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stlsigma2 | Question about Life Insurance? |
If $250,000 in coverage is $310 per year, wouldn't $1,000,000 in coverage be 4 times that? If not, why not? |
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Financial JUSTICE
|
If you buy $1 million coverage, the premiums would not be 4 times $310. Why? Insurance companies offer rate discounts when you purchase more coverage. Usually they give discounts on certain range.
For example, coverage below $100k would cost $1 per thousand coverage. Coverage between $100k to $249k would be $0.90 per thousand coverage. Coverage between $250k to $499k would be $0.85 per thousand coverage. $500k and above, it would cost $0.80 per thousand coverage. This is just an example, but I hope you got the point. |
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Zarnev
 |
It would not be 4 times as much. Insurance cost is not linear. It will cost an insurance company a certain amount of money to issue a policy. For the smaller policies it would cost the same for a $125,000 as for a $250,000 so the larger policy will not cost twice as much.
However, when you get into the $1M range it cost the company more to issue because the underwriting and para-med exams are more intensive. Also, insurance companies invest the premium and the more you pay the larger the amount of interest. With all of these variables you can see that costs are not in a straight line. |
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LifeInsuranceAgent
 |
No it would not be 4x the cost.
The reason why is called "banding" in the insurance industry.
As the face amount of coverage increases, the cost per thousand that the insurance company charges you decreases.
The price breaks typically occur at
$250,000
$500,000
$750,000
$1,000,000 |
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cmoo123
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No, generally, insurance companies have pricing bands for increased amounts of coverage, which means that if you buy 1 million of coverage you pay less per thousand dollars of coverage. The price per thousand dollars of coverage decreases when you purchase higher amounts. The bands are usually at 250k then 750k then 1 mil. |
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mbrcatz
 |
It's not - it gets cheaper the more coverage you buy. The main reason is, that first bit of coverage isn't just "insurance", it also has to cover the cost to issue the policy - the paramed exam, the paper, the postage, the ink, etc. So the more coverage you buy, the cheaper the "per thousand" rate. |
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Rony
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it gets cheaper the more coverage you buy. I found interesting information about your answer here. http://all-insurance-online.blogspot.com/2007/08/life-insurance.html |
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aaron p
 |
No. There are three reasons why:
1. If you are referring to term insurance, there is a policy fee. This is a flat fee that is applied one time regardless of how much life insurance you take out. This impacts the cost per thousand less and less the more coverage you get.
2. Banding as LifeInsuranceAgent explained very well.
3. Increased competition. Some companies don't write policies for less than $1m (yes, really). As new competitors come into play, your cost normally goes down. |
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