insurance being purchased. There are at least 10 different kinds of life insurance. Typically people think of the two basic "genres" of life insurance: Term and Permanent. But there are a variety of policy types within those categories.
If you think about it, Life Insurance is a terrific value for the money paid in! Of course in the case of Term only the beneficiary receives the value or benefit, and that only in the case the insured dies before the term is up. In the case of Whole Life Insurance the insured can benefit greatly while alive and the beneficiary may also benefit in a significant way upon the death of the insured. Again, think of the amount of benefit versus the amount paid in.
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If you think about it, Life Insurance is a terrific value for the money paid in! Of course in the case of Term only the beneficiary receives the value or benefit, and that only in the case the insured dies before the term is up. In the case of Whole Life Insurance the insured can benefit greatly while alive and the beneficiary may also benefit in a significant way upon the death of the insured. Again, think of the amount of benefit versus the amount paid in.