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  • Writer's pictureGeorge Kolitsas

What Does Life Insurance Cost?

What Does Life Insurance Cost?

There are different types of life insurance policies with varying coverage features and costs. These costs vary based on factors such as your age and gender, the insurance company, the death benefit, the type of policy, and your state of health.

Generally, life insurance premiums cost less if you are younger and healthier. Women are also cheaper to insure than men and generally get cheaper policies due to their longer life expectancy.

Since there are different types of life insurance policies, the rates usually vary between providers. Typically, term life insurance policies are usually cheaper than permanent life insurance policies.

Your job and lifestyle can also affect how much you pay for life insurance. People with high-risk jobs or lifestyles may pay more premiums for life insurance. People with problematic driving records are also likely to pay more in premiums.

Average Costs

On average, for a 30-year term life policy, the average 35-year old female will pay ranging from $21 to $28 per month while males of the same age will pay $23 to $30 per month.

The price of insurance premiums varies a bit based on your location. However, location only results in slight differences in provider rates. Generally, the higher the risk of insuring you, the more you’ll pay for life insurance.

If you are too high of a risk to insure, insurance companies may not give you a life insurance policy at all. If this happens to you, your best option for life insurance coverage will be with a final expense policy. These policies were designed to provide coverage to individuals who don’t qualify for traditional life policies due to health and/or age reasons.

Learn More Today With Innovative Senior Benefits

Are you interested in learning more about your life insurance options and what it may cost you to have a policy? Reach out to us today! We’ll be more than happy to find the policies available to you and compare quotes so you can get the best deal.

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