What is the average life insurance cost per month? I’m Chad McMahan with protect with insurance, and I’m going to do my best to answer this question for you.
So the average cost of life insurance every month depends upon a few main factors, it depends upon your current health because depending upon your health, you may or may not qualify for certain programs that give the best pricing, we have to go with a guarantee. You may have to go with whole life over term. There are a whole bunch of factors; another big thing to take into account is age; the older you are, the more expensive it’s going to be, and this is one of the most significant determining factors and costs, also male or female. If you are a man, I hate to break it to you, but we get the short end of the stick on pricing because statistically, we don’t live as long as the ladies do.
Also, smoker or nonsmoker smokers have much more expensive policies, still is worth it. Look, if you’re a smoker, don’t let that deter you, you should still look at it, some companies will even give you the nonsmoker rate if you’re planning to quit, so make sure that your life insurance agent has great access so that you know hopefully he or she will have access to a company that offers this benefit. There are only a few of them in the country that do this, so typically, in terms of what the cost might be, it’s a big range, this is going to sound ridiculous, but this is 100% true, it could be twenty dollars a month, it could be a thousand dollars a month.
Again, it’s going to depend upon health, age, smoker, nonsmoker, male, or female if you’re going with a turn policy or whole life policy if you’re going for a $5,000 policy or a $500,000 policy. Now that being said, I want this video to be helpful and fruitful for you. I apologize for the glare, so here’s what I’m going to time and it gives you a few examples if you are a 40-year-old man and you’re a nonsmoker, and you’re looking for term coverage, let’s say, 300 thousand, you’re probably going to be somewhere in the ballpark of a hundred dollars plus or minus, depending upon a few factors, you have to be in good health on that excellent health means three or less prescription medicines, preferably zero to two.
No major diagnosis, diabetes is fine; insulin is not okay for this kind of policy, so that gives you a very rough idea. If you are a 60-year-old man and I’m going to provide you with more of an expensive sense of it, actually it’s a 65-year-old man smoker, and you’re looking for $200,000 term policy, you’re going to be over three hundred dollars a month, it might even be four to five hundred dollars, depending upon a few factors and again you have to be just as healthy as the 40-year old.