What is the average life insurance cost per month?
So the average cost of life insurance every month depends upon a few main factors. First, it depends upon your current health and age. Depending upon your health, you may or may not qualify for certain programs that give the best pricing. If you are not in perfect health, we may have to go with a guaranteed policy or a whole life policy. There are a whole bunch of factors. Another big thing to take into account is your age. The older you are, the more expensive it’s going to be. Age is one of the most significant determining factors about the cost. Also, gender comes into play. If you are a man, you get the short end of the stick on pricing because statistically, males don’t live as long as the ladies do.
Smokers vs Non-Smokers
Also, smokers and even previous smokers have much more expensive policies. But it is worth it. Look, if you’re a smoker, don’t let that deter you. You should still look at life insurance. Some companies will even give you the nonsmoker rate if you’re planning to quit, so make sure that your life insurance agent has access to a variety of companies. Because hopefully, they will have access to a company that offers this benefit. There are only a few companies in the country, like Protect With Insurance that can offer this. So it’s very important to have a company like Protect With Insurance that can offer special non-smoker terms. It will make a big difference. This is going to sound ridiculous, but this is 100% true. Having the ability to get a non-smoker policy could make the difference between a $20 per month or a $1,000 per month premium.
Again, it’s going to depend upon your health, age, smoker, nonsmoker, male, or female. It makes a difference if you’ve chosen a term policy or whole life policy or if you want a $5,000 policy or a $500,000 policy. Now that being said, if you are a 40-year-old, nonsmoker male and you’re looking for $300,000 term coverage, you’re probably going to be somewhere in the ballpark of $100 per month premium. Of course, that depends upon a few other factors. You have to be in good health or excellent health. Typically that means you have three or fewer prescription medicines, preferably zero to two.
Also, you can’t have had any major diagnosis. Diabetes is considered fine as long as you’re not on insulin. So those things are not okay with this kind of policy. So that gives you a very rough idea. If you are a 65-year-old male smoker, and you’re looking for a $200,000 term policy, your premium is going to be over $300 a month. It might even be $400 to $500 per month, depending upon a few factors.
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