Apr 04
How much does term life insurance generally cost?
Term life insurance is less expensive than any other type of life insurance. In fact, it’s the most affordable. However, how much term life insurance costs generally depends on your individual health and lifestyle profile. For instance, if you’re a healthy 40 year old male (non-smoker) a 20 year level term life insurance policy would with a $500,000 death benefit would cost on average about $365 per year.
However, if you were a smoker, it may cost double that. If you had some health issues (depending what they were) or if you had too many speeding tickets or a family history of cancer, it will definately cost you more. How much? Well, that depends on what the condition and which company you chose to make your purchase.
So, what’s the best way to find out how much term life insurance will cost you? Do a quick price comparison at a website like AccuQuote. Within 5 minutes you can get an estimated idea. For a more accurate quote you will want to speak with a representative.
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April 4th, 2007 at 10:26 pm
Health choices (and some things that aren’t choices, alas) definitely play a role in how much it will cost to get life insurance. Selling insurance to clients who engage in riskier behaviors, like smoking for an easy example, must be more of a challenge with the increased cost.
How long would you say that a potential client would have to have been tobacco-free in order to bring that additional cost back down to the non-smoker range? Would the mere history of smoking for an ex-smoker still affect their rates? Is there an insurance-rates carrot out there to help motivate those who really wish to quit?
Thanks for all the information! Great blog.
Jerry