How Much Does Life Insurance Cost?
Find out what’s right for you below:
Quick Content Guide
Get An Instant Life Insurance Quote
First, the shortcut to getting this answer for you is that we’ve upgraded our bandwidth quite a bit, and we offer free quoting software that you can use right on our website. There are lots of buttons you can click for free quotes. Within 20 seconds, you should be able to get a quote for what you’re looking for.
If you’re looking for a whole life insurance, final expense or burial insurance quote, then scroll down to services and click that quote button.
If you’re looking for a term/mortgage protection life insurance quote, Then make sure you scroll down and you click the button for that, as well. That way, you’re getting the right kind of quote for the right kind of insurance that you’re interested in. You can fill out that form and get a quote.
It will be accurate, assuming your health qualifies you for the selection. The forms give you the monthly cost. In addition to the quote form, it is recommend that you also get a phone consultation. It doesn’t take long. A consultation gives us the opportunity to see if you qualify for a preferred or standard health rating, to get you the best prices.
Guaranteed Whole Life Insurance
There also guaranteed issue policies, if you have health issues that you’re concerned about. These are also going to be final expense whole life insurance. That’s the burial insurance policy, typically for seniors, but really anyone past the age of 50 can get guaranteed life insurance up to age 80.
As far as cost is concerned, it depends upon your health, age, height and your weight and other issues that may come up in your medical history.
Life Insurance Cost under age 40
Under the age of 40 will be looking at term policies as long as they’re healthy. Meaning, less than three prescription medicines, preferably less than two- no major medical issues. Diabetes is fine. However, insulin is declined for term life insurance. And so, for most people, their range of price for under the age of 40, if they’re healthy and if they’re gone for term, if you want a $200,000 policy, you’re going to be looking in the range of, $30 to $120 per month, depending upon if you want it to be fully (100%) return of premium (ROP) or if you just want it to be a traditional term or mortgage protection policy. ROP terms are more expensive. If you just want a bare bones policy, it’s just going to provide a death benefit and it’s going to cost you much less.
If you’re over the age of 70, it’s going to cost you more. If you’re on the lower side of the age range, it’s going to cost you less. Now, if you are between the ages of about 50 and 60 then you can tack on another 20% to 50%.
I’ve written term policies all the way to age 85. But it gets really expensive past the age of 65, unless you’re just looking at a small term, such as $50,000. If your age is over 65, and you want $150,000 – $400,000, the price gets very steep. Those larger terms, get very, very expensive as we get older.
Mid-Life Life Insurance Cost
The good news- whole life insurance policies are designed for seniors. They are priced more reasonably and are more practical, in most cases. Past the age of 55…. On those policies, final expense burial; insurance whole life policies tend to be the way to go. For example, If you want a $20,000 policy, as a senior, you may be looking at a price range of approximately $80 – $150 per month, depending on your age and health.
And that’s going to be a policy that’s never going to go away and builds a cash value over time.
There are some real upsides of burial insurance. It’s smaller coverage, but there are real upsides of that kind of policy.
Burial Insurance Cost For Seniors
Now, the wheel house where we see a lot of people getting these whole life policies, it’s going to be ages 65 – 85. That age range shows a wide spectrum of pricing. The closer you are to age 85, the higher your cost. Each year you wait to get insurance, can increase your cost by as much as 20%. For a $20,000 policy, between the age of 70 – 85 your will range from $120 – $300.
Finally, we have written policies that have been under $12, before. We have also written policies that have been over $1,000 per month, so it can be all over the board. Again, your price will depend upon what type of policy you want, the coverage amount, your age and health. Call us to pinpoint your best options.