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hello,
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<... |
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Jose Esoj | How much do most people pay per month for life insurance? |
Additional Details
no sale pitches please...
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mbrcatz
 |
Age is very relevant. I don't pay per month, because it drastically increases the cost - that "monthly service charge" thing.
I pay $213 a year, for $250,000. 20 year term, renewable & convertible. |
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Doing the Right Thing
|
That depends on age, their health status, and how much coverage they bought. It also depends on what type of life policy they bought.
Its difficult to say what do most people pay. Base on what I see, I see clients paying $800/year-$2000/year for just $100,000 coverage. They clients were ages 30-40 when they bought them. These life policies were either whole life or universal life.
If they bought a 30 year term instead, it may cost only them $240/year to $440/year. |
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Hadley
|
This is not a sales pitch.
The amount people pay per month for life insurance depends on the individual person and the life insurance company.
The life insurance company considers several factors in determining your premium, including the following:
1) The amount of coverage
2) Your age
3) Your gender
4) Your occupation
5) The type of life insurance policy
6) How long you need the coverage to last - How many years
7) The payment option - Annual payments are usually less expensive
8) Your health
9) Your family's health history - Your parents
10) Your hobbies - Risky hobbies are more expensive
11) The underwriting guidelines of the insurance company
Once you know the amount of coverage you need, the type of policy you want, and which company you like - you can get a quote.
There is another option - You can use a quote provider online to compare free term life insurance quotes from top-rated insurers with no obligation.
You answer a quote form and they give you instant quote comparisons - no hassles and no agent to deal with.
That way you can find the lowest rates. Some companies rates can vary by up to 50%. So, you don't know until you compare.
I hope that helps! Take care and best of luck to you. |
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ricks
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It could range from a few bucks to a few hundred. It all depends on the policy factors. |
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insuranceguytx
|
Anywhere from $10 per month on up to thousands per month. It depends on the AMOUNT of life insurance you want and they type of policy you purchase, and your health. If you have cancer or AIDS, expect to pay a lot -- if you can get coverage at all.
Go talk to a licensed agent in your area. |
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joe_tillman
 |
I pay $1788 annually for $700k, over 40, 35 year term with a waiver of premium rider.
Premiums are based on: Product (term vs. cash value....with term being less expensive), age of the insured, length of contract, any health issues or activities that raise mortality rates, such as motorcycle racing, skydiving, scuba diving, etc. |
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actuator
|
What everyone has said in response to your question is TRUE (it depends on age (and gender), depends on your health, depends on policy size, depends on type of policy, depends on the company you buy from, etc., etc.). But no one is giving you numbers that you can use, so here is something that will provide you with a VERY ROUGH idea of what a policy ought to cost:
Take your annual salary and divide by 1,000. (If you're making $80,000, that would be $80.) This is a starting point, and it is a ballpark number (cost per month) for life insurance if you're 20 years old.
For each 10 years after 20, double that starting number. If you're 50, that's 30 years beyond 20, so you double the above starting number 3 times: $80 x 2 x 2 x 2 = $640.
And here's what you can expect to get for that that much per month:
A term policy with a level premium for 15 or 20 years, with a death benefit equal to 10 years of income ($800,000 in the above example).
This assumes that you are eligible for a standard policy. (More than 90% of the population qualifies for standard coverage, with many of them qualifying for nonsmoker or "preferred risk" policies at lower rates.)
Some people will argue that you can't just take numbers like this and run with them. And that's true; you need to find out what the ACTUAL prices are for YOU, and you need to SHOP AROUND. But this will get you in the ballpark. The actual price might be half this amount or twice this amount. But it won't be 10 times as much (or one-tenth as much), so this should give you a rough idea of what to expect.
- Afterthought:
I just saw Doing the Right Thing's answer (which is directly below. It's interesting to see how closely his numbers match the ones I gave you.
For 30-year term for a 30 or 40 year old, he says the cost of $100,000 would be $240 to $440.
My response gave rates for term (although I mentioned 15 or 20 year term, rather than 30-year term). I recommended buying 10 times annual salary, so a $100,000 policy would be appropriate for someone making $10,000 a year. And I said that price for that would be $10 a month at 20, $20 a month at 30, and $40 a month at 40 (doubling every 10 years).
The prices at 30 and 40 would be $240 and $480 per year, which is right in line with Doing the Right Thing's numbers of $240 to $440 per year. |
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aaron p
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I have clients who pay less than $100 year to over $100000 a year for their life insurance. It really depends on your circumstances.
If you are worried about if you are paying too much, talk to a local, independent agent and ask them to review your coverage. |
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lj719
 |
okay your age is everything.
i found a good deal with this company
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free just call
1-800-647-9403
At SelectQuote your peace of mind is what matters most. Get started now and say goodbye to generic plans, generic quotes, and generic service.
and the best part you get a good deal from a life insurance company that are rated the best 10 company's in America. |
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