How much should you pay for life insurance?

Close up of Life Insurance Policy
Factors like your age, health, and family history will all determine how much you pay for life insurance.

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When it comes to life insurance the amount of coverage you need is particular to your own individual circumstances and standard of living. There is no set amount everyone should have. It depends on a variety of factors, including how much you’re willing to pay in premiums each month.

But how much should you be paying for life insurance?

Similarly, the answer is the same as the amount of coverage needed: it depends. Factors like your age, health, family history and even if you smoke will all determine how much you pay each month.

If you don’t have life insurance – or want to get more – now is a good time to act. Don’t hesitate and get a free quote today.

Not sure how much your monthly life insurance bill will be? There are a series of factors to consider to help narrow it down.

How much to pay for life insurance

How much you can expect life insurance to cost is tied to all of the following factors. Take these into account when trying to get an accurate figure:

  • The types of insurance: There are two primary kinds: term life (a pre-determined set amount of time in which you’ll be insured) and whole life insurance (which remains active for a full lifetime). Term life insurance tends to be cheaper because it has an expiration date. And, unlike whole life insurance, it doesn’t have a savings element to consider. The downside is that the whole has more benefits than term.
  • your age: The younger you are, the safer a bet you are to insurance companies. So you’ll pay a lot less than you would if you were older. If you don’t have life insurance now, don’t wait and get started today. It won’t become cheaper in the years to come.
  • your health: What kind of shape are you in? Life insurance companies will want to know that information before they agree to insure you. They will do an exam and bloodwork and, depending on your health at the time, you may pay more or less.
  • Your family history: Is there a history of heart disease in your family? What about cancer or diabetes? Your genetics could be a predictor for future (costly) health issues.
  • Your smoking status: This is an obvious one. Do you smoke, or did you smoke previously? Smokers are prone to a whole series of health issues that could make them more pricey to insure. That price differential will be reflected in your monthly bill.
  • Your occupation: Your job can also cause a price hike or limit your insurance options, particularly if it’s high-risk or hazardous – which increases the potential of accidents, injuries or even death.

You could wind up paying as little as $17 per month up to and surpassing $75 per month (or more). It really depends on your age, health and other specific factors mentioned above.

Not sure what you’re eligible for and how much it would cost you? You can get a price estimate today by answering a few short questions.

The above list is not exhaustive and other items may be taken into account. Life insurance companies will potentially insure you for hundreds of thousands of dollars so they’ll want to be fully aware of who they’re covering.

There are, however, some things you don’t have to worry about when trying to accurately gauge your monthly life insurance cost. This includes, but is not limited to:

  • Your race
  • Your sexual orientation
  • Your credit score/history
  • Your marital history
  • The planned number of beneficiaries you would add to an account

Think you now know what the cost to expect for life insurance is? Act now and get the best rate for you and your family.

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