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Term Life Insurance Cost

In your search for term life insurance, you've probably found that the costs can vary widely. A host of factors can influence what you pay. In this article, we'll look at how much you might expect to pay for a policy, as well as what factors can affect the cost of life insurance policies.

5 Things That May Affect Your Life Insurance Premiums

There's no perfect way to estimate what term life insurance will cost you, though looking at averages can help.

For example, a 30-year-old male with a 30-year term life policy and $250,000 in benefits could pay around $250 each year in premiums. A 50-year-old male may pay more than $900 per year for the same policy. At the same time, a 50-year-old female may pay less than $700. But these are just averages, and actual costs can be higher or lower.

Below, we take a look at the top 5 things that can affect how much you pay for term life insurance. 

1. Your Age

It's probably no surprise that one's age has the largest bearing on the cost of a term life insurance policy. When you're young, chances are great that you'll live for many more years. For this reason, you represent a smaller risk to the insurer.

However, as you age, you come closer to your life expectancy. This makes you a greater risk to insurers, and thus more expensive to insure.

2. Your Health

Your health can also have a major impact on term life insurance costs. If you're in poor health or if you smoke, you represent a greater risk to the insurer. On the other hand, those in good health are likely to live longer and may get preferential rates.

To judge your health, many insurers require that you undergo a medical exam. This may include a physical exam and blood work.

Insurers may also look at your family's medical history to determine the types of health risks you may face as a result of genetics.

3. Your Gender

Gender can also have a bearing on your term life insurance costs. That's because women, on average, live longer than men, and this makes them less risky to insurers.

4. Lifestyle

If you spend your weekends hang gliding, mountain climbing or scuba diving, you could pay more for a term life insurance policy. However, if don't participate in high-risk hobbies or activities, you may be rewarded with lower term life insurance costs.

5. Policy Face Value

Another major factor influencing your life insurance costs is the type of policy you purchase. Your term life insurance costs will be higher if you purchase a policy with greater benefits.

For a 40-year-old male, a 30-year term plan with $250,000 in coverage may cost around $400 per year. But raise that coverage to $1 million, and the premium jumps to almost $1,300 each year.

Speak With an Agent

Term life insurance costs can vary from insurer to insurer and from policy to policy. That’s why it’s important to shop around as you search for a policy that works for you. A licensed agent can help match you with a policy. Speak with a licensed agent now at 1-800-966-7169.

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.  

Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

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